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 $77K per year. Going from Procurement Analyst to Buyer is the transition that occurs most often in this field, and the average paycheck for Buyers is $47K. Many others choose to work as Senior Buyers, where pay is typically $66K.
Procurement Analyst Job Listings
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Popular Employer Salaries for Procurement Analyst
The biggest paychecks can be found at The Boeing Company — the median salary there is $64K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $51K and highest ones in the neighborhood of $92K.
Popular Skills for Procurement Analyst
Procurement Analysts seem to exploit a large range of skills 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 22 percent, 15 percent, and 11 percent, respectively. Skills that pay less than market rate include Vendor 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.
Experience is an important factor influencing the compensation of Procurement Analysts. The average inexperienced worker earns $55K, and someone who has worked for five to 10 years can expect a bigger median salary of $67K. The average pay reported by folks with 10 to 20 years of experience is around $70K. Survey participants who have worked for more than two decades report bringing in $88K on average.
Pay Difference by Location
For those looking to make money, Procurement Analysts in Washington enjoy an exceptional pay rate, 32 percent above the national average. Procurement Analysts will also find cushy salaries in Dallas (+16 percent), San Diego (+15 percent), Houston (+11 percent), and Seattle (+8 percent). Trailing the national average by 20 percent, Charlotte is the market with the smallest paychecks. Employers pay around 12 percent less in Boston and 11 percent less in Phoenix, below-median salaries for those in this field.
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Key Stats for Procurement Analyst
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