Purchasing Analyst Salary
The average Purchasing Analyst in the United States earns approximately $51K annually. Cash earnings for Purchasing Analysts — including $7K in bonuses and $6K in profit sharing proceeds near the top of the pay scale — generally stretch from $36K to $73K depending on individual performance. Geography is the biggest factor affecting pay for this group, followed by career duration. Job satisfaction is reported as high by the vast majority of workers. Women make up a slight majority of Purchasing Analysts (50 percent) survey respondents. Nearly all report receiving medical coverage from their employers and most collect dental insurance.
Job Description for Purchasing Analyst
Purchasing analysts are responsible for analyzing their organization's purchasing decisions to evaluate their effectiveness. They are in charge of interpreting financial information for company purchasing endeavors, and they need to possess strong interpersonal skills to relay purchasing information to upper management. They evaluate suppliers proposals, costs, and quality, as well as oversee purchasing performance based on service and availability. Purchasing analysts strive to minimize expenses and increase company profitability, develop detailed purchasing reports, and recommend changes to the acquisitions processes as needed. Purchasing analysts also write orders and review bid proposals based on project requirements.Read More...
Purchasing analysts use a personal computer as one of their main tools to communicate with other company leaders and respond to purchasing inquiries; in addition, they use purchasing software to perform calculations. Their main functions also include monitoring shipments and resolving issues as they arise. Purchasing analysts are in charge of buying goods, services, and operations equipment for their organization, as well as analyzing financial reports to find discrepancies.
A bachelor's degree in finance, economics, or a related field and relevant experience are typically required for this position. Industry certifications may be beneficial. Purchasing analysts must work well in a team setting to reach organizational goals, as well as on their own with minimal supervision. They also need to have strong multitasking skills and have advanced problem solving abilities to anticipate purchasing issues and modify plans to accommodate unusual circumstances.
Purchasing Analyst Tasks
- Analyze and document options for procurement of materials, goods, and services.
- Maintain and update vendor database and contact information.
- Analyze and report on purchasing metrics, creating standard and ad hoc reports.
- Compare and evaluate goods and contracts to recommend strategies.
Purchasing Analyst Job Listings
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Popular Skills for Purchasing Analyst
Purchasing Analysts report using a wide range of professional skills. Most notably, facility with Contract Negotiation and Purchasing are correlated to pay that is significantly above average, leading to increases of 21 percent and 7 percent, respectively. At the other end of the pay range are skills like Negotiation. Those familiar with Data Analysis also tend to know Inventory Management.
Pay by Experience Level for Purchasing Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Purchasing Analysts, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Relatively untried employees who have less than five years' experience make $48K, but folks with five to 10 years under their belts enjoy an appreciably larger median of $58K. Purchasing Analysts bring in $59K after working for 10 to 20 years. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $60K.