Procurement Specialist Salary
|Salary||$38,974 - $81,288|
|Bonus||$2.86 - $9,791|
|Profit Sharing||$0.00 - $8,000|
|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).)
|$35,600 - $81,165|
|Hourly Rate||$14.35 - $29.04|
|Overtime||$20.40 - $39.46|
|Bonus||$2.86 - $9,791|
|Profit Sharing||$0.00 - $8,000|
|Total Pay (||$35,600 - $81,165|
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. (Copyright 2017 PayScale.com)
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 do not often transition into Strategic Sourcing Manager roles. The role averages $91K per year. Procurement Specialists typically move into roles as Procurement Managers or Purchasing Managers, and those positions pay $25K more and $9K more, respectively.
Procurement Specialist Job Listings
Popular Employer Salaries for Procurement Specialist
Schlumberger, ConAgra Foods Inc., Bechtel Corporation, Bell Helicopter Textron Inc., and Raytheon Co. are leaders in the field that employ a large number of Procurement Specialists. Although Bechtel Corporation boasts the highest average salary in town at $61K, employee compensation still varies greatly — workers can make as little as $49K or as much as $105K. Soaring salaries can also be found at Raytheon Co., Siemens, and Schlumberger, where earnings of $60K, $60K, or $55K are standard for Procurement Specialists.
Others at the bottom of the scale for this job include Viasat, Inc. at $50K, and Bell Helicopter Textron Inc. where $50K is the norm, but it is worth noting that some Procurement Specialists there earn up to $75K.
Popular Skills for Procurement Specialist
Procurement Specialists seem to require a rather large skill set. 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 17 percent. Skills that seem to negatively impact pay include Accounts Payable, Microsoft Office, and Inventory Management. Most people experienced in Procurement also know Negotiation and Contract Management.
Pay by Experience Level for Procurement Specialist
Pay by Experience for a Procurement Specialist has a positive trend. An entry-level Procurement Specialist with less than 5 years of experience can expect to earn an average total compensation of $49,000 based on 816 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Procurement Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $56,000 based on 467 salaries. An experienced Procurement Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $57,000 based on 315 salaries. A Procurement Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $58,000 based on 138 salaries.
Pay Difference by Location
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