Suppose you want to be able to find the highest-paying jobs in capital goods. In that case, you must review the capital goods labor market requirements, capital goods salaries, and the required qualifications for the job. This article will provide all the information you need about the highest-paying jobs in capital goods. Evaluating your options and making the right decision once you have all the information is easy.
First things first. Before you can check out our list, it’s important to understand what capital goods are.
What are Capital Goods?
Capital goods, in general, are products used to create other products and services. This includes machinery used in industrial, process, plant, construction, mining, electrical, and other manufacturing infrastructures necessary to create everyday objects. Your job as a capital goods worker will require you to make sure that these components are available so that manufacturers can satisfy customer demand.
Imagine running a business without a physical location, equipment, tools, or machinery. This seems impossible. Capital goods are a key production factor in’ manufacturing, ensuring finished goods. Capital goods are essential for companies producing goods and providing clients services.
Capital goods are physical assets. These tangible assets do not serve as end products. They are simply tools to create finished products. This is a valuable tool that makes both employees and consumers happy. Customers are content to receive their goods, and employees are happy to deliver and get a significant “reward” on the paycheck.
Please use our extensive research to find the job that best suits your needs from our list.
Ten Best-Paying Jobs in Capital Goods
You’re in luck if your goal is to work in the capital goods sector. There are many high-paying careers to choose from. These are the highest-paying jobs in capital goods.
- The average salary for a business development manager is $130,023
- The average salary for a manufacturing manager is $120,840
- Engineer manager – average salary $119,036
- Software developer- An average salary of $110 140
- The average salary for an electrical engineer is $100,420
- An industrial engineer earns an average of $95,300
- The average salary for a project manager is $92,036
- Marketing Manager – Average Salary $88,827
- The average salary for a mechanical engineer is $86,500
- Product development engineer – average salary $75,987
You’ll also learn the skills, traits, and education qualifications required to get one of the highest-paying jobs in capital goods.
1. Business Development Manager
Salary provides information about how much a business developer makes in the United States. As of July 26, 2022, the average annual salary for a business development manager was $130,023, while the range is typically between $110,709 to $150,013. The salary range varies depending upon:
- Additional Skills
- Experience in the field
- A team of business development associates can be managed
- Develop business strategies to help the company grow
- Establish strategic relationships with potential customers and partners
- To ensure that company goals are aligned, work with other departments
- To predict the future return on business transactions, you need to evaluate the information
- Create and define terms for a business agreement
A bachelor’s degree is required to be appointed business development manager. To be considered for one of the highest-paying jobs in capital goods, you must have at least five years of experience in a related field.
2. Manager Manufacturing
The Salary Expert states that the average gross wage for a U.S…….. manufacturing manager is $120,840 or $58 per hour. On average, a manufacturing manager receives a bonus of $9764. The data from the salary expert shows:
- An average salary for a manufacturing manager with 1 to 3 years of experience is $84,578
- An average salary for a manufacturing manager with over eight years of experience is $150,102
The manufacturing manager’s salary data will show that the potential for a rise in the average salary is 11 % over five years. If you are interested in becoming a manufacturing manager, there is also the possibility of higher growth over time. You see the opportunity to fulfill the following duties.
- Supervise daily operations in a manufacturing plant
- Plan, coordinated, and finished the activities involved in the production process
- Make sure the machines are in a safe environment.
- Guarantee efficiency
- Assure the quality of manufactured materials and goods
- Production should go according to plan
- Produce production reports
- Improve efficiency by reviewing production data
- Make sure that employees and equipment comply with safety and performance requirements.
- Be aware of setbacks and work to improve your operations
- Assess, train and assess workers’ performance
- Assign duties and oversee staff
- Correspond with other divisions (financial and H.R…….., logistics ).
You will also need a bachelor’s in business, engineering, or manufacturing. Companies prefer candidates with prior experience in manufacturing or management, strong communication, and organizational and interpersonal skills.
3. Engineering Manager
According to Payscale research, the salary of an engineering manager is closely tied to their experience. The average salary for an engineer manager is $119,000. However, this can vary depending on the individual’s experience in the field. Take, for example:
- Based on 32 salaries, the average salary for engineering managers in their early career is $100,468.
- Based on 68 salaries, the average salary for an engineering manager in mid-career (5-8 years experience) is $108,243
- Based on 142 salaries, an engineer manager with experience (10-19 years) earns $122,403.
