How much does a Procurement Specialist make in your city? Use our salary calculator to find out what kind of salary you can be expecting.
The Procurement Specialist is responsible for working with suppliers to ensure products are purchased at the lowest possible price, but still meeting the company’s quality and budget goals. The position requires someone who is detail-oriented and has excellent time management skills. This position includes occasional travel to inspect facilities, meet with vendors and suppliers, coordinate with internal staff and even customers on projects.
A procurement specialist with a bachelor’s degree can expect to earn $73,500 per year in their career. The highest possible pay for a Procurement Specialist is $132,520 per year. The lowest 10% earned less than $312,400 per year; while the top 10% earned more than $144,480 per year
Salary For Procurement Specialist Overview
If you’ve been looking for a job that will help you build a career in procurement and sourcing, then it’s time to get excited. The field of procurement is one that’s growing fast, and according to recent reports, there are more than 2 million jobs available in the United States alone. That means there’s plenty of room for you—and your salary can reflect that.
But wait: what exactly is a procurement specialist? A procurement specialist is someone who uses their skills in business management and purchasing to find cost-effective solutions for clients or employers. They’re often responsible for finding new suppliers, negotiating contracts with them, and ensuring compliance with those contracts through the entire lifecycle of an order.
So how much does a procurement specialist make? According to PayScale’s data on entry-level salaries for procurement specialists, you can expect to make anywhere from $52k-$60k per year at the bottom end of the scale (with no experience) up to $80k-$90k per year at the top end (with 10+ years of experience). In between those ranges are plenty of opportunities for growth as well as new experiences—and as long as you have a high school diploma or equivalent degree (or higher)
What is a Procurement Specialist?
Procurement specialists, also known as procurement or purchasing managers and agents, can be found in numerous types of business, from manufacturing to retail to government. These professionals manage vendor relationships and oversee order placement, including of raw materials. In some industries, procurement specialists also track overall spending and are charged with improving bidding processes. Among the other job duties of these professionals: price negotiations; purchase order creation; order tracking and management; and price dispute resolutions.
The ultimate responsibility for most procurement specialists is to find quality goods or services at an acceptable price that meet an organization’s needs. The degree to which this can be done effectively and at an acceptable cost plays a role in the organization’s spending efficiency and overall financial performance.
Where are Procurement Specialists Employed?
While a procurement specialist’s functions are generally similar across industry sectors, the work environments may vary dramatically. Some specialists will work in an office with a computer as their main tool for analysis and ordering. Others, particularly in the construction and manufacturing sectors, may be required to travel and work outdoors.
As the work environment and required credentials may differ from sector to sector, candidates could find it helpful to acquire hands-on experience in entry-level purchasing positions in particular sectors of interest.
Potential Salary
Purchasing managers nationwide earned an average annual wage of nearly $118,000 as of May 2016, according to the U.S. Bureau of Labor Statistics (BLS). The top 10% of earners had salaries exceeding $177,500.
For purchasing agents, the national average salary in May 2016 was almost $67,500, with the top 10% earning more than $101,700, the BLS reports.
Prospective students are encouraged to conduct individual research as potential compensation is determined by factors such as industry type, market conditions, and a candidate’s experience, skills and education.
Education Preparation and Other Qualifications
The level of education required for procurement specialists varies by industry size and type. While an associate’s degree may be sufficient for smaller organizations with fewer needs, a bachelor’s degree is a common requirement, including disciplines such as economics, logistics, supply chain management or business administration. A master’s degree can boost career advancement and increase opportunities for a procurement-related position with larger organizations.
Procurement specialists may also benefit from acquiring additional skills in purchasing and contract negotiation. Becoming adept with new inventory and accounting software can also be helpful.
Procurement Specialist Salary
Procurement specialists make around $55,736 to $85,153 on average in the US, depending on experience, location, skills, and other factors.
According to various salary aggregate websites, a procurement specialist’s salary in the US ranges between $55,736 and $85,153, with an average salary of $63,509. As of June 2022, the base salaries for procurement specialists are listed as follows:
