Is Capital Goods a good career path? How many jobs are available in capital goods? Best paying jobs in capital goods… Capital Goods is a good career path. Find out more information about Capital Goods Jobs in this article.
Multitude of career paths makes it difficult to arrive at a resolution as to which one is ideal for oneself. As a beginner looking to explore diverse career paths, it becomes a herculean task to choose a career field that resonates with one’s ability. However, Drury Edit is a platform that focuses on topics on the career path, and we’ve had to our credit many career topics which have received a wider commendation. We highly recommend you to read our previous article on the Best Paying Jobs in Capital Goods.
In this latest series of our articles, we’ll be discussing the topic ‘Is Capital Goods A Good Career Path? as well as the advantages and disadvantages of taking this path as a career. But let’s understand the capital goods first.
What are Capital Goods?
When a farmer harvests his yield, he has to convey it to the market to sell. However, the yields can’t get to the market by themselves, he has to use a vehicle to convey them. While the yield could be anything from maize, yam, beans, and other household consumables which are called consumer goods. On the other hand, the vehicle is called capital goods.
Simply put, capital goods are goods that help in the production of other goods. Before consumer goods/services will be manufactured, there has to be already manufactured capital goods/services to help in the production. Examples of capital goods may include vehicles, machines, and tools, among others.
Capital goods are used virtually in every sector of the economy. That explains why they are a core strategic sector that does the rough work behind the scenes.
A single item could be classified as a consumer goods or a capital goods. For example, if you purchase a car from a manufacturing company for personal use, the car will be classified as consumer goods in this context because it is directly connected to the end-users. However, if a transportation company is to order a large number of that same car for onward delivery of their tasks, it would be classified as capital goods because it is not directly connected to the end-users.
How Large Is The Capital Goods Industry?
With an expected $100 billion production value to be reached in 2025, capital goods is an emerging sector that has huge potential. According to multiple sources, the number of jobs available in the capital goods sector range between 970,000-1.3 million jobs every year. In a rough estimate, it is projected that there would be at least 7.3 million job openings between the decade 2020-2030.
Capital Goods needs varieties of different professionals. Engineers, financial managers, administrative personnel, technicians, and Sales experts are all needed in the sector. Some of these professionals may get paid more than their counterparts due to their skills and expertise.
Is Capital Goods a good career path?
The answer to the question is a resounding yes. Capital goods is a good career path that young people should focus on. It comes with a lot of benefits and growth and you also get to have the experience of working in real-life situations. If you want to work in a career path that allows you to grow exponentially, you should go for the capital goods industry.
Why You Should Consider Working in the Capital Goods Industry
The following reasons explain why you should take a look at the capital goods as a career path
Do you want to be in a sector where there is no fear of losing your job? then you should have the capital goods Industry in mind. The capital goods companies manufactured tons of goods and services for different consumer companies which makes their services essential. In these situations, there will always be the need for more hands to cater to the increasing demand. Jobs in this sector are safety guaranteed.
The enormous nature of work in this sector makes them one of the high-paying industries. Professionals in this industry are paid more than their counterparts in some other industries. If you are looking for a comfortable life where you can afford all the luxuries, you should try the sector.
More Entry-level Jobs
Some industries require getting certain certificates or having a minimum amount of experience before you can work there. However, the consumer sector has lots of entry-level jobs that require less expertise. You can then hone your skills and knowledge as you are stepping up the ladder.
This sector is expected to grow in leaps and bounds in the future. So seizing this time to enter the industry could be one of the best decisions you would ever make. In this sector, training is always available for workers which will widen their skill set. If you decide to transition from this industry to another industry in the future, you can use the knowledge you gathered here as an experience.
Limitations You Should Consider Before Settling for Capital Goods as a Career
High Level Of Risk
The capital goods Industry is one of the industries that rely on factories and warehouses to manufacture products. Hence, working in this industry requires extra caution. Sophisticated machines are usually used to manufacture products in this industry, hence, you have to be extremely careful with them. If you are the type that can’t take the risk, you might not be a good fit for the sector.
Many cutting-edge technologies are used in the running of the capital goods Industry, this makes it important for workers to understand how to use the sometimes overwhelming technologies. If you can’t adapt to such situations, you might be better off in other sectors.
How many Jobs are Available in Capital Goods?
1.3 Million Jobs
There are over 1.3 million jobs available in the Capital goods Industry. Below are some of the capital goods job and their salaries.
Best Paying Jobs in the Capital Goods Industry and Their Annual Salaries
Quality Control Inspector
Director of Manufacturing
$150,673 (Glassdoor Statistics)
Deciding on a career path is always tricky. It requires deep insight and knowledge of the industry you want to choose from before arriving at a resolution. Everything depends on your aspirations. However, do not follow the crowd, choose a career that will be in agreement with your long-term success.
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