First of all, we need to understand who are Procurement Analysts and what are their responsibilities. Procurement Analyst is professionals who collect and analyzes procurement information for business insights and convincing policymaking. They are the ones who are responsible for evaluating vendors and suppliers based on quality, price, and speed of delivery. Procurement Analysts used to work with companies that hinge on business logistics management to market their products. Let us know more detail about ‘Salaries For Procurement Analyst’.
Salaries For Procurement Analyst
If someone wants to have a career in this field, then they can easily earn higher salaries in this industry. Procurement analysis is a profession that continues to grow 14% faster from the year 2018 to 2028, which is considered the highest job development index. According to the United States Bureau of Labor Statistics, people who are in procurement analysis can earn an average of $33.80 an hour, for a total of $70,301 in average salary. From these statistics, we came to know that procurement is a good career option. Salaries of Procurement Analysts rely on multiple factors including education, experience, certification, and skills. In the United States of America, the salaries for procurement analysis fluctuate from $26,110 to $125,000, with a median salary of $156,820.
Salaries of Procurement Analysts depend on different factors that we are going to discuss below:
Factors affecting the salaries of the Procurement Analyst:
Let us discuss the factors which are important for higher salaries of the procurement analyst :
Education:
If anyone wants to have a career in this field, then you must have a complete educational background. You must have your graduation in business management, accounting, economics, and finance. After that, you need to have an MBA ( Master’s of Business Administration) in procurement analysis. Then, you can earn a stable job with passive income in this coveted field.
Experience:
In every field of life, experience is the key to your success. The more you are experienced, the better job you get. So, you must gain experience for an entry-level position in your desired company.
Additional Skills:
Only experience and education are not mandatory for being in procurement analysis. There are multiple voluntary skills that you must have for your reliable job. A person who is in procurement analysis must have technical and good communication skills to achieve their target. They must have good negotiation skills because they have to do business with multiple vendors. Also, they must have great problem-solving techniques to make a good selection for their company.
Salaries in different states of the United States of America for Procurement Analyst:
Salaries of Procurement Analysts differ from one another. Some states propose a high salary to them in comparison with other states. So, let’s dive into the salaries of different states of the United States of America for Procurement Analysts:
District of Columbia:
The district of Columbia is top of the charts as the District of Columbia pays the highest wages to its employees. The normal wages that the District of Columbia is giving to them is $97,211 per anum. And the earnings of this particular stipend per hour is $46.74, which is perfect for a commoner.
Maryland:
Maryland is number second as it pays the highest wages to its employees. The normal wages that Maryland is giving to them are $86,315 per anum. And the earnings of this particular stipend per hour is $41.50, which is perfect for a commoner. The availability of jobs for them in Maryland is quite high.
Virginia:
Virginia is number third as it pays the highest wages to its employees. The normal wages that Virginia is giving to them are $76,903 per anum. And the earnings of this particular stipend per hour is $36.97, which is perfect for a commoner. The availability of jobs for them in Virginia is quite high.
New York:
The normal wages that New York is giving to them is $76,349 per anum. And the earnings of this particular stipend per hour is $36.71, which is perfect for a commoner. The availability of jobs for them in New York is quite high.
Massachusetts:
The normal wages that Massachusetts is giving to them are $74,634 per anum. And the earnings of this particular stipend per hour is $35.88, which is perfect for a commoner. The availability of jobs for them in Massachusetts is quite high.
Pennsylvania:
The normal wages that Pennsylvania is giving to them are $76,903 per anum. And the earnings of this particular stipend per hour is $36.08, which is perfect for a commoner. The availability of jobs for them in Pennsylvania is quite high.
Washington:
The normal wages that Washington is giving to them are $79,460 per anum. And the earnings of this particular stipend per hour is $38.20, which is quite perfect for a commoner.
Illinois:
The normal wages that Illinois is giving to them are $68,286 per anum. And the earnings of this particular stipend per hour is $32.83, which is perfect for a commoner. The availability of jobs for them in Illinois is quite high.
Ohio:
The normal wages that Ohio is giving to them are $72,255 per anum. And the earnings of this particular stipend per hour is $34.74, which is perfect for a commoner. The availability of jobs for them in Ohio is quite high.
New Jersey:
The normal wages that New Jersey is giving to them are $74,273 per anum. And the earnings of this particular stipend per hour is $35.71, which is perfect for a commoner. The availability of jobs for them in New Jersey is quite high.
Alaska:
The normal wages that Alaska are giving to them is $74,273 per anum. And the earnings of this particular stipend per hour is $35.71, which is perfect for a commoner. The availability of jobs for them in Alaska is quite low.
Conclusion:
As we have already discussed that a person who wants to have success in procurement analysis, the minimum they must have a complete academic education. And they can get higher salaries in this coveted field. But salaries vary according to experience and skills.
