The following article discusses the career path of Procurement Analyst. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Procurement Analysts.
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Job Duties
Procurement analysts are responsible for building relationships between companies and external vendors. They also maintain these relationships so that they are mutually beneficial. They negotiate new arrangements for buying materials, goods, and services needed by the company, while sticking to budget limitations.
These professionals regularly meet with vendors in order to negotiate prices and agree on a delivery system. To strengthen their position in these negotiations, they must understand the market, thereby ensuring value for money. Additionally, they must look into the background of vendors to ensure they can deliver on their promises and have a credible reputation. Furthermore, they must gather and analyze data on the transactions that have taken place between their organization and the external vendors to determine whether the relationship should continue.
Other job duties of a procurement analyst are:
- To analyze and collect data across the organization in order to ensure decision making groups can perform
- To update inventory data and system, leading data assurance and quality
- To develop new categories, measure, and track them in relation to spending
- To analyze budgets
- To negotiate timelines, specifications, and costs with suppliers and vendors in order to create mutually beneficial service level agreements
- To coordinate organization, scheduling, delivery, and payment of purchases
- To place orders as appropriate in order to maintain supply
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 520,400 purchasing managers, buyers, and purchasing agents in 2016. The largest employers of these professionals were:
- Manufacturing: 23%
- Wholesale trade: 15%
- Management of companies and enterprises: 10%
- Retail trade: 9%
- Federal government: 8%
How to Become
A procurement analyst is expected to hold a bachelor’s degree in business administration, business management, or related field as a minimum. Additionally, they should have a lot of professional experience, particularly if they have to interact with vendors. Recent graduates will only be accepted into the role if they have completed an internship, therefore.
Education Requirements
A procurement analyst is almost always expected to hold a bachelor’s degree, although the size of the organization does play a role in this. The major of the degree should be in supply management, finance, or business, or a related field. Work experience is very important, as it demonstrates that someone has gained on the job training.
A procurement analyst may also obtain various forms of certification, although this is generally not a legal requirement. Appropriate certifications include:
- Certified Purchasing Professional (CPP) offered by the American Purchasing Society.
- Certified Supply Chain Professional (CSCP) offered by the American Production and Inventory Control Society (APICS).
- Senior Professional in Supply Chain Management (SPSM) offered by the Next Level Purchasing Association.
- Certified Public Purchasing Officer (CPPO) offered by the Universal Public Procurement Certification Council (UPPCC).
- Certified Professional Public Buyer (CPPB) offered by the UPPCC.
All certifications are valid for a limited time only and must therefore be renewed through further training and examinations. Organizations such as the National Association of State Procurement Officials (NASPO) and the National Institute of Government Purchasing (NIGP) offer training for these courses.
A procurement analyst will typically have at least five years’ working experience in a relevant area. Often, these professionals grow into their role through internal promotions. Others are brought in externally, in which case education weighs more heavily.
Traits & Qualities
The most effective procurement analysts have the following traits to some degree or other:
- Strong analytical skills
- Excellent decision making skills
- Very good mathematical skills
- Negotiating skills
- Computer skills, particularly in relation to inventory control software
- Management and leadership skills to motivate employees across the board
- Financial skills, particularly focusing on budget management
- Strong communication skills, both verbal and written
- Keen eye for detail
- Computer literacy
Minimum Education
Bachelor’s Degree
The national average salary estimate for Procurement Analyst was $69,088. This number is estimated from over 234,324 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $35.98 and monthly of $5,757.
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$18,000
$153,000
The following section lists Procurement Analyst salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, DC had the largest quoted salary of $105,266 while Arizona had the smallest quoted salary of $35,059.
According to Indeed.com, the following states had employers looking to hire a Procurement Analyst. The quoted salary figure represents the average salary from all job postings by this employer.
| Employer Name | Location | Average Salary |
|---|---|---|
| Department of Labor | DC | $132,656 |
| Bloomberg | New York | $131,525 |
| Department of Homeland Security | DC | $120,144 |
| United States Department Of Defense | Virginia | $118,070 |
| U.S. Army | Virginia | $111,824 |
| Air Force Acquisition | Ohio | $108,210 |
| U.S. Air Force | Ohio | $105,397 |
| CyberCoders | Florida | $103,945 |
| ARMY CONTRACTING COMMAND | Maryland | $102,935 |
| U.S. Government | DC | $102,286 |
| Mead Johnson Nutrition | Indiana | $102,038 |
| WD Engineering Resources | Illinois | $101,248 |
| USAJOBS | DC | $101,011 |
| Randstad | Texas | $99,330 |
| U.S. Department of State | DC | $97,958 |
Learn More
| Career Name | Average Salary |
|---|---|
| Marketing Communications Manager | $70,119 |
| Sales Executive | $69,894 |
| Data Analyst | $69,685 |
| Compliance Officer | $69,393 |
| Human Resources Manager | $69,342 |
| Communications Manager | $68,895 |
| Hospitality Manager | $68,555 |
| Network Analyst | $68,167 |
| Treasury Analyst | $68,044 |
| Business Operations Manager | $68,007 |
