Purchasing Analyst Salary
An average Purchasing Analyst in the United States can expect to take home roughly $52K per year. Final cash compensation to Purchasing Analysts varies from around $36K to approximately $73K; choice pay grades include potential for bonuses and profit sharing as high as $7K and $6K, respectively. Geographic location and years of experience each impact pay for this group, with the former having the largest influence. Medical benefits are awarded to almost all, and a large number earn dental coverage. Job satisfaction is high and work is enjoyable for most Purchasing Analysts. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 52 percent. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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.
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Popular Skills for Purchasing Analyst
Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Contract Negotiation, Purchasing, Data Analysis, and Microsoft Excel are correlated to pay that is above average. Skills that pay less than market rate include Negotiation. For most people, competency in Data Analysis indicates knowledge of Inventory Management.
Pay by Experience Level for Purchasing Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Purchasing Analysts, extensive experience does not lead to significantly more money. Those in the early stages of their career can expect to make around $49K; however, individuals with five to 10 years of experience bring in $57K on average — a distinctly larger sum. Purchasing Analysts who work for 10 to 20 years in their occupation tend to earn about $59K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $60K.
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Key Stats for Purchasing Analyst
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