Procurement Agent Salary
Procurement Agents in the United States can expect to earn an average of $57K annually. Total cash earnings of Procurement Agents range from $34K on the low end to $85K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $5K and $4K, respectively. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Most workers in this position report high levels of job satisfaction. Male Procurement Agents are just a bit more common among those who completed the questionnaire than females ones, with male workers composing 51 percent of the field. Most report receiving medical coverage from their employers and a large number collect dental insurance. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Procurement Agent
A procurement agent is responsible for buying high-quality items for clients at the lowest possible prices and in the correct amount. They also prepare purchase orders and solicit bid proposals, as well as review requests for goods while making sure items' suppliers offer appropriate pricing, selection, support, and reliability. The procurement agent must also follow all local laws and regulations related to purchasing and selling items, as well as negotiate and renegotiate contracts with vendors or suppliers as necessary. They must also keep their supervisors informed of their progress and provide business transaction logs, information on contract changes, and updates on item shipments.Read More...
The procurement agent is also responsible for hiring, training, and supervising clerks. They may need to hire other buyers and supervise them, ensuring the subordinate agents meet all pricing and quality standards within deadlines. Additionally, the procurement agent is responsible for going to trade shows and conferences, along with seminars to find potential suppliers and develop contracts with them.
Procurement agents generally must have at least a bachelor's degree in finance, business, or a related field. They must have excellent leadership skills, proficiency with basic computer programs, and good communication skills. Fluency in a language in addition to English may be required or preferred if the procurement agent works with suppliers in countries that speak other languages.
Procurement Agent Tasks
- Write and analyze requisitions, invoices, supply requests and supply orders.
- Track and monitor inventory and needs to determine when to order or purchase new items.
- Negotiate with different suppliers for price, quality, timeliness and other factors.
- Expedite and liaise with suppliers to ensure timely delivery of goods.
Procurement Agent Job Listings
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Popular Skills for Procurement Agent
Procurement Agents report using a large range of skills on the job. Most notably, facility with Supplier Management, Procurement, and Contract Management are correlated to pay that is significantly above average, leading to increases of 43 percent, 40 percent, and 38 percent, respectively. At the other end of the pay range are skills like Materials Requirement Planning, Data Analysis, and Inventory Management. Most people who know Contract Negotiation also know Negotiation.
Pay by Experience Level for Procurement Agent
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and pay tend to be weakly linked for Procurement Agents — those with more experience do not necessarily bring in higher earnings. The average worker who claims fewer than five years of experience earns around $50K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $59K. Procurement Agents see a median salary of $66K after reaching one to two decades on the job. Procurement Agents who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $69K on average.
Pay Difference by Location
Mesa is home to an above-average pay rate for Procurement Agents, 41 percent higher than the national average. Procurement Agents can also look forward to large paychecks in cities like Houston (+34 percent), Everett (+29 percent), Philadelphia (+19 percent), and Los Angeles (+18 percent). Those in the field find the lowest salaries in St. Louis, 13 percent below the national average. Workers in Miami and Dallas earn salaries that trail the national average for those in this profession (12 percent less and 8 percent less, respectively).