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
- 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.
- Negotiate with different suppliers for price, quality, timeliness and other factors.
- Expedite and liaise with suppliers to ensure timely delivery of goods.
Common Career Paths for Procurement Specialist
Procurement Specialists who transition into a Strategic Sourcing Manager role may receive large pay increases as the latter position pays an average $91K per year. A common career progression for a Procurement Specialist is to become a Procurement Manager or a Senior Buyer. Compared to Procurement Specialists, the first group earns $25K more on average, and the second group earns $14K more.
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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. For Procurement Specialists, comfortable salaries can be found at Siemens; in fact, median earnings sit around $70K, the highest in the area. Bechtel Corporation, Raytheon Co., and Schlumberger also offer top salaries for Procurement Specialists. Workers at these firms can expect to earn about $61K, $58K, and $55K, respectively.
Bell Helicopter Textron Inc., ConAgra Foods Inc., and Schlumberger also rank near the bottom for pay, handing out $50K, $51K, and $55K-paychecks on average.
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, People Management, Contract Management, and Project Management are correlated to pay that is above average, with boosts between 9 percent and 13 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
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Procurement Specialists, extensive experience does not lead to significantly more money. Those in the early stages of their career can expect to make around $48K; however, individuals with five to 10 years of experience bring in $55K on average — a distinctly larger sum. After working for 10 to 20 years, Procurement Specialists make a median salary of $58K. Procurement Specialists who surpass 20 years on the job report pay that isn't as high as one would expect; the median compensation for this crowd sits around $59K.
Pay Difference by Location
With a pay rate for Procurement Specialists that is 24 percent greater than the national average, Washington offers a comfortable salary for those in this profession. Procurement Specialists will also find cushy salaries in Arlington (+24 percent), Houston (+18 percent), New York (+16 percent), and Atlanta (+9 percent). Procurement Specialists in Charlotte make 26 percent less than the national average, proving that location is a major factor in pay. Not at the bottom but still paying below the median are employers in Austin and Chicago (11 percent lower and 6 percent lower, respectively).