If you’re looking for a career in an industry that drives economic growth and generates abundant job opportunities, consider working in capital goods. While you might not have heard of it, this sector offers plenty of lucrative career options.
Let’s dive into the ins and outs of capital goods — from job prospects to earning potential — to help you decide whether it’s a career path worth exploring.
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What Are Capital Goods?
Capital goods are items used to produce consumer goods such as machinery, buildings and equipment.
If you work in the capital goods industry, you or your company may be responsible for creating durable goods such as forklifts used in a factory or assembly line equipment used to make computers.
A career in this industry can be worth pursuing if you enjoy working with tangible assets and contributing to supply chains that are vital to the operation of other businesses and the broader economy.
[See: 25 Best Jobs That Pay $100K.]
Best Skills for a Capital Goods Careers
The skills you’ll need for a capital goods career vary depending on your role. For example, the expertise a business operations manager brings to the table might differ from what’s expected of a mechanical engineer. But in general, having the following skills could give you a better chance of landing a high-paying job in the capital goods sector.
Soft Skills
— Planning and coordination.
— Project management.
— Communication skills.
— Teamwork abilities.
— Attention to detail.
— Problem-solving skills.
— Adaptability.
— Time management.
Hard Skills
— Mechanical engineering.
— Robotics and automation.
— Industrial design.
— Computer-aided design.
— Materials science.
— Supply chain management.
— Understanding of safety protocols.
— Knowledge of manufacturing procedures.
Pros and Cons of the Capital Goods Career Path
Like any career path, capital goods comes with its own set of pros and cons to consider. Here are some of them:
Pros
— Stability and growth potential. Since capital goods such as machinery, equipment and other physical assets used in production are typically in consistent demand, jobs in this field often provide a stable career path.
— Impact and innovation. Working in capital goods allows you to directly contribute to industrial progress and technological advancement. “For example, engineers and professionals in this field often engage in developing cutting-edge technology and improving efficiency, contributing to advancements in various industries,” said Camille Dumont, director of the Center for Career and Professional Development at Post University, in an email.
— Diverse career paths. Capital goods span various industries, including aerospace, automotive, construction and energy. This broad scope gives you the flexibility to explore diverse career paths, whether you’re interested in engineering, sales or research and development.
Cons
— Specialized skills and training requirements. Some jobs in the capital goods sector demand a high level of specialized skills and ongoing training. For example, mechanical engineers typically need to have a bachelor’s degree in mechanical engineering or mechanical engineering technology. To offer their services on an independent basis, they must pass a state-specific exam to get a professional engineering license.
— Potential technological disruption. Rapid advancements in technology, such as artificial intelligence and 3D printing, are transforming the capital goods landscape. These changes could lead to automation, rendering some roles obsolete.
— High-risk work environments. Working in capital goods can involve operating heavy machinery or being in physically challenging situations. These high-risk work environments can take a toll on your mind and body, leaving you feeling exhausted and more prone to accidents or injuries.
Should You Pursue a Career in Capital Goods?
Is pursuing a career in capital goods a good idea? It ultimately depends on your aspirations, strengths and career goals.
“In my experience advising professionals, I’ve found the capital goods sector provides stability, growth opportunities and a chance to be part of building the economy’s foundation. However, the work also comes with safety risks, potential bureaucracy, and limited involvement in social and environmental issues,” said Conor Hughes, a human resources professional and HR consultant, in an email.
Dumont suggests checking out the Occupational Information Network to help you make an informed decision. “I like to look at ONET — a free database updated by the Department of Labor — for specific occupations as it indicates job outlook (bright vs. not). Plus, it provides a detailed breakdown of the knowledge, skills and abilities required for different occupations,” she said.
What Do Capital Goods Jobs Pay?
The salary range for capital goods jobs varies depending on factors such as location, industry, seniority level and individual qualifications. For example, entry-level positions like assembly line workers might start at around $40,000 or $50,000 annually, while mid-level roles like mechanical engineers or project managers can earn salaries that fall anywhere between $60,000 and $100,000, depending on qualifications and experience. Senior-level executives or directors in capital goods companies could even earn up to multiple six figures.
[SEE: 25 Jobs That Pay $80K or More]
Best-Paying Jobs in Capital Goods
Here are some of the best-paying jobs in capital goods to consider if you’re interested in this career path. These capital goods jobs are taken from the U.S. News 100 Best Jobs ranking and pay at least $85,000 on the median. Salary and job growth data come from the Bureau of Labor Statistics.
1. Mechanical Engineer
Median salary: $96,310 Job growth potential: 10%
Mechanical engineers rank No.1 among the Best Engineering Jobs and No.11 among the Best STEM Jobs.
These professionals design, build and test all kinds of devices and machines, such as electric generators, internal combustion engines, gas turbines and air-conditioning systems. Because their skills can be applied in almost any field, you can find mechanical engineers working in a wide range of industries, including capital goods, robotics, automotive or aerospace.
To become a mechanical engineer, you’ll need a bachelor’s degree in mechanical engineering or mechanical engineering technology. If you want to work for yourself, you’ll need to pass a state-specific exam to obtain a professional engineering license.
Learn more about mechanical engineers.
2. Marketing Manager
Median salary: $140,040 Job growth potential: 6.6%
Marketing managers rank No.1 among the Best Sales and Marketing Jobs and No. 11 among the Best-Paying Jobs.
As a marketing manager in the capital goods sector, you’ll develop strategies to promote your company’s products and ensure they meet market demands. You may also collaborate with other departments, such as research and development, sales, and production to ensure your marketing strategies align with overall company goals.
While you don’t necessarily need a college education to become a marketing manager, having a bachelor’s degree in marketing or a related field can make you a more competitive job candidate.
Learn more about marketing managers.
3. Business Operations Manager
Median salary: $98,100 Job growth potential: 4.2%
Business operations managers rank No. 8 among the Best Business Jobs.
Their duties vary depending on the company’s needs, but business operations managers are typically responsible for overseeing day-to-day operations, refining business processes, improving operational efficiency and managing supply chains.
Many operations managers have a bachelor’s or master’s degree in business administration. Having a certification, such as the APICS certification in planning and inventory management, can also be helpful if you want to stand out among other job applicants.
This career carries promising job growth potential. The BLS estimates that 147,300 jobs should open up between 2022 and 2032.
Learn more about business operations managers.
4. Biomedical Engineer
Median salary: $99,550 Job growth potential: 5.1%
Biomedical engineers rank No.3 among the Best Engineering Jobs and No. 17 among the Best STEM Jobs.
These professionals use their research and engineering knowledge to design capital equipment, such as X-ray machines, MRI machines and CT scan machines, that help generate income for health care organizations.
Biomedical engineers need a strong background in math and science and typically have at least a bachelor’s degree in biomedical engineering. Some positions may require a graduate degree.
Learn more about biomedical engineers.
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Is Capital Goods a Good Career Path? originally appeared on usnews.com
