The average salary for a buyer in manufacturing is £43,692. The average salary in the United States is: $61,380. Get the most updated salary information on buyers in manufacturing!
The average salary for a buyer in manufacturing is $78,000. This includes all levels of experience and education.
Average salary for a buyer in manufacturing
The purchasing role is a unique part of any company. And it plays an integral role in the manufacturing industry as well. If you’re interested in becoming a buyer, your best bet is to pursue a degree related to business management, economics, or accounting. That said, many buyers enter the profession with only their experience and knowledge of the business world under their belt. In this article, we’ll discuss what buyers do and how much they make on average.
It’s no secret that manufacturing companies serve America’s economy. However, many people don’t know that purchasing plays a crucial role within the manufacturing sector. In fact, purchases account for about 70 percent of a finished product’s total cost. This includes raw materials, components, and labor.
It’s no secret that manufacturing companies serve America’s economy. However, many people don’t know that purchasing plays a crucial role within the manufacturing sector. In fact, purchases account for about 70 percent of a finished product’s total cost. This includes raw materials, components, and labor.
Purchasing is a key part of the manufacturing process because it helps keep costs low and ensures that your company will be able to produce products in full or on time. A skilled buyer can ensure your company has access to all the resources it needs to make sure production runs smoothly at all times.
An advanced degree is not necessarily required to become a buyer in manufacturing. But it can certainly help you thrive in this role. Ultimately, it all depends on the company and the industry that you’re in.
If you’re interested in becoming a buyer for a manufacturing company, an advanced degree is not necessarily required. In fact, it’s possible that some companies may be more willing to hire someone with experience and knowledge of the business than they would be someone who has just finished their undergraduate program. However, having an advanced degree can certainly help you thrive in this role.
For example, if you want to work as an industrial buyer for manufacturing companies like Ford Motor Company or General Motors Corporation (GM), then having a bachelor’s degree in business administration might be your best bet because most buyers at these types of organizations have been trained on-the-job rather than through formal educational programs. On the other hand, if you are planning on working with small-scale manufacturers that focus primarily on custom products like jewelry makers or woodworkers then having both technical skills as well as knowledge about how to negotiate contracts will give them confidence in hiring someone like yourself who doesn’t already have extensive technical experience or connections within their industry yet still wants to learn more about what they do each day while working together towards achieving common goals such as profitability targets set by management teams.”
Typically, most buyers have at least a bachelor’s degree under their belt. In fact, nearly half of all buyers have a bachelor’s degree or higher when they enter the profession. A business management-related major is ideal if you’d like to become a buyer in manufacturing. Other beneficial majors include economics and accounting. But any degree will suffice as long as you can prove your knowledge and experience in business administration, purchasing and sales, and negotiations.
Oops! Click Regenerate Content below to try generating this section again.
How much does a buyer make?
As with many other jobs, the salary for a buyer varies depending on the industry and company. According to Glassdoor’s data, the average annual salary for an experienced buyer is $75,000 per year. For entry-level buyers (with less than one year of experience), it’s around $45,000 per year.
Salaries can also vary based on location. In California, where many large manufacturing companies are headquartered (and where costs of living are higher), the average annual salary for an experienced buyer is $81,000 per year; in Texas or Florida—where there are fewer major manufacturers—this figure drops down to around $70,000 per year.
The salary for an entry-level buyer in manufacturing is about $45,000 per year.
Employers are willing to pay about $45,000 per year for an entry-level buyer in manufacturing. This base salary is only the beginning of what you’re worth, however.
As a buyer, you can expect to earn bonuses and incentives that may push your annual income well into six figures. If you work at a big company with a lot of revenue (say $1 billion or more) then these incentives can be substantial—upward of $50k annually!
If your company makes less than $1 billion in revenue, it’s still possible for you to make several hundred thousand dollars per year including bonuses and incentives.
The average annual salary for an experienced buyer is $75,000 per year—according to BLS data from 2018.
The average annual salary for an experienced buyer is $75,000 per year—according to BLS data from 2018.
That’s a great starting point if you want to know exactly how much your employer might pay you as a buyer. But what if the job posting says something like “competitive salary”?
In this case, you could ask the recruiter or hiring manager what they mean by competitive. They may say something like: “Well, we want someone who knows their stuff and can really add value to our organization. So we’re willing to pay more than market rate in order to attract that kind of person.”
Demand for buyers
In the manufacturing sector, demand for buyers is expected to grow by 8% from 2016 to 2026. This is a faster rate of growth than the average for all occupations. In particular, employment of buyers is expected to grow by 13% between 2016 and 2026.
According to the U.S Department of Labor Bureau of Labor Statistics (BLS), demand for buyers in the manufacturing sector will be fueled by increasing sales at existing factories and firms as well as new start ups due to an increase in domestic production spurred on by increased spending on infrastructure projects such as roads and bridges.[1]
Conclusion
Purchasing is one of the most important jobs in manufacturing. Without buyers, manufacturers wouldn’t have the materials they need to produce goods. If you’re interested in becoming a buyer in manufacturing, we hope that this article has provided some insights that will help you on your journey
