Inventory / Purchasing Manager Salary
Purchasing Managers in the United States can expect to earn an average of $53K annually. Final cash compensation to Purchasing Managers varies from around $32K to approximately $80K; choice pay grades include potential for bonuses and profit sharing as high as $10K and $6K, respectively. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Women make up a slight majority of Purchasing Managers (50 percent) survey respondents. Most Purchasing Managers report high levels of job satisfaction. Although between a fifth and a fourth lack health benefits of any kind, a strong majority do enjoy medical insurance, and the larger part get dental coverage, too. This snapshot results from replies to PayScale's salary survey.
Job Description for Inventory / Purchasing Manager
An inventory or purchasing manager is a supervisor that is responsible for managing the inventory for their organization. They are responsible for buying supplies, materials, and parts for the job they are tasked to complete. The purchasing they oversee may be routine, it may change frequently, or it may involve a mix of both. Depending on the employer, the inventory or purchasing manager may work with a team (in which they ensure that the inventory and purchasing needs of the company are met) or they may perform this work independently.Read More...
An inventory manager also handles the management of supplies, products, goods, materials, and parts for their company. They may work on in-house inventory monitoring and management or on a good-sold or -rented basis. They may also do a combination of both. Frequently, an inventory manager has one or more inventory clerks working for them.
Typically an inventory manager or a purchasing manager has a bachelor's degree in a field such as business, mathematics, or inventory management. Prior working experience may be substituted depending on the employer, in conjunction with an associate's degree or high school diploma (or equivalent). A purchasing manager must build good relationships with the vendors with whom they work. Additionally, they often work with a variety of internal departments, such as accounting, shipping and receiving, and credit. The purchasing manager must also have good negotiating and communication skills; organizational skills are also fundamental for an inventory/purchasing manager.
Inventory / Purchasing Manager Tasks
- Manage and direct employees involved in the buying, selling or distributions aspects of a company.
- Analyze and implement purchasing processes and delivery systems.
- Negotiate purchasing contracts and policies with respective suppliers.
Common Career Paths for Inventory / Purchasing Manager
Purchasing Managers' salaries may rise greatly for those who assume a higher-end position such as a Director of Supply Chain Management. The average Director of Supply Chain Management brings home $121K per year. More often than not, an Operations Manager role is the next step for Purchasing Managers moving up in the field. Operations Managers usually make $59K per year. Many other Purchasing Managers choose to take on an Inventory Control Manager role, where salaries are typically $45K.
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Popular Skills for Inventory / Purchasing Manager
Purchasing Managers report using a deep pool of skills on the job. Most notably, facility with Procurement, Project Management, and Forecasting are correlated to pay that is significantly above average, leading to increases of 79 percent, 36 percent, and 24 percent, respectively. Skills that seem to negatively impact pay include Purchasing, Order Inventory, and Inventory Control. Most people experienced in Inventory Control also know Microsoft Excel and Materials Requirement Planning (MRP).
Pay by Experience Level for Inventory / Purchasing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Relatively untried employees who have less than five years' experience make $40K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $50K. On average, Purchasing Managers make $54K following one to two decades on the job. Veterans who have surpassed the 20-year mark may make no more than those who are navigating the mid-career stage.
Pay Difference by Location
For Purchasing Managers, Atlanta provides a pay rate that is 64 percent greater than the national average. Purchasing Managers can also look forward to large paychecks in cities like San Francisco (+55 percent), Columbus (+20 percent), Denver (+16 percent), and Tampa (+15 percent). One of the biggest compensable factors for Purchasing Managers is geography, with workers in San Diego earning a whopping 26 percent below the national average. Employers in St. Louis and Philadelphia also lean toward paying below-median salaries (16 percent lower and 12 percent lower, respectively).
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