OVERVIEW
What is a Purchasing Manager?
A purchasing manager is responsible for sourcing, negotiating, and procuring products and services for a company. They work collaboratively with different departments to ensure the organization's supply chain aligns with the business objectives. A purchasing manager's primary responsibility is to guarantee that the company's purchases are aligned with the organization's goals and objectives while optimizing spending as much as possible.
Communication and collaboration are essential in this role. Purchasing managers must make sure that all parties are aligned and satisfied with the products and services acquired. The position requires strategic thinking, strong analytical skills, and a deep understanding of global market trends. One example of a situation that may arise is when a vendor is experiencing delays in delivering goods. In this case, the purchasing manager would need to analyze the problem by identifying the reasons for the delay,
determining its impact on the company, and formulating a plan to mitigate any potential negative consequences. This solution may involve finding an alternative vendor, negotiating a new delivery timeline with the current vendor, or collaborating with other departments to adjust production schedules. The purchasing manager's ability to think critically and find creative solutions is crucial in ensuring that the company remains successful and efficient. Overall, a purchasing manager is a vital asset to any company because their work impacts the organization's bottom line and growth strategy.
RESPONSIBILITIES
What Does a Purchasing Manager Do?
To be successful, a purchasing manager needs to be prepared to spend their days:
- Coordinating buyer and purchasing agent activities for buying supplies, equipment, or materials their employer needs.
- Hiring and training new purchasing agents and buyers.
- Researching and evaluating potential suppliers to determine if they have a favorable price, quality, and speed of delivery.
- Meeting with vendors and visiting their distribution centers or plants to see their products and services.
- Analyzing price proposals, financial reports, and other relevant information to decide on a purchase.
- Negotiating contracts with suppliers and vendors for favorable conditions.
- Ensuring vendors meet the terms and conditions in their contract.
Where Does a Purchasing Manager Work?
Purchasing managers work in diverse industries, from retail and manufacturing to healthcare and government. They may work for large corporations, small businesses, or nonprofit organizations, and their responsibilities vary depending on the size and complexity of the organization. Some purchasing managers work in an office environment while others may need to travel to meet with suppliers and vendors.
EDUCATION & BEST DEGREES
How Do I Become a Purchasing Manager?
To become a purchasing manager, you typically need a bachelor's degree in business management, business administration, supply chain and operations management, or finance. Next, you'll want to apply for entry-level experience in procurement or inventory management. It’s important to use this time to develop your negotiation, decision-making, and cost analysis skills. Certifications from professional organizations such as the Institute for Supply Management (ISM) or the National Institute of Governmental Purchasing can also help you establish your credentials and advance your career. Additionally, some employers require purchasing managers to have an MBA, which signifies much deeper industry knowledge and leadership skills. Finally, keep in mind that continuous learning and adaptation to changes in the market are essential to succeed as a purchasing manager.
Best Degrees for a Purchasing Manager
Business
Business Management – B.S. Business Administration
Hone your business acumen and garner added respect:...
Hone your business acumen and garner added respect:
- Time: 61% of graduates finish within 19 months
- Tuition: $3,755 per 6-month term
- Courses: 40 total courses in this program
Skills for your résumé this program will teach you include:
- Business communication
- Product development
- Decision making models
- Project management strategies
- Budgeting for business
This online degree program is an excellent choice for kick-starting your organizational management career.
Business
Supply Chain and Operations Management - B.S.
This online supply chain and operations management program will prepare...
This online supply chain and operations management program will prepare you for real-world experiences in business.
- Time: 61% of graduates finish similar programs within 19 months.
- Tuition: $3,755 per 6-month term.
- Courses: 36 courses in this program.
Skills for your résumé that you will learn in this program:
- Project Management
- Strategic Planning
- Detail Oriented
- Management
- Leadership
- Operations:
Business
Supply Chain Certificate – School of Business
Boost your résumé and gain valuable experience with a supply chain...
Boost your résumé and gain valuable experience with a supply chain certificate from the School of Business.
- Time: 6 months from start to finish.
- Cost: $2,500 for the certificate.
- Courses: 4 courses total in this program.
This program is designed for individuals who are ready to take their supply chain experience to the next level and become a front-line leader in their organization.
Whether you want to advance your career in this field, or you're just getting started, a supply chain certificate can help you be ready for your next career step. You'll be prepared to work in a variety of industries including