- A typical salary for an engineering manager in their late career (age 20 or higher) is $125,679
These impressive numbers will be on your paycheck if you do not:
- Supervise and supervise the company’s engineering and technical teams
- Assistance in implementing and making engineering decisions
- Supervise the work, set deadlines, and maintain schedules
- Contact customers directly or through a customer support department
- Make progress reports
- Create problem-resolution reports
- Set the budget for your team and prevent unnecessary expenses
You must hold a minimum of a bachelor’s degree in engineering to work as an engineer manager. Many companies will offer postgraduate degrees in engineering or management to help them get the engineering manager job. Experience is always an advantage. Combining your experience with the necessary education and skillset can get you the highest-paying jobs in capital goods.
4. Software Developer
U.S. News has more information. U.S. News has data about one of the highest-paying jobs in capital goods development: software developer. In 2020, the average salary for a software developer was $110 140 (25% of top earners earning a salary above $140470 and 25% of those with an income of $84,020). According to the Bureau of labor statistics, software development will rise in both job volume and salary over the next few years (around 22% by 2030 with an additional 409,000.500 jobs).
However, the salary of software developers depends on where they work. These are the industries where software developers earn the most.
- Transport by land water ($243,130).
- Writers, independent artists, and performers ($187.070)
- Sporting goods, hobbies, and stores for musical instruments ($146,630).
- Manufacturing computer and peripheral equipment ($145,800).
- Appliance and electronic stores ($137,170).
You should have the following skills if you want to be a software developer:
- Allow users to complete specific tasks on computers and other devices
- Enhance existing systems to control devices and networks
- Software for client applications can be written, adapted, and repaired.
- Source debuggers can be used to create graphic development environments.
- File and examine software for client applications
- To create single-threaded or multi-threaded applications or user interface event-driven applications, inscribe code
- Know the various operating systems and computer languages used in various businesses.
- An hourly wage for a top-ranking electrical engineer is $78.33, and an annual one of $162.930
- An hourly wage for a senior-level electrician is $61.81, and an annual one of $128.560.
- An hourly wage for a mid-level electrician is $48.28, and an annual one of $100,000.
- An hourly wage for a junior-level electrician is $37.74, and an annual one of $78,500.
- An hourly wage for an electrical engineer is $29.98, and a yearly salary of $62,360.
- Assess electrical systems, products, and components.
- Research programs can be created and implemented
- Learn about electricity and materials
- Verify the capabilities of components and system
- Examine customer needs to improve electrical products
- Test manufacturing processes and conduct research
- Design and modification of equipment can be used to develop manufacturing processes.
- Verify the product’s quality
- Check out the potential of end-products or system potentials
- Prepare product reports
- Answering questions and submitting requests for engineering information
- To maintain the company’s reputation and product quality, comply with all federal and state regulations
Most employers require a bachelor’s degree in electrical engineering. You will also require licenses if you work for the Government or federal contractor. The requirements for licensure vary by state. They usually include an exam to pass and a minimum of two years of experience. Don’t worry, fresh graduates! There is an option to obtain a pre-licensure certificate.
6. Industrial Engineer
When you are an industrial engineer, your job is to:
- Make job evaluation programs
- Reduce production waste
- Analyze production schedules, engineering needs, and process flows
- Produce parts and products or offer services with maximum efficiency
- Ensure more efficient financial planning.
- Do quality control
- Resolve production problems
- Reduce costs
- Make sure that your products meet the quality standards
- Talk to clients about product specifications, sales representatives about purchasing, management personnel about manufacturing possibilities, and staff about project status
If you liked what you read and want to become an industrial engineer, you can check out the Forbes list highlighting the top ten states that offer the highest salaries for engineers.
- Washington- An average salary of $109,000.
- Texas has a salary average of $108,900
- Wyoming has a salary average of $108,890
- Montana has an average income of $108,360
- California- An average California salary is $107,890
- New Mexico – An average salary of $105,240
- Massachusetts has a salary average of $103,810
- Colorado has a salary average of $103,460
- Rhode Island – Average salary $101,840
- Maryland has an average salary of $101,710
7. Project Manager
The average Talent project manager salary is $92,036 per annum or $47.20 per hour. Project managers with experience can earn up to $131 796 per annum, while entry-level project managers start at $ 67-578 per annum. Experience is a key factor in project managers’ salaries, just like in any other profession.
