According to recent estimates, there are more than 1.5 million jobs available in the US alone. But is the right career choice for you?
In 2023, the global recession is almost here and most of us are looking for sustainable careers. At first, some think that becoming a doctor or software engineer is the best bet, but there are a whole lot of other careers you can pursue.
When it comes to working in capital goods and markets, we need to first understand how the industry works and what careers are in demand. This article is all about that.
In this article, we will discuss what capital goods are, what careers are better in capital goods, and how many jobs are available in capital goods.
What Are Capital Goods?
According to Investopedia, Capital goods are big physical assets that are used in the production and manufacturing of consumer goods by companies. Capital goods can be heavy machinery, heavy production equipment and plants, tools, vehicles, buildings, etc.
Unlike other goods, capital goods are fixed assets that are used to produce consumer goods. Coffee machines, clippers, CNC machines, etc., are also examples of capital goods as these help companies and businesses produce consumer goods.
The capital goods sector is a vital and exciting industry that includes companies that produce automobiles, aircraft, and machinery. These products play a crucial role in enabling firms engaged in manufacturing, shipping, and other types of services to operate efficiently and effectively.
Capital goods are not meant for direct consumption, but they are an integral part of the process that ultimately leads to the creation of a final product that brings satisfaction to buyers. This sector is an important part of the economy and it’s always exciting to see how it will evolve in the future.
Capital Goods Vs. Consumer Goods
All goods are not the same. Consumer goods are finished products that are sold to the general audience – these goods go through a production process and are then consumed by the masses.
Capital goods, on the other hand, are not usually sold to the general public but are used in the production and manufacturing of consumer goods.
How Many Jobs Are Available in Capital Goods?
In today’s growing economy, the capital goods industry is one of the most vital industries to keep the economy intact. To keep up with the exponential growth, there are many new businesses and companies opening, making their way to the top.
With such an increasing amount of startups, there are thousands of jobs created each year. According to the Bureau of Labor Statistics (BLS), there are around 1.5 million jobs available in the capital goods industry, but that number is old, and there may be even more job openings in 2023.
It is also to be expected that most of the mundane jobs will be taken by robots and other machines. For example, the most dangerous operations are now carried out by robots and AI, leaving room for only the best and most qualified workers to excel in the industry. If you’re thinking about pursuing a career in capital goods, we suggest you take one of the career paths that we’ll now talk about. These careers are future-proof and will not be taken over by AI anytime soon.
What Are the Highest Paying Careers/Jobs in Capital Goods?
Now that we know what capital goods are, let’s discuss some of the highest-paying careers in the field. We will talk about how much money they make if they need a college degree or not, and if it’s the right choice for you.
Since the global industrial revolution, the capital goods industry has seen a boom and plays a vital role in the global economy. With an industry this big, there are many jobs and roles that come. Some of them are very attractive with good salaries. So, let’s talk about careers and their salaries.
1. Machine Learning Specialist
Average Salaray: $150k – Source: Talent.com
The world has now digitalized; machine learning and data science are everywhere. As the capital goods industry comprises a lot of businesses, these corporations need data engineers and machine learning experts who identify interesting patterns and customer behaviours to take calculated decisions.
Typically, you don’t necessarily need a college degree to get started; joining a Bootcamp or some certifications will potentially get you to an entry-level position.
2. Petroleum Engineer
Average Salary: $130k – Source: Salary.com
Petroleum Engineers are geoscience professionals who are responsible for locating and utilizing oil reserves. These engineers make plans for how and where to dig for oil reserves and how to use them to the fullest extent.
Typically, most petroleum engineers have a bachelor’s degree in petroleum engineering or geology; the expert ones have some research experience as well but that’s not mandatory for an entry-level engineer.
3. Industrial Engineer
Average Salary: $100,000 – Source: Bureau of Labor Statistics (BLS)
Industrial Engineers work with the machines; they either operate the high-end goods or manufacture them. In today’s world, most of the tasks in industries are automated by machines and robots. Industrial engineers are responsible for carrying out operations such as analyzing, documenting, and designing a wide range of capital equipment and products.
To become an industrial engineer, you would need a bachelor’s degree in industrial engineering or a related field. Those working in management aerial positions usually have a master’s degree and/or a management certification.
4. General Managers
Average Salary: $120k – Source: BLS
General Managers are responsible for carrying out the business operations of an organization. In capital goods, every branch will have an operations manager with a general manager who is responsible for watching over and making sure that the day-to-day operations are smooth and error-free.
Becoming a GM is not easy; you’ll need a bachelor’s degree in business or an MBA with several years of experience in the management sector.
5. Materials Engineer
Average Salary: $95k – Source: Indeed
Material engineers or metallurgists are experts in metals and material sciences. They are responsible for carrying out operations in metal goods and heavy production. They make and design new products from metal and try to maximize their strength and efficiency. Furthermore, they identify the most suitable materials, metals, and alloys for specific needs and uses.
To become a materials engineer, you need an advanced degree in metal engineering and sciences. Most material engineers specialize in their domain, but that’s not mandatory for an entry-level position.
6. Software Engineer
Average Salary: $120k – Source: GlassDoor
Software engineers are one of the most demanded experts on the planet; not only capital goods but they are required in every field of economy. Since the world has become a global village, software engineers are huge in demand to keep up with the pace of growth. When it comes to capital goods, software engineers are responsible for developing or maintaining existing software and automating most of the tasks. The robots automating most of these tasks are programmed by software engineers.
To become a software engineer, you don’t need a degree at all. It is now recognized that most of the software engineers in the US have no degree at all. Joining a boot camp will land you an internship, and it will lead to a high-paying job.
Is It Worth It Pursuing a Career in Capital Goods?
As we talked about the exponential growth of the industry and how many jobs are created each year in this sector, we do recommend taking into consideration a career in capital goods. The reason why is that the world will keep advancing and with advances in technology comes more capital products and more jobs.
Additionally, the more experienced you get, the better your salary will be and the more the benefits. If you consider yourself a persistent learner who likes to keep up with the latest advancements in the world, a successful career in capital goods is waiting for you.
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