Purchasing Managers are responsible for planning, directing, and coordinating the buying of materials, products, or services for an organization. Their job typically involves overseeing purchasing policies and procedures, identifying suppliers, negotiating contracts, evaluating suppliers, managing inventory levels, and ensuring that goods and services are acquired at the best possible prices and quality to meet the organization's needs.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
---|---|
10th percentile | $52,870.00 |
25th percentile | $64,080.00 |
median (50th percentile) | $83,810.00 |
75th percentile | $117,880.00 |
90th percentile | $141,460.00 |
Hourly Pay Distribution | Hourly Rate |
---|---|
10th percentile | $25.42 |
25th percentile | $30.81 |
median (50th percentile) | $40.29 |
75th percentile | $56.67 |
90th percentile | $68.01 |
Purchasing Managers typically need a bachelor’s degree in business, supply chain management, finance, or a related field. Some employers may prefer candidates with a master’s degree for more advanced positions. While a high school diploma is the minimum educational requirement for most jobs, a college degree is usually necessary for aspiring Purchasing Managers due to the complexity of the role and the need for specialized knowledge in areas like procurement strategies, negotiation techniques, and supply chain management. In terms of training, Purchasing Managers often receive on-the-job training to familiarize themselves with a company's specific purchasing processes, systems, and industry practices. They may also attend workshops, conferences, or seminars to stay updated on the latest trends in procurement and supply chain management. Additionally, certifications such as Certified Professional in Supply Management (CPSM) or Certified Purchasing Manager (CPM) can enhance a Purchasing Manager's credentials and job prospects by demonstrating expertise and commitment to the field.