10 Best Paying Jobs in Capital Goods 2023 (Up To $130K)
If you’re looking for a high-paying job in capital goods, you should look into the capital goods industry. This industry has a wide range of departments where you can pursue different high-paying career opportunities.
But, if your goal is to get one of the best paying jobs in capital goods, you’d better review capital goods salaries, labor market demands, and the necessary qualifications for the job in question. Here in this article, you’ll find everything you need to know about the best paying jobs in capital goods. Once you have all the necessary information, it’s easy to weigh your options and make the right choice.
But, first things first! Before you check out our list of the best paying jobs in capital goods, it’s essential to understand the term capital goods.
What are Capital Goods?
Generally speaking, capital goods are products used to make other products or services. We’re talking about industrial machinery, process plant equipment, construction, and mining equipment, electrical equipment, and other man-made manufacturing infrastructure necessary to craft the objects we use in our everyday life. By having a job in the capital goods industry your task will be to ensure the availability of these production process components so manufacturers can meet customer demand.
Imagine conducting a business without a physical location, equipment, tools, or machinery. It seems impossible, right? Hence the significance of capital goods as a primary production factor ensuring the manufacturing process of finished goods. Companies depend on capital goods to manufacture goods and deliver their services to clients.
Because they’re physical, capital goods are also known as tangible assets. These tangible assets are not end-products, but simply a tool to make the finished products. Needless to say, an important tool that makes consumers and employees happy. Consumers are happy for receiving their goods and employees are happy for delivering and receiving an impressive “reward” on their paycheck.
Use our extensive research and choose a job from our list of the best paying jobs in capital goods that suits you best!
10 Best Paying Jobs in Capital Goods
If your goal is a career in the capital goods industry, you’re in luck! There are many high-paying jobs to choose from. Here are some of the best paying jobs in capital goods:
- Business development manager- an average salary of $130,023
- Manufacturing manager- an average salary of $120,840
- Engineering manager- an average salary of $119,036
- Software developer- an average salary of $110,140
- Electrical engineer- an average salary of $100,420
- Industrial engineer- an average salary of $95,300
- Project manager- an average salary of $92,036
- Marketing manager- an average salary of $88,827
- Mechanical engineer- an average salary of $86,500
- Product development engineer- an average salary of $75,987
In addition, you’ll learn about the traits, skills, and educational qualifications necessary to land one of the best paying jobs in capital goods in the US.
1. Business Development Manager
Salary gives us information on how much a business development manager makes in the United States. The average annual salary of a business development manager is $130,023as of July 26, 2022, while the range typically falls between $110,709 and $150,013. The range of the salary varies depending on:
- Education
- Certifications
- Additional Skills
- Experience in the profession
If the position of a business development manager appeals to you, these are your future responsibilities:
- Manage a team of business development associates
- Create business strategies to facilitate the company’s growth
- Develop strategic relationships with partners and potential customers
- Work with other departments to ensure alignment of company goals
- Evaluate information to forecast the return of future business transactions
- Design and determine terms of business agreement
To be appointed as a business development manager you’ll need a bachelor’s degree in business, finance, or marketing. Besides your degree, it’s necessary to have at least 5 years of experience in a related area to land one of the best paying jobs in capital goods.
2. Manufacturing Manager
According to the Salary expert, the average gross salary of a manufacturing manager in the US is $120,840, or $58 an hour. A manufacturing manager earns an average bonus of $9,764. According to the data on the salary expert:
- A manufacturing manager with one to three years of experience has an average salary of $84,578
- A manufacturing manager with more than eight years of experience has an average salary of $150,102
If you review the manufacturing manager’s payment data, the estimated salary potential will increase by 11 % over 5 years. So, if you’re planning to become a manufacturing manager besides having one of the best paying jobs in capital goods there’s even a potential for higher growth over the years. Sees the opportunity and fulfill the following duties:
- Supervise the daily operations of a manufacturing facility
- Coordinate, plan, and complete the activities that go into the production process
- Place the machines in a safe production environment
- Guarantee efficiency
- Assure quality of produced materials or goods
- Make sure production goes as planned
- Make production reports
- Review production data and improve efficiency
- Make sure employees and equipment meet performance and safety requests
- Watch for setbacks in the process, and improve operations
- Employ, train, and evaluate workers’ performance
- Oversee staff and assign duties to employees
- Correspond with other divisions (financial, HR, logistics…)
In addition, you’ll need a bachelor’s degree in manufacturing, engineering, or business. Again companies prefer prior experience in management or manufacturing, solid communication, organizational and interpersonal skills, and excellent team-building skills.
