Procurement Analyst Salary
|Salary||$42,494 - $79,441|
|Bonus||$1,027 - $9,000|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$40,669 - $81,479|
|Hourly Rate||$15.03 - $33.70|
|Overtime||$20.56 - $50.00|
|Bonus||$1,027 - $9,000|
|Total Pay (||$40,669 - $81,479|
Job Description for Procurement Analyst
A procurement analyst builds new relationships between the company and vendors, and ensures that these relationships are maintained to the satisfaction of all parties. The analyst also negotiates arrangements for the purchase of the goods, materials, and services the company requires within its budget limitations. In meetings with vendors, the procurement analyst must determine prices and set up a system of delivery, as well as research the market appropriately to ensure that the company is getting the best possible value. They must research the vendors to verify their credibility and ability to provide what is promised, as well as keep abreast of data resulting from the vendor relationship to make sure it is worth maintaining in its present form or at all.Read More...
Procurement analysts holds a position that requires a large amount of contact with outside vendors, and so strong written and verbal communications skills are vital. The analyst must present be strong yet reasonable with the vendor, so both sides understand clearly the terms of any prospective agreement. Attention to detail and strong analytical skills are also vital for correct analysis of procurement data and to make sure that the company honors its obligations. As the position requires meetings with clients and possible inspections of facilities, the applicant should be prepared to split office time with potentially considerable amounts of travel.
A bachelor's degree in business management, business administration, or a related field is a typical requirement of most employers. Professional experience is also highly preferred, especially if it is in a field involving vendor-client interaction. If the applicant is a recent graduate with internship experience in a related field, employers may consider this in lieu of professional experience. (Copyright 2017 PayScale.com)
Procurement Analyst Tasks
- Collect and analyze organization-wide data to support decision-making groups.
- Update system and inventory data, leading data quality and assurance.
- Define, measure, and track categories for spending to provide targeted analyses of budget.
- Negotiate costs, specifications, and timelines with vendors and suppliers, ensuring beneficial contracts.
- Coordinate payment, delivery, scheduling, and organization of purchases, and place orders to ensure ongoing supply.
Common Career Paths for Procurement Analyst
Procurement Analysts might see a strong upturn in salary after transitioning into upper-level roles such as Procurement Manager, a seemingly popular career choice. People currently working in the latter position report a noticeably higher median income of $78K per year. Becoming a Buyer is, more often than not, the most common role that Procurement Analysts move into when they're ready for the next step in their career. A median salary for a Buyer is $47K. Another frequent advance is for Procurement Analysts to assume a Senior Buyer role; in this role, workers often take home $66K.
Procurement Analyst Job Listings
Popular Employer Salaries for Procurement Analyst
The biggest paychecks can be found at The Boeing Company — the median salary there is $67K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $52K and highest ones in the neighborhood of $92K.
Popular Skills for Procurement Analyst
Survey results imply that Procurement Analysts deploy a substantial tool kit of skills at work. Most notably, facility with Microsoft Office, Sourcing, and Contract Negotiation are correlated to pay that is significantly above average, leading to increases of 24 percent, 16 percent, and 11 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Inventory Management and Microsoft Excel. The majority of those who know Data Analysis also know Purchasing and Contract Negotiation.
Pay by Experience Level for Procurement Analyst
Pay by Experience for a Procurement Analyst has a positive trend. An entry-level Procurement Analyst with less than 5 years of experience can expect to earn an average total compensation of $55,000 based on 480 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Procurement Analyst with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $66,000 based on 196 salaries. An experienced Procurement Analyst which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $70,000 based on 105 salaries. A Procurement Analyst with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $79,000 based on 38 salaries.
Pay Difference by Location
For Procurement Analysts, working in the bustling city of Washington has its advantages, including an above-average pay rate. Procurement Analysts can also look forward to large paychecks in cities like Ontario (+30 percent), Seattle (+12 percent), Houston (+12 percent), and San Diego (+11 percent). Charlotte is home to the smallest salaries in the field, lagging the national average by 19 percent. Two other places where employers offer below-median salaries are San Antonio (13 percent less) and Phoenix (10 percent less).
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Key Stats for Procurement Analyst
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