Purchasing Manager Salary
Purchasing Managers in the United States are often veterans in their line of work, with just over a half bringing more than 10 years of experience to the table. Salaries slide in at $65K per year on average but can range from $40K to $101K per year. Overall incomes of Purchasing Managers — including $15K bonuses, $10K profit sharing proceeds, and $10K commissions on the more lucrative end — generally ranges between $40K and $101K. Career duration and the particular city each impact pay for this group, with the former having the largest influence. A large number enjoy medical while more than half get dental coverage. Vision coverage is also available to a little over a half. Job satisfaction for Purchasing Managers is high.
Job Description for Purchasing Manager
Purchasing managers are involved in all aspects of the company’s business, from development to finding costs savings to corporate strategy to production. A successful purchasing manager must be able to review proposals for new projects in a timely manner, and they must maintain frequent interaction with marketing teams to discuss sales proposals and marketing strategies. They also must be skilled at finding cost savings.Read More...
Purchasing managers handle contract negotiation, maintain level of rapport with vendors and clientele, and supervise purchasing agents. They strive to seek out the best possible vendors with the most reasonable price for the value sought.
Individuals in these positions must be able to multitask while paying great attention to detail. They must have a solid understanding of math, as well as excellent analytical skills. A successful purchasing manager exudes confidence and is able to think quickly on his or her feet. He or she must be comfortable with enforcing the company’s policies and procedures, as well as have a good background in business and knowing how an organization functions internally.
Purchasing Manager Tasks
- Manage and direct employees involved in the buying, selling or distributions aspects of a company.
- Analyze and implement purchasing processes and delivery systems.
- Negotiate purchasing contracts and policies with respective suppliers.
Common Career Paths for Purchasing Manager
Purchasing Managers who advance into the role of a Director of Supply Chain Management are fairly uncommon. Directors of Supply Chain Management on average earn $122K per year. Purchasing Managers moving up in their careers tend to step into positions as Purchasing Directors or Supply Chain Managers. The median paychecks in those roles are $21K higher and $19K higher, respectively.
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Popular Skills for Purchasing Manager
Purchasing Managers report using a deep pool of skills on the job. Most notably, skills in Contract Negotiation, Strategic Planning, Supply Chain, and Leadership are correlated to pay that is above average, with boosts between 7 percent and 14 percent. At the other end of the pay range are skills like Inventory Control, Inventory Management, and Microsoft Excel. Those proficient in Inventory Management are, more often than not, also skilled in Vendor Management. Those who learned Procurement also tend to know Contract Negotiation, Vendor Management, and Negotiation.
Pay by Experience Level for Purchasing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. Salaries for the relatively untried average out to around $51K, but survey participants with five to 10 years of experience earn a significantly higher median of $63K. For Purchasing Managers, 10 to 20 years of experience on the job amounts to an average salary of $71K. People who have worked for more than 20 years report a median income of $75K, which is barely higher than the median for folks with 10 to 20 years of experience.
Pay Difference by Location
For those looking to make money, Purchasing Managers in New York enjoy an exceptional pay rate, 22 percent above the national average. Purchasing Managers will also find cushy salaries in Chicago (+17 percent), Atlanta (+12 percent), Austin (+12 percent), and Los Angeles (+12 percent). The smallest paychecks in the market, 15 percent south of the national average, can be found in Miami. Two other places where employers offer below-median salaries are Grand Rapids (10 percent less) and Denver (8 percent less).
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