3. Engineering Manager
The engineering manager’s salary according to Payscale’s research is closely connected to the experience. While the average annual salary of an engineering manager is $119,036 it varies according to the person’s experience in the field. For example:
- An engineering manager in his/her early career (1-4 years of experience) has an average salary of $100,468 (based on 32 salaries)
- An engineering manager in mid-career (5-9 years of experience) has an average salary of $108,243 (based on 68 salaries)
- An engineering manager with experienced (10-19 years of experience) has an average salary of $122,403 (based on 142 salaries)
- An engineering manager in his/her late career (20 years and higher) has an average salary of $125,679
To see these impressive numbers on your paycheck you’ll have to:
- Serve as a supervisor and oversee the company’s technical and engineering teams
- Help in conducting engineering design decisions and implementing projects
- Oversee the work, maintain schedules and meet deadlines
- Contact customers (directly or through a customer service department)
- Create progress reports
- Produce problem resolution reports
- Be in charge of setting the team budget and avoid unnecessary costs
To work as an engineering manager, you must have at least a university degree. For the position of engineering manager, many companies may seek post-graduate degrees in management or engineering. Practical experience is always a huge plus. Experience hand in hand with the required education and skillset will get you one of the best paying jobs in capital goods.
4. Software Developer
Check out U.S. News for data regarding one of the best paying jobs in the capital goods-software developer. The average salary of a software developer was $110,140 in 2020 (25% of top earners with a salary of $140,470 and 25% of lowest earners with a salary of $84,020). The Bureau of labor statistics projects a growth in the software development field both in salary and job volume in the years to come (around 22% by 2030 with additional 409,500 jobs by that time).
But, the software developer’s salary depends on the place of employment. Software developers with the highest average salary work in the following industries:
- Inland water transportation ($243,130)
- Independent artists, writers, and performers ($187,070)
- Sporting goods, hobby, and musical instrument stores ($146,630)
- Computer and peripheral equipment manufacturing ($145,800)
- Electronics and appliance stores ($137,170).
If you aspire to become a software developer, you should be skilled to:
- Permit users to do specific assignments on computers or other devices
- Improve existing systems that run devices or control networks
- Write, adapt, and repair software for client applications
- Use source debuggers and graphic development environments
- Examine and file software for client applications
- Inscribe code to produce single-threaded, multi-threaded, or user interface event-driven applications
- Be familiar with various computer languages, operating systems, and various databases, that are used widely in different businesses
If you have the above-mentioned skills and knowledge you’ll also need a bachelor’s degree in software engineering, computer science, or other related majors and have appropriate job experience.
5. Electrical Engineer
According to Career explorer, the average annual salary for an electrical engineer in the US is around$100,420. There are also several salary categories based on seniority:
- A top-level electrical engineer has an hourly salary of $78.33 and a yearly one of $162,930
- A senior-level electrical engineer has an hourly salary of $61.81 and a yearly one of $128,560
- A mid-level electrical engineer has an hourly salary of $48.28 and a yearly one of $100,420
- A junior-level electrical engineer has an hourly salary of $37.74 and a yearly one of $78,500
- Starting level electrical engineer has an hourly salary of $29.98 and a yearly one of $62,360
If your dream is to work in the field of electrical engineering and have one of the best paying jobs in capital goods then the job of an electrical engineer is perfect for you. As an electrical engineer, you’ll have the chance to:
- Asses electrical systems, products, components, and applications
- Create and conduct research programs
- Apply knowledge of electricity and materials
- Confirm system’s and components’ abilities
- Improve electrical products by examining customer requirements
- Research and test manufacturing
- Develop manufacturing processes through design and equipment modification
- Assure the quality of products
- Test end-products and system potentials
- Prepare product reports
- Providing engineering information by answering questions and requests
- Comply with federal and state regulations to maintain product and company reputation
Most employers require a bachelor’s degree inelectrical engineering. You’ll also need licenses if you work for a Government or a federal contractor. The license requirements depend on the state, but usually include an exam you have to pass to receive the license and a minimum number of years of job experience. All of you fresh graduates don’t worry! For you, there’s an option for a pre-licensure certification.
6. Industrial Engineer
According to the U.S Bureau of Labor Statistics, the average annual salary of an industrial engineer was $95,300 in May 2021 with a projected growth of 14% from 2020 to 2030.
Once you become an industrial engineer your job will be to:
- Create job evaluation programs
- Eliminate production processes’ wastefulness
- Evaluate production schedules, engineering requirements, and process flows
- Manufacture parts or products, or provide services, with maximum efficiency
- Make more efficient financial planning and cost analysis
- Perform quality control procedures
- Resolve production problems
- Minimize costs
- Ensure that products meet quality criteria
- Discuss with clients about product requirements, sellers about purchases, management personnel about manufacturing potentials, and staff about the project’s status
If you like what you’ve read so far and you’ve decided to take on a job as an industrial engineer, check out the Forbes list of the top ten states with the highest salaries for industrial engineers:
- Washington- an average salary of $109,200
- Texas- an average salary of $108,900
- Wyoming – an average salary of $108,890
- Montana– an average salary of $108,360
- California– an average salary of $107,890
- New Mexico– an average salary of $105,240
- Massachusetts– an average salary of $103,810
- Colorado– an average salary of $103,460
- Rhode Island– an average salary of $101,840
- Maryland– an average salary of $101,710
The required education for one of the best paying jobs in capital goods is a bachelor’s degree in industrial engineering technologies or industrial engineering. You can work as an industrial engineer with a degree in mechanical, electrical, manufacturing,or general engineering.
