Is Capital Goods A Good Career Path? ( Everything You Need To Know )

Is capital goods a good career path? This is a pressing question that we are going to be looking at in this article. Perhaps you have been wondering about the best career path to opt for, well! You are not alone because many people have been contemplating which career path would profit them more. Is a capital goods career profitable enough? Is it worth going for? We are going to find out shortly. 

Capital goods which are also called industrial sectors are durable goods that are primarily used to produce other goods or services. The capital goods sector is diverse and includes the aerospace industry, construction projects, electrical equipment, etc.  Capital goods are not consumer goods hence they are not consumed immediately rather they are used to produce finishers’ goods.

Capital Goods are essential goods that play vital roles in economic development. Capital goods can either be utilized or new. The used or utilized capital goods are called durable equipment while the new capital goods are called Fixed Capital Formation (FCF). 

What Is Capital Goods?

 

Capital goods are durable goods that are used in the creation of other goods. The capital goods include aerospace, machinery, tools, and vehicles. Companies that are into capital goods usually create finished goods before they can sell them to other companies which can then use them to create new products. 

Capital goods are also called the industrial sector. The sector is diverse and it plays a vital role in economic development. Capital goods are not consumer goods hence they are not consumed immediately rather they are used to produce finishers’ goods. Generally, consumers have a longer lifespan than consumer goods.

What Are Capital Goods Used For?

 

Ordinarily, capital goods are used by companies to manufacture products for the benefit of mankind. Capital goods have no link with financial capital which defines the money invested in a company to bring profit to its owner. The capital goods sector is diverse and its impact on economic growth can’t be over-emphasized. 

Is Capital Goods A Good Career Path

 

From the foregoing even without being told, we can see that capital goods are indispensable and it is a perfect career path for anyone who wants to enlarge his/her financial earnings. Like other sectors, the industrial sector booms perfectly well when government policies encourage investment

But if you are strategic enough in your business plans, no matter how bad the economy may be, capital goods dealers usually stand ahead of other sectors since their goods are essential and people can’t do with them.

Having said that, to be authentic that capital goods are a good career path, the statistics from the Bureau of Labor Statistics revealed that about 1.3 million job opportunities are in the industrial sector. Apart from the fact that there are endless opportunities in the sector, the salary in the capital goods sector is also enticing and if you are prudent in your spending, the salary can take care of all your financial needs.

Though the salary and allowance are reasonable, the range of salary paid in the industrial sector is dependent on some factors like educational qualification, additional skills, and your work experience will play a tremendous role in determining your pay in the capital goods sector.

Nevertheless, the annual average salary in this sector ranges from $70,000 – $100,000

Why Is A Career In Capital Goods A Great Path?

 

If at this stage you are not still convinced that capital glare is a good career path, no worries, we got your back. In this section, I am going to be detailing more reasons why you should choose capital goods as a career path. The Capital goods sector offers excellent opportunities to those who want to venture into manufacturing, business, engineering, etc. Some of the reasons why you should choose capital goods as a career page are listed below:

  • The Capital Goods Sector Offers Job Security

If you venture into the capital goods industry, you automatically become CEO, right? Once you are a chief executive officer of your business, you will be the one paying yourself which would lead to job security since you are not answerable to anyone.

  • The Salary/Wages In Capital Goods Industry is Enticing

Presumably, you don’t have enough cash to start up your own business, and you decide to work in the sector as an employee. The salary is reasonably ok so that it can settle all your financial needs if you spend your wages/salary judiciously.

  • The Industrial Sector Is Fast Engulfing All Other Sector

The pace at which this capital goods sector is growing is unimaginable. Almost every aspect of human endeavor is feeling the impact of the industrial revolution that was brought about by capital goods. So you won’t regret it if you venture into it as a career.

  • The Capital Goods Industry Is Indispensable

From the foregoing, we can see that capital goods have taken over all spheres of life ranging from aerospace to the least area of human endeavor that you can think of. Some, if you want to venture into it as a career, definitely it would profit you enough since it is essential for economic development.

Renowned Capital Good Companies That You Can Work

 

Some of the popular capital goods companies around the world where you can work are listed below:

  1.   ABB

This company is headquartered in Zürich, Switzerland, and it was established in 1988.

ABB offers a wide range of electrical services like –

  • Control systems 
  • Electric vehicle charging infrastructure
  • Low voltage products systems •Measurement and Analytics

ABB company has about 105,000 employee

Employees’ benefits at ABB include;

  • Health insurance
  • Retirement plans
  • Disability insurance
  • Life insurance
  • Vision insurance

2. Caterpillar Inc.

This company has its headquarters in the US. It was founded in 1925.

It is a renowned American company that specializes in the manufacturing, designing, and selling of machinery, financial, insurance, nice, and insurance products to customers through a worldwide dealer network.

Caterpillar also manufactures construction and mining equipment, natural gas engines, and industrial gas turbines.

Currently, the company has about 97,300 employees

Caterpillar Inc. offers the following benefits to its workers:

  • Relocation assistance
  • Dental insurance 
  • Retirement plans.
  • Health insurance
  • Vision insurance
  • Paid time off days

3. Union Pacific

It is headquartered in Omaha, Nebraska, United States, it was established in 1969

It offers excellent railroad(railway) services and currently, the Union Pacific railroad network is the largest in the United States

with over 30,960 employees

Workers at Union Pacific benefit from the following:

  • Retirement plans
  • Vision insurance
  • Medical insurance
  • Tuition reimbursement
  • Vacation days

4. TD Ameritrade

It is headquartered in Omaha, Nebraska, United States, it came into existence in 1971.

TD Ameritrade offers an electronic trading platform for the trade of durable assets like common stocks, preferred stocks, futures contracts, exchange-traded funds, forex, options, cryptocurrency, mutual funds, and fixed-income investments. etc. 

It has over 8,900 employees. The workers at TD Ameritrade are entitled to the following benefits

  • Health Insurance,  
  • Retirement Plan
  • PTO / Vacation Policy

5.  General Electric

This company was established in 1892

It offers infrastructure and general services globally. Their services are all-encompassing the segments like

water, oil, gas, energy management, aviation, healthcare, transportation, appliances and lighting, GE capital, etc.

It has over 283,000 employees

The staff at General electric enjoys the following benefits 

  • Dental insurance 
  • Signing bonus
  • Disability insurance
  • Vision insurance
  • Medical insurance
  • Paid time off days
  • Work flexibility

6.  Boeing

The company is headquartered in Chicago, Illinois, US.

It was founded in 1916.

Boeing specializes in the design, and manufacturing sales of rockets, satellites, airplanes, telecommunication equipment, Missiles, and rotorcraft globally.

It is among the largest manufacturers of aerospace worldwide. 

Currently, Boeing is the third-largest defense contractor in the world with over 142,000 employees

Boeing workers enjoy the following benefits:

  • Relocation assistance
  • Health insurance
  • Disability insurance
  • Dental insurance 
  • Parental leave
  • Vision insurance
  • Paid time off days

7.  Honeywell International

It has its headquarters in Charlotte, North Carolina, US.

It was established in 1885.

Honeywell is a technology and manufacturing company that provides energy, security, and safety services to its customers.

It also offers control technologies for buildings, home specialty chemicals, automotive products, turbochargers and aerospace services, etc.

It has over 103,000 employees

Honeywell offers the following benefits to their workers

  • Life insurance
  • Paid time off days
  • Sign on bonus
  • Health insurance
  • Retirement plans
  • Parental leave

8. 3M

This company was established in 1902.

3M is a diversified technology company that offers non-woven, and bonded abrasives, Advanced ceramics, Sealants

Specialty materials, Separation and purification products; Closure systems products, Acoustic systems products, Automotive components, Abrasion-resistant films, Paint finishing, etc.

Currently, it has over 94,000 employees.

Just Like other capital goods companies, worKers at 3M enjoys the following benefits

  • Stock options
  • Vacation days
  • Health insurance
  • Retirement plans
  • Dental insurance 
  • Vision insurance
  1.  9• Lockheed Martin

It was founded in 1995

Lockheed Martin is a global security company that researches extensively the design, manufacture, development, integration, and sustainability of advanced security outfits. It also provides

management, engineering, technical, scientific, logistic, and information services. 

Lockheed Martin’s areas of interest are Aeronautics, Electronic Systems, Information Systems & Global Services, Space systems, etc.

It has over 115,000 employees

Some of the employee benefits at Lockheed Martin include

  • Flexible schedule
  • Paid time off days
  • Relocation assistance
  • Tuition reimbursement
  • Retirement plans
  • Health insurance

Job Opportunities In The Capital Goods Sector

 

In this section, we shall take a look at some of the job offers that are readily available for people who chose capital goods as a career. As I have noted earlier, there are numerous job offers in the industrial sector. Some of the job offers are itemized below:

  • Quality Control Manager
  • Manufacturing Technician
  • Sales Engineer
  • Research and Development Technician
  • Research Specialist
  • Industrial Designer
  • Software Developer
  • Business Development Manager
  • Marketing Manager
  • Manufacturing Engineer
  • Engineering Manager. Just to mention a few.

Related – Is Public Utilities A Good Career Path? Find Out

What Do Capital Goods Jobs Pay?

 

The form of capital goods varies depending on your qualification. However, the salary of a senior mechanical engineer is roughly $200k and above per annum while the average salary of a senior mechanical engineer is $110,000 per annum.

What Are Three Examples Of Capital Goods?

 

The examples of capital goods include but are not limited to

  • Buildings
  • Vehicles
  • Machinery
  • Equipment 
  • Aerospace etc.

Why Are Capital Goods Industries Important For Economic Growth?

 

Capital goods are important for economic growth because it increases the production capacity of goods and services and it increases the production of goods on a long-term basis.

Add a Comment

Your email address will not be published. Required fields are marked *