10 Best Paying Jobs in Capital Goods

Capital goods are the physical assets used in production, such as factories, buildings, tools, and machinery. They are essential for the economy and society, as they enable the production of consumer goods, such as cars, clothes, food, and electronics. So, you can find the best paying jobs in capital goods if you meet certain criteria.

Also Read: How Many Jobs Are Available in Finance Consumer Services?

What Is The Capital Goods Industry?

The capital goods industry is a broad term encompassing various subsectors that produce or provide physical assets used in production.

Some of these subsectors include:

• Aerospace and defense: The subsector produces aircraft, spacecraft, missiles, weapons, and related equipment and services for military and civilian purposes.
• Construction: It builds residential and nonresidential structures, such as houses, offices, bridges, roads, dams, and pipelines.
• Electrical equipment: The sector manufactures electrical components and devices, such as motors, generators, transformers, batteries, lighting fixtures, wiring systems, and appliances.
• Industrial machinery: It makes machines and equipment used for various industrial purposes, such as metalworking, woodworking, printing, packaging, textile production, and food processing.
• Metal products: This subsector produces metal products for construction or manufacturing, such as steel beams, pipes, wires, nails, screws, and bolts.
• Transportation equipment: It makes vehicles and parts for transporting people or goods, such as cars, trucks, buses, trains, ships, and bicycles.

10 Best Paying Jobs in Capital Goods 2023

The following are some of the best-paying jobs in the capital goods industry based on data from ZipRecruiter, BLS, and other sources. The salaries are based on the national average and may vary depending on the worker’s location, employer, and experience.

Machine Learning Scientist

Average salary: $161,000

Machine learning scientists are experts in applying ML techniques and algorithms to solve complex problems and create innovative solutions for the capital goods industry. For example, machine learning scientists can help design and optimize smart machines and improve their performance over time.

Machine learning scientists typically need a master’s or doctoral degree in computer science, engineering, mathematics, statistics, or a related field. They also need strong programming, data analysis, ML frameworks, and communication skills.

Director of Product Management

Average salary: $157,000

Product management directors oversee the developing and launching new products and services for the capital goods industry. They lead cross-functional teams of product managers, engineers, designers, marketers, and other stakeholders to define the product vision, strategy, roadmap, and features.

The directors also conduct market research, customer feedback, competitor analysis, and performance evaluation to ensure the product meets the customer’s needs and business goals.

Product management directors typically need a bachelor’s or master’s degree in business administration, engineering, marketing, or a related field. They also need extensive experience in product management, project management, leadership, and communication.

Director of Research and Development

Average salary: $135,000

Directors of research and development (R&D) are in charge of leading the R&D activities for the capital goods industry. They manage the R&D budget, resources, staff, and projects to ensure the delivery of high-quality and innovative products and solutions. They also collaborate with internal and external partners to identify new opportunities and technology trends.

Directors of R&D need a bachelor’s or master’s degree in engineering, science, or a related field. They also need extensive experience in R&D, innovation, management, and communication.

Metallurgical Engineer

Average salary: $125,000

Metallurgical engineers are specialists in the science and engineering of metals and alloys. They design, develop, and test metal products and processes for the capital goods industry. For example, metallurgical engineers can help create stronger, lighter, and more durable metal components for aerospace, automotive, and construction applications.

Metallurgical engineers typically need a bachelor’s degree in metallurgical engineering, materials science, or a related field. They also need strong mathematics, physics, chemistry, and computer-aided design (CAD) skills.

General and Operations Managers

Average salary: $120,000

General and operations managers oversee the daily operations and performance of the capital goods industry. They plan, organize, direct, and coordinate the activities of various departments, such as production, sales, marketing, finance, and human resources.

They also set the organization’s goals, policies, and procedures and ensure compliance with quality standards, regulations, and customer expectations.

General and operations managers need a bachelor’s degree in a related field. They also need extensive experience in operations management, leadership, and communication.

Petroleum Geologist

Average salary: $109,000

Petroleum geologists are experts in exploring and extracting oil and gas from underground reservoirs. They study the geology of potential oil and gas fields and use various methods and tools to locate and evaluate the quantity and quality of the resources. They also work with engineers and technicians to design and implement drilling and production plans.