7. Project Manager
The average project manager salary on Talent in theUS is $92,036 per year or $47.20per hour. Experienced project managers can make up to $131,796 per year while project managers at entry-level positions start at $67,578 per year. As in every other profession, experience makes quite a difference in the project manager’s paycheck.
The project manager’s role is:
- To be in charge of specific projects
- To use project management methodologies to plan, monitor, and report the project
- To lunch a project idea and manage it until its completion
- To act as a bond between the upper management and the people who are responsible for the project’s execution
- To make sure the project runs smoothly and on time
- To report the project’s progress to the upper management
If you see yourself in the role of project manager here are a few must-have qualifications starting with:
- A bachelor’s degree in IT
- A bachelor’s degree in Computer science
- A bachelor’s degree in Business management, or a related field
Besides having a bachelor’s degree in one of these fields a relevant project management-related experience is a plus. An even bigger plus goes to an internationally recognized Project Management Professional (PMP) certification. If you got what it takes start building your future career in one of the best paying jobs in capital goods and become a project manager.
8. Marketing Manager
The salary data on Builtin for the position of marketing manager are as follows:
- A marketing manager in the US receives an average salary of $88,827
- For a marketing manager, the average additional cash compensation is $7,867
- The average total compensation received by a marketing manager in the US is $96,694
As a marketing manageryou’ll:
- Oversee and help create different advertising or merchandising sales campaigns that the business will use to sell itself and its products
- Work on a sole product, a line of products, a brand, or an entire company
- Incorporate a variation of input received from creative, research, advertising, and sales teams
- Supervise one or multiple marketing campaigns
- Devise a campaign in its entirety
- See a comprehensive opportunity and enlist members of his or her marketing team to brainstorm potential campaign ideas
- Orchestrate the necessary organization and timing precision
- Assist in developing market research studies
- Analyze market research findings
- Work in partnership with product managers to implement new and improved initiatives
- Monitor the performance of marketing programs as a guide to current and future campaigns and strategies
For one of the best paying jobs in capital goods in the US, a marketing degree from a university is required, while postgraduate work and management disciplines are encouraged. People with this job title work regular hours during the week but might need to put in some extra hours in the office when launching their newly created campaigns.
9. Mechanical Engineer
According to Salary explorer, the annual average salary of amechanical engineerinthe US is around $86,500, with the lowest salary being $42,400and the highest at $135,000.
One of the best paying jobs in capital goods depends on the person’s experience, skills, and job location. Here’s a detailed salary analysis based on experience:
- Mechanical engineers with 10-15 years of experience earn an annual salary of $110,000
- Mechanical engineers with 15-20 years of experience earn an annual salary of $118,000
- Mechanical engineers with more than 20 years of experience earn an annual salary of $126,000
Usually, your duties as a mechanical engineer include:
- Project requirements assessment
- Evaluation of the mechanical components’ functioning
- Authorization of budgets, timetables, and requirements with clients and managers
- Equipment maintenance and modification, safety ensuring, and efficiency
- Inspecting, evaluating, adapting, and re-testing products
- Writing reports and papers
- Providing technical advice
- Analyzing and clarifying data
Education-wise you’ll need at least a bachelor’s degree for the position of mechanical engineer, for an average annual salary of $62,800, or a master’s degree for an average annual salary of $101,000. So, do your math and choose the right educational path!
10. Product Development Engineer
The average salary of a product development engineer on Payscale.com is $75,987. Of course, the salary of an entry-level product development engineer is different than the salary of an experienced product development engineer:
- Based on 161 salaries a product development engineer with less than 1-year experience can earn an average total pay of $65,666 (Including tips, bonuses, and overtime pay)
- Based on 1087 salaries an early career product development engineer (1-4 years of experience) earns an average payment of $72,863
- Based on 563 salaries a mid-career product development engineer (5-9 years of experience) earns $83,198 as an average total payment
- Based on 169 salaries an experienced product development engineer (10-19 years of experience) earns $91,839
- Employees with an impressive career of 20 years and more can earn an average total pay of $105,233. No wonder one of the best paying jobs in capital goods is the job of a product development engineer!
If you’re wondering what product development engineers do, they:
- Manage the design, and test the product’s development
- Assess the mechanical design properties of the product, and decide whether it meets the necessary standards and functionality
- Conceptualize ideas
- Design their ideas in a 3-D modeling program
- Specify accurate design characteristics
- Plan the necessary steps from conceptualization to the final product
- Determine the materials needed to create the product, potential designs, and potential buyers for the product
- Determine ways in which the product can be marketed
- Document the current status of the product throughout the production process
- Work in teams to develop a fully functional, marketable product
To get a job as a product development engineer it is good to know that most employers require their employees to have a bachelor’s degree or higher in mechanical, industrial design, material science, or manufacturing engineering and be highly experienced in AutoCAD, SolidWorks, or other 3-D modeling software.
Conclusion
What have we learned so far? We’ve learned what are capital goods and what are the best paying jobs in capital goods. But that’s not all! What’s even more important is now you have a clearer picture of what it takes to land one of these high-paying jobs.
Hopefully, this article will help you make the most of your talents, skills, and education, and have a successful career in the capital goods industry!
Also Read:
