Procurement Analyst Salary
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.
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. Procurement Analysts most often advance into Procurement Specialist and Buyer positions even though the median salaries are $7K lower and $13K lower, respectively.
Procurement Analyst Job Listings
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Popular Employer Salaries for Procurement Analyst
Although The Boeing Company heads up the field in terms of compensation, offering the highest median salary at $65K, pay at this particular employer still varies considerably, running the full spectrum from $51K to $92K.
Popular Skills for Procurement Analyst
Survey participants wield an impressively varied skill set on the job. Most notably, facility with Microsoft Office, Sourcing, and Contract Negotiation are correlated to pay that is significantly above average, leading to increases of 23 percent, 16 percent, and 10 percent, respectively. Skills that pay less than market rate include Inventory Management and Microsoft Excel. Those familiar with Data Analysis also tend to know Purchasing and Contract Negotiation.
Pay by Experience Level for Procurement Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Procurement Analysts, experience does not seem to be a major factor in determining pay. Workers in their first five years can expect to earn $55K, but people who have been around for five to 10 years earn a noticeably bigger sum of $66K. On average, Procurement Analysts make $69K following one to two decades on the job. More than 20 years of experience mean a somewhat bigger median paycheck of $73K, but it's not much more than what less experienced people make.
Pay Difference by Location
For Procurement Analysts, busy Washington offers a higher-than-average pay rate, 32 percent above the national average. Procurement Analysts can also look forward to large paychecks in cities like Ontario (+29 percent), Houston (+11 percent), San Diego (+10 percent), and Seattle (+8 percent). Trailing the national average by 19 percent, Charlotte is the market with the smallest paychecks. San Antonio and Phoenix are a couple other places where companies are known to pay below the median — salaries are 14 percent lower and 10 percent lower, respectively.
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Key Stats for Procurement Analyst
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