Are you seeking a well-paying career? Choosing a career path in capital goods would be a great option. Specific consideration questions would come to mind, like getting into any sector.
One of the major questions would most likely be, is capital goods a good career path? Well, this article would provide an answer to the question and some other questions you might ask yourself about this sector.
So, ensure you read this article till the end and be guaranteed that when you’re done reading, you’ll have an answer to the question, “is capital goods a good career path?” and essential details about capital goods.
What Is Capital Goods?
In a layman’s understanding, capital goods are assets purchased by an organization that is then used to produce finished goods. Manufacturing industries use them to deliver finished or consumer-accessible goods.
Examples of capital goods are buildings, equipment, gadgets, machinery, computers, etc. The term “capital goods” is mostly used in macroeconomics, and it is used to determine production capacity and capital formation.
Capital goods are assets used to boost production.
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Is Capital Goods A Good Career Path?
Yes, capital goods is a viable career option. However, the performance of this sector is determined by the current state of the economy. This means that when the economy is doing well, the sector will do well as well.
According to the Bureau of Labor Statistics, there are approximately 1.3 million jobs available in the capital goods sector. Salary ranges can vary significantly depending on a variety of factors, including education, certifications, additional skills, and the number of years you have worked in your field. However, the average annual salary in this industry ranges between $70,000 and $100,000.
However, to answer the question is capital goods a good career path, one must first understand the concept of capital goods. Firstly, the two words that make up the term should be defined separately.
According to the Mariam-Webster dictionary, capital is accumulated goods devoted to producing other goods. Goods, in turn, mean something that has economic utility or satisfies a financial want.
A merger of the two definitions would put anyone in a better position to answer the question is capital goods a good career path.
The industry is thrilling for both old and young professionals who desire to grow their skills, implement them and earn a reasonable income. This industry is an exciting sector for anyone thrilled by the idea of creating things.
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What Are The Examples Of Capital Goods Career?
In answering the question, is capital goods a good career path, one has to consider the
examples of careers in this industry. The jobs in the capital goods industry are:
- Engineering Managers
- Manufacturing Engineers
- Senior Mechanical Engineers
- Electrical Engineers
- Quality Control Managers
- Industrial Designer
- Research and Development Manager.
- Sales Engineer.
- Marketing Manager.
- Business Development Manager
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What Are The Pros And Cons Of A Career In Capital Goods?
The Pros
1. A career in capital goods offers a variety of entry-level
opportunities
In the capital goods industry, several positions require little or no previous work experience due to the on-the-job training usually given to new employees in this sector.
Also, anyone who wants to pursue a career in this sector has a lot of career paths to get into this industry.
One can work in manufacturing, aerospace, textiles, pharma, or any other industry under the capital goods sector with or without a college degree and prior working experience.
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2. A career in capital goods gives the opportunity to work on
something real
Jobs in this sector are based on the creation of tangible products. This allows one to see the outcome of their efforts physically.
If you enjoy seeing the results of their inputs physically, then this is a good career path.
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3. A career in capital goods gives the opportunity to go up the work
chain quite quickly
There are many opportunities for one to progress faster in this sector. By working in this industry, one would see themself progress from entry-level positions to leadership positions in no time.
5. The capital goods industry is a growing one.
This makes entry into this industry a good one because of how lucrative the capital goods sector is. Plus, in this sector, one will learn about the practical aspect of economics while carrying out their job duties.
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6. The pay in the capital goods industry is good
Due to the nature of the work in the capital goods industry, the pay is rated among the highest
paying jobs one can get. The income gotten in this industry is a satisfying one.
7. The capital goods industry is vital to the economic growth
The assets referred to as capital goods are all important elements used to produce other types
of commodities. Without the capital goods industry, businesses wouldn’t be able to function
effectively.
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The Cons
1. The work environment in the capital goods industry is quite
dangerous
At the heart of the capital goods industry are factories. These factories deal with heavy machinery, chemicals, and equipment. This makes working in this sector shaky. One working in this sector has to be highly cautious.
2. Automation in this industry is reducing the dependence on labour
The capital sector is known to consist of workers with limited educational degrees. The growth of technology is gradually replacing the workforce that used to dominate the industry.
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What Are The Skills Required To Succeed In A Career In
Capital Goods?
In the process of answering the question, is capital goods a good career path, it is important to consider the skills a job in this industry requires. The skills required to succeed in a career in capital goods are:
- Good teamwork skills
- Good technological skills
- Good communication skills
- Being able to critically think
- Problem-solving skills
- Being commercially aware.
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What Are The Educational And Training Requirements For A Career In Capital Goods?
