Procurement Specialist Salary
Job Description for Procurement Specialist
Procurement specialists specialize in finding goods and services for businesses at the best price to ensure the businesses' continued functionality. This can include office supplies, inventory, and large scale purchases like real estate. These specialists are counted on to meet budgetary constraints and increase profitability.Read More...
Procurement specialists can range from entry level to senior level positions in a company. In entry level positions, they may issue purchase orders based on the requirements from manufacturing, operations or project management divisions within the company. They may also be required to assess the performance of suppliers in responding to demands, develop long term relationships, or terminate those who are detrimental to the well-being of the company.
Procurement specialists often serve in a support role in addition to their other duties. They assist in the preparation and analysis of contracts. They work closely with all areas of upper management, accounting departments, finance departments, as well as outside vendors. They most often work in a business office environment, during a typical Monday through Friday work week. Their hours are standard business hours, although special project time constraints may require working more than usual at times.
Most procurement specialists have a bachelor’s degree in business administration, accounting, finance or a related field. A master’s degree in these fields can make one a more desirable candidate. Procurement specialists are able to complete additional educational requirements to become a certified procurement professional (cpp), certified professional purchasing manager (cppm), and/or certified purchasing consultant (cppc). Most procurement specialists are expert negotiators, with some experience in the field prior to taking on this kind of role.
Procurement Specialist Tasks
- Negotiate with different suppliers for price, quality, timeliness and other factors.
- Expedite and liaise with suppliers to ensure timely delivery of goods.
- 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.
Common Career Paths for Procurement Specialist
Procurement Specialists' salaries may rise greatly for those who assume a higher-end position such as a Strategic Sourcing Manager. The average Strategic Sourcing Manager brings home $91K per year. The most common next step for a Procurement Specialist is to become a Procurement Manager or a Purchasing Manager. The former position pays an additional $25K per year on average, and the latter position pays $8K more per year.
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Popular Employer Salaries for Procurement Specialist
Leading companies who hire large numbers of Procurement Specialists include Schlumberger, ConAgra Foods Inc., Bechtel Corporation, Bell Helicopter Textron Inc., and Siemens. Procurement Specialists seeking a sizable paycheck can earn the most at Siemens, where the average salary comes to $70K. Also paying near the top of the field are Bechtel Corporation at $61K, Raytheon Co. at $58K, and Schlumberger, where Procurement Specialists annually earn $55K.
Workers at Bell Helicopter Textron Inc., ConAgra Foods Inc., and Schlumberger also face smaller salaries than the rest of the field — average earnings for these employers come to $50K, $51K, and $55K respectively.
Popular Skills for Procurement Specialist
Survey results imply that Procurement Specialists deploy a deep pool of skills on the job. Most notably, skills in Contract Negotiation, Contract Management, People Management, and Project Management are correlated to pay that is above average, with boosts between 10 percent and 16 percent. Skills that seem to negatively impact pay include Accounts Payable, Inventory Management, and Microsoft Office. Most people experienced in Procurement also know Negotiation and Contract Management.
Pay by Experience Level for Procurement Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Procurement Specialists, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Workers in their first five years can expect to earn $48K, but people who have been around for five to 10 years earn a noticeably bigger sum of $56K. Procurement Specialists claiming one to two decades of experience make an estimated median of $58K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $60K.
Pay Difference by Location
Surpassing the national average by 27 percent, Procurement Specialists in Washington receive some of the highest pay in the country. Procurement Specialists can also look forward to large paychecks in cities like Arlington (+23 percent), Houston (+17 percent), New York (+16 percent), and Chicago (+15 percent). Procurement Specialists in Charlotte take home the lowest salaries, earning a whopping 27 percent less than the national average. A couple other locations with smaller-than-average paychecks include Denver (5 percent lower) and Portland (3 percent lower).
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