Knowing the best paying jobs in capital goods will help you make a decision on which of the positions is best for you and ultimately get into. In this blog post, I have listed and discussed 10 of these roles to guide you in making the best decision.
Passion aside, everyone wants a high paying job so that they can pay the bills, settle debts, and, at the very least, afford the lifestyle that suits them. There are various high-paying jobs in government and private sectors, whichever of the sectors you want to go into is entirely up to you.
The best paying jobs in capital goods curated in this blog encompasses both the private and public sector but before I get into these jobs, let’s take a quick look at what capital goods mean.
What Are Capital Goods?
According to Investopedia, capital goods are man-made products used by businesses to produce consumers of other capital goods. Examples of capital goods include machine tools, electrical equipment, industrial machinery, textile machinery, etc. so, equipment such as generators and forklifts are capital goods.
If you are looking for a job with high pay and can’t make a decision on which particular one to get into or you even have no idea which ones are high-paying jobs or if you are considering employment in the capital goods industry, at the end of this article, you will be able to make a better-informed decision. It will also help you know where your talent lies and pursue them accordingly.
Positions in the capital goods industry cut across management, business, and engineering roles so your degree, experience, or any qualification you’ve got already or plan to get in the future have to be based on any of the three roles above.
What Do Capital Jobs Pay On Average?
The average capital job can pay you greatly depending on your educational qualifications, skills, and experience. You can earn an average of $50,000 to $90,000 per year in one of the roles in the capital goods industry.
Before we dive into the main topic, there are other job guides that we have published that can offer you more options. There are high paying jobs in the telecoms industry, as well as jobs in electric utilities central that pay high which you may also add to your options. And if you are a US resident looking for a stress-free job, then by all means take a look at my previous articles on highest paying jobs in California and happiest jobs in America.
Having said that, let’s get into the main topic.
List of Best Paying Jobs In Capital Goods Industry
The capital goods industry is a giant industry with a wide range of job positions thanks to the lots of manufacturing and distribution involved. It can be a rewarding career if you have the qualifications, which involve skills, education, and experience, to land one of the high-paying jobs in capital goods.
According to LinkedIn, recently published research has found that the average wage for workers in the capital goods industry is greater than the average wage for workers in all other industries combined. So now, if you are seeking a job with high pay, then a career in the capital goods industry is what you should be considering.
Listed below are the best paying jobs in capital goods as well as their annual earnings:
- Research and Development Manager
- Engineering Manager
- Quality Assurance and Control Manager
- Sales Engineer
- Marketing Manager
- Senior Mechanical Engineer
- Business Development Manager
- Electrical Engineer
- Product Development Engineer
- Industrial Designer
1. Research and Development Manager
First on our list of highest paying jobs in capital goods is Research and Development Manager, a role that comes with determining, implementing, and monitoring all research and development activities in an organization to support its organization’s commercial, policy, or research objectives.
To become a research and development manager, you must have, at least, a bachelor’s degree in engineering or a related discipline with years of relevant experience. The average salary of a research and development manager ranges from $135,178 to $166,189.
2. Engineering Manager
An engineering manager is someone with a master’s degree in engineering with 5-10 years of working experience whose responsibility in an organization is to oversee every engineering project and team. They are involved in every stage of a project from strategizing and production to management.
If you are considering pursuing a high-paying job in the capital goods industry, an engineering manager may be a good fit for you if you meet the qualifications. The average salary of an engineering manager is $143,790.
3. Quality Assurance and Control Manager
A quality assurance and control manager is a professional whose expertise lies in ensuring that every product designed and produced by a company meets the high standards set by that company so that it can have a higher competitive rate in the consumer market. To ensure this, they work with teams to oversee the company’s strategies, objectives, and operational status are met.
To become a quality assurance and control manager, you need to acquire, at least, a bachelor’s degree in engineering or higher and years of professional working experience. The average salary of a quality assurance and control manager in the US is $121,729 per year.
4. Sales Engineer
Thanks to sales engineers, you and I can find and buy laptops designed by HP and smartphones designed by Samsung and Apple to buy in the market. The responsibility of a sales engineer is not hard to comprehend but it is a tough one nonetheless which earns it a spot among the highest-paying jobs in capital goods.
A sales engineer is a sales professional and an engineer that brings finished products to the market and closes deals with clients. They also contribute to the research and development of new products using market data from marketers. The average salary of a sales engineer in the US is $85,287 per year.
5. Marketing Manager
Marketing managers, sales engineers, and quality control managers all work hand in hand, exchanging information and ideas that the engineering manager will then use to execute projects. When an idea is finally turned into a product and readied to enter the market, it is the job of the marketing manager to build up a team that will plan, direct, and coordinates all the marketing activities of that particular product.
The marketing manager oversees all marketing activities in an organization and not just when a new product is ready to hit the market. To become a marketing manager, you would need a master’s degree in marketing or a related discipline like an MBA with a marketing focus with years of professional experience. The average marketing manager’s salary is $114,942.
6. Senior Mechanical Engineer
I mentioned in the earlier part of this blog post that roles in the goods capital industry mainly cut across engineering, business, and management positions. A senior mechanical engineer is one of such roles and one of the most important in this industry.
Senior mechanical engineers have a master’s degree or higher with many years of professional working experience. They are in charge of the design, supervision, and manufacturing process of products in a facility. The average salary of a senior mechanical engineer is $109,100 making it one of the highest paying positions in the goods capital industry.
7. Business Development Manager
A Business Development Manager is a business professional whose duties are to promote business growth and obtain better brand recognition within an organization. They often work with company executives and marketing managers to review current market data and propose new business ideas that will be effective the revenue generation within that company.
You must have, at least a bachelor’s degree in business to acquire this role. Still, more competitive companies will require for a master’s degree with years of professional experience to acquire the role. The base salary for business development managers ranges from $114,306 to $151,504 per annum.
8. Electrical Engineer
Here is another high paying role in the goods capital industry that you can bag with just a bachelor’s degree and some years of professional experience. As an electrical engineer, you will be in charge of designing and supervising electrical systems in a company and in its products. You get to work with other engineers and bring ideas to product design.
To be on the competitive side and earn higher, you may consider getting a master’s degree or higher in electrical engineering because a bachelor’s degree will only get you entry-level roles but a master’s degree will get you managerial roles. The average salary of an electrical engineer is $91,887 per year.
9. Product Development Engineer
Product Development Engineers manage, design, build prototypes, and test a product that is being developed to ensure that the mechanical design properties of the product meet the desired standards and functions. They work hand in hand with electrical and mechanical engineers to ensure that ideas are exchanged and the product is built to full efficiency.
They work in teams, so, to bag this role, aside from the hands-on skills, possessing soft-core skills is necessary as well. The minimum qualification for a product development engineer is a bachelor’s degree but a master’s degree can get you a managerial role and earn more. the average salary of a product development manager is $86,075 per year.
10. Industrial Designer
Last but not least of our 10 best paying jobs in capital goods is Industrial Designer, a job role that combines art, business, and engineering to make products that people use daily. They develop concepts of manufactured products from home appliances to toys. To enter this role, you must possess a bachelor’s degree in industrial design, architecture, or engineering.
The average annual salary of an industrial engineer is $70,731.
You now have 10 best paying jobs in capital goods to make a choice from depending on your qualifications and experience, this blog post has helped you in making the right decision.