However, an online course could boost one’s chances of landing a good career in this sector. There are several courses one can enroll for on Coursera.
All one has to do is click on the link, search “capital goods” on the website, and enrol for any course you like.
A certificate in any of these courses would put one in a better position in the industry. The sector also offers on-the-job training for new employees, so one could also take the training opportunities as they come; this too would boost one’s chances to progress in the industry.
Another thing you can consider is getting a tech skill. As technology is one thing that is dominating almost every sector, having this skill would also boost one’s chances of success in this sector.
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What Are The Salary And Job Outlook For A Career In Capital
Goods?
The pay could be in the form of wages or salary. Whichever it is, you better believe the payment will be handsome. The annual salary is about $80,000 or more annum. Pay largely depends on one’s position, experience, educational status, or degree.
A report from the BLS stated that the export prices for capital goods rose in the US by 3.7 percent in 2021.
We expect the job outlook for the capital goods industry to increase from four to 22 percent before the coming decade.
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How Much Can You Make From Capital Goods?
The amount earned in the capital goods industry largely depends on one’s working experience, education degree, position, years of service in the capital goods industry, etc.
The stated factors determine the amount you can make from capital goods.
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List Of Best Paying Jobs In Capital Goods
Anyone asking the question is capital goods a good career path would definitely have to
consider the best paying jobs in the capital goods industry because this would be a build-up to why the industry is considered a good career path.
The best paying jobs in capital goods are:
- Engineering Manager
- Manufacturing Engineer
- Senior Mechanical Engineer
- Electrical Engineer
- Quality Control Manager
- Industrial Designer
- Research Development Manager
- Sales Engineer
- Marketing Manager
- Business Development Manager
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What Companies are in Capital Goods Field?
The companies in the capital goods industry are:
Tesla
Market Value: 1,031.000 Billion USD
Headquarters: USA
Company Services: Electric Vehicles, Cars and Automobiles.
Number of Employees: 99,290
Totoro Motor Corporation
Market Value: 275.740 Billion USD
Headquarters: Japan
Company Services: Automobile, Cars, and Capital Goods.
Number of Employees: 366,283
Thermo Fisher Scientific
Market Value: 239.200 Billion USD
Headquarters: USA
Company Service: Healthcare, Medical Equipment, and Pharmaceutical
Number of Employees: 130,000
Danaher Corporation
Market Value: 211.280 Billion USD
Headquarters: USA
Company Services: Healthcare, Medical Equipment, and Healthcare Products
Number of Employees: 78,000
Raytheon Technologies Corporation
Market Value: 135.370 billion USD
Headquarters: USA
Company Service: Industries, Aerospace and Defense, and Aerospace Products
Number of Employees: 174,000
Boeing Company
Market Value: 126.650 Billion USD
Headquarters: USA
Company Services: Industries, Aeroplane, and Defense Products.
Number of Employees: 141,014
Caterpillar
Market Value: 121,270 Billion USD
Headquarters: USA
Company Services: Industries, Agriculture Machinery, and Machinery Manufacturing
Number of Employees: 107,700
Deere & Company
Market Value: 116.400 Billion USD
Headquarters: USA
Company Services: Industries, Agricultural Machinery, and Construction Equipment
Number of Employees: 75,600
Lockheed Martin Corporation
Market Value: 99.322 Billion USD
Headquarters: USA
Company Services: Industries, Aerospace Products, and Defense Products
Number of Employees: 114,000
Ford Motor Company
Market Value: 98.668 Billion USD
Headquarters: USA
Company Services: Consumer Cyclical, Automobile, and Cars
Number of Employees: 183,000
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How To Get Started In A Career In Capital Goods
The most favorable way to start a career in this sector is to have a degree in engineering and several years of working experience.
For anyone without a college degree or one with a college degree in another field, you can still get started in a career in capital goods.
All you have to do is to take the free or paid courses available on Coursera or Udemy. It is also necessary that one seeking to break into this industry should be open to internship training or get into the entry-level positions in this sector where you can be enrolled for on-the-job training.
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FAQs On Is Capital Goods A Good Career Path
What Is Capital Goods?
What goods are referred to as capital goods?
Is it possible to earn $100,000 or more per year by working in capital goods?
Can I get a tech job in the capital goods industry?
Is Capital Goods A Good Career Path?
Conclusion
The capital goods sector is a growing and evolving one. Room for new workers in the sector is rising.
All you need to land yourself a job in the capital industry has been stated in this article.
Therefore, it can be concluded that the answer to the question, is “capital goods a good career path?” is Yes, capital goods are a good career path.
References
- www.bls.gov– for the outlook of capital goods
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