The role of the project manager is:
- You can be responsible for specific projects
- To plan, monitor, report, and use project management methods
- To manage a project from its inception to completion.
- To serve as a link between upper management and those responsible for project execution
- To ensure that the project runs smoothly.
- Report the progress of the project to the top management
These are the essential qualifications for project managers.
- I.T… bachelor’s degree
- Computer science bachelor’s degree
- Bachelor’s degree in Business Management or related field
A bachelor’s degree is not enough. Experience in project management is an added advantage. A Project Management Professional (PMP), internationally recognized certification is a huge plus. You have what it takes to build your career as a project manager.
8. Marketing Manager
These are the Builtin salary data for the position of marketing manager:
- The average salary for a marketing manager in the U.S… is $88,827
- Marketing managers receive an average of $7,867 in additional cash compensation.
- A marketing manager in the U.S…….. receives an average of $96,694 in total compensation.
Marketing managers will:
- Assist in creating advertising and merchandising campaigns for the company to promote its products and services.
- You can work on one product, a whole line of products, a company, or even an entire business.
- You can incorporate a variety of inputs from advertising, creative, research, and sales teams.
- Supervise one or more marketing campaigns
- Create a campaign in all its aspects
- Take a look at the opportunity in detail and invite members of your marketing team to help you brainstorm possible campaign ideas.
- Organize and coordinate the timing precision and organization
- Assist in developing market research studies
- Analyze market research findings
- Partner with product managers to develop new and improved initiatives
- As a guide for future campaigns and strategies monitor your marketing programs’ performance.
A university marketing degree is necessary for one of the highest-paying jobs in capital goods. Postgraduate work in management and other disciplines is also encouraged. This job title requires regular work hours but may require extra time in the office to launch new campaigns.
9. Mechanical Engineer
The individual’s experience and skills will determine which job is the most lucrative in capital goods. This salary analysis is based on your experience.
- An annual salary of $110,000 is earned by mechanical engineers with at least 10 years of experience.
- An annual salary for mechanical engineers with at least 15 years of experience is $118,000
- An annual salary of $126,000 is earned by mechanical engineers with over 20 years of experience.
Your duties as a mechanical engineering engineer are:
- Assessment of project requirements
- Evaluation of the mechanical components’ functionality
- Clients and managers should be able to authorize budgets, timetables, and other requirements.
- Safety ensuring and equipment maintenance, modification, and efficiency
- Product inspection, evaluation, adaptation, and retesting
- Writing papers and reports
- Technical advice
- Clarifying and analyzing data
For the mechanical engineer position, you will need a minimum of a bachelor’s in education. The average annual salary is $62,800. A master’s degree will earn an average annual income of $101,000. Do your math to find the best educational path for you!
10. Product Development Engineer
On Payscale.com, the average salary for a product developer is $75,987. The salary for an entry-level product development engineer is not the same as that of an experienced product development engineer.
- A product development engineer who has less than one year of experience can expect to earn $65,666 in total (including tips, bonuses, and overtime pay).
- Based on 1087 salaries, an early career product developer (1-4 years experience) makes an average salary of $72,863.
- Based on 563 salaries, a mid-career product developer (5-9 years experience) makes an average total of $83,198
- Based on 169 salaries, an experienced product developer (10-19 years) earns $91,839
- An employee with a 20-year career can earn $105,233 on average. Product development engineers are one of the highest-paying jobs in capital goods.
You might be curious about what product development engineers do.
- Design and test the product
- Evaluate the product’s mechanical properties and determine if it meets the required standards.
- Describe your ideas
- Create their ideas with a 3-D modeling program
- Specify accurate design characteristics
- From conceptualization to the final product, plan the steps
- Find out the material requirements, possible designs, and potential buyers of the product
- Find out how the product can best be promoted
- Throughout the entire production process, document the current status of your product.
- To create a functional and marketable product, work in groups
It is important to know that employers will require product development engineers to hold a bachelor’s degree in mechanical, industrial design, or material science. They must also be proficient in AutoCAD, SolidWorks, or any other 3-D modeling software.
What have we learned so far? What are capital goods? And what are the highest-paying jobs in capital goods? This is not all. Even more important, you now better understand the requirements to get one of these high-paying positions.