Petroleum geologists typically need a bachelor’s degree in geology or a related field. They also need strong mathematics, statistics, geophysics, and computer modeling skills.

Principal Research Associate

Average salary: $107,000

Principal research associates are senior-level researchers who conduct advanced research and development projects for the capital goods industry. They design and execute experiments and tests to investigate new ideas and technologies. They also analyze and interpret data and results and prepare reports and publications to share their findings and recommendations.

Principal research associates typically need a master’s in engineering science or a related field. They also need extensive experience in research innovation and communication.

Industrial Engineer

Average salary: $88,950

Industrial engineers are experts in optimizing the efficiency and productivity of the capital goods industry. They analyze and improve the design, layout, operation, and performance of various systems and processes, such as production, supply chain, inventory, quality, and safety. They also use mathematical models, simulation tools, and data analysis to identify and solve problems and implement solutions.

Industrial engineers typically need a bachelor’s degree in industrial engineering or a related field. They also need strong mathematics, engineering, computer science, and communication skills.

Manufacturing Engineer

Average salary: $87,000

Manufacturing engineers are responsible for designing and developing the manufacturing processes and equipment for the capital goods industry. They work with product designers, engineers, and technicians to ensure the products’ manufacturability, quality, and cost-effectiveness. They also troubleshoot and resolve any issues that arise during the manufacturing process.

Manufacturing engineers typically need a bachelor’s degree in manufacturing engineering or a related field. They also need strong engineering, manufacturing, computer-aided design (CAD), and communication skills.

Requirements And Skills For The Capital Goods Industry

To work in the capital goods industry, you generally need a bachelor’s degree in a relevant field, such as engineering, science, business, or management. However, some jobs may require a higher level of education, such as a master’s or doctoral degree.

Additionally, some positions may require professional certifications or licenses to demonstrate competence and credibility.

Some of the common certifications for the capital goods industry include the following:

• Certified Quality Engineer (CQE) from the American Society for Quality (ASQ)
• Certified Professional Engineer (PE) from the National Society of Professional Engineers (NSPE)
• Certified Project Management Professional (PMP) from the Project Management Institute (PMI)
• Certified Six Sigma Black Belt (CSSBB) from the ASQ
• Certified Manufacturing Engineer (CMfgE) from the Society of Manufacturing Engineers (SME)

Besides education and certification, you also need various skills and abilities to succeed in the capital goods industry.

Some of the essential skills for the capital goods industry include:

• Technical skills: You need to have a solid understanding of the technical aspects of your field, such as engineering principles, scientific methods, and software tools.
• Analytical skills: You must collect, process, and interpret data and information to make informed decisions and solve problems.
• Communication skills: You must communicate effectively with different audiences, such as customers, colleagues, managers, and suppliers.
• Leadership skills: You must lead, motivate, and inspire others to achieve common goals and objectives.
• Creativity skills: You must think outside the box and develop new ideas and solutions for improving products and processes.

Pros And Cons of Working in Capital Goods

Working in the capital goods industry can be rewarding and challenging at the same time.

Here are some of the pros and cons of working in this sector:

Pros

• High salary: The capital goods industry pays well above the average wage, and some jobs can earn six-figure incomes.
• Career growth: The capital goods industry offers many opportunities for career advancement and development, as you can gain valuable skills and experience and move up the ladder.
• Job satisfaction: The capital goods industry can provide a sense of accomplishment and pride as you contribute to creating useful and innovative products and services that benefit society and the economy.
• Job diversity: The capital goods industry is a diverse sector that covers various subsectors and specialties, so you can find a job that suits your interests and talents.

Cons

• High pressure: The capital goods industry can be stressful and demanding, as you must meet tight deadlines, quality standards, and customer expectations.
• High competition: The capital goods industry is a highly competitive sector that requires constant innovation and adaptation to stay ahead of the market and technology trends.
• High risk: The capital goods industry can involve high risks and uncertainties, as you must deal with complex and dynamic systems and processes that can malfunction or fail.

How Does The Future Of Capital Goods Jobs Look?

The future of capital goods jobs looks promising and exciting, as the sector is expected to grow and evolve in response to the changing needs and demands of consumers and businesses. According to the BLS, the capital goods sector is projected to add about 1.1 million jobs between 2020 and 2030, representing a growth rate of 8.6%.

Some of the factors that will drive the growth and innovation of the capital goods industry include:

• As they develop their infrastructure and industrial capacity, increasing demand for capital goods from emerging markets, such as China, India, and Brazil
• Increasing adoption of digital technologies, such as AI, ML, IoT, cloud computing, and big data analytics, to enhance the efficiency, quality, and customer satisfaction of the capital goods industry
• Increasing focus on sustainability and social responsibility as the capital goods industry strives to reduce its environmental impact and contribute to social goals, such as creating jobs, improving living standards, and promoting diversity and inclusion.

Frequently Asked Questions (FAQs)

What are examples of capital goods industry examples?

Some of the examples of the capital goods industry include:

• Aerospace and defense: Boeing, Lockheed Martin, Raytheon, Airbus, Northrop Grumman, etc.
• Construction: Bechtel, Fluor, AECOM, Jacobs, Skanska, etc.
• Electrical equipment: General Electric, Siemens, Schneider Electric, Emerson Electric, ABB, etc.
• Industrial machinery: Caterpillar, John Deere, Komatsu, Volvo, Hitachi, etc.
• Metal products: ArcelorMittal, Nucor, US Steel, Alcoa, Rio Tinto, etc.
• Transportation equipment: Ford, Toyota, Honda, Tesla, General Motors, etc.

What companies are in the capital goods field?

Some of the companies that are in the capital goods field are:

• Boeing: Boeing is a leading aerospace and defense company that produces commercial and military aircraft, spacecraft, missiles, satellites, and related products and services.
• Caterpillar: Caterpillar is a leading industrial machinery company that manufactures construction and mining equipment, diesel and natural gas engines, industrial turbines, and locomotives.
• General Electric: General Electric is a leading electrical equipment company that produces power generation and distribution equipment, aviation engines and systems, healthcare equipment and services, and renewable energy solutions.

How do you get a good-paying capital goods job? 

A good-paying capital goods job requires a combination of skills, education, and experience in manufacturing or distributing goods.

Some possible steps to get such a job are:

• Identify your interests and strengths in the capital goods sector, such as aerospace and defense, construction and engineering, machinery and equipment, etc.
• Pursue relevant education and training, such as a degree in engineering, business, economics, or a specific trade or skill certification.
• Gain practical experience through internships, apprenticeships, or entry-level positions in the capital goods industry.
• Networks with professionals and employers in the sector, such as through industry associations, online platforms, or career fairs.
• Showcase your achievements and qualifications in your resume and cover letter, highlighting your relevant skills, projects, and accomplishments.
• Prepare for interviews by researching the company and the role, practicing common questions, and demonstrating enthusiasm and knowledge.

Can I get a tech job in the capital goods industry?

Yes, you can get a tech job in the capital goods industry if you have the skills and qualifications to work with complex machinery, equipment, software, or systems.

Some examples of tech jobs in the sector are:

• Mechanical engineers design, develop, test, and improve mechanical devices and systems for various applications.
• An electrical engineer designs, develops, tests, and maintains electrical circuits, components, and systems for various purposes.
• Software engineer creates, modifies, tests, and debugs software programs for various functions and platforms.
• Industrial engineer analyzes and optimizes the efficiency, quality, and productivity of industrial processes and systems.

How to find a capital goods job?

To find a capital goods job, you can use various methods and resources, such as:

• Online job boards and websites, such as Indeed, Monster, or LinkedIn, can search for jobs by keywords, location, industry, or company.
• Industry publications and newsletters, such as Engineering News-Record, Industrial Distribution, or Capital Goods Monitor, where you can learn about the latest trends, news, and opportunities in the sector.
• Career counselors and advisors, such as at your school, college, or local employment agency, where you can get guidance and support on your career goals, resume, interview skills, and job search strategies.
• Referrals and recommendations, such as from your friends, family, colleagues, or mentors, who may have connections or insights into the capital goods industry and potential employers.

Conclusion

You must have relevant degrees, professional certifications, experience, and skills for best paying jobs in capital goods. You can also use various resources to find and apply for capital goods jobs that match your interests and goals.

The capital goods industry constantly evolves and innovates to meet consumers’ and businesses’ changing needs and demands. By working in the capital goods industry, you can create useful and innovative products and services that benefit society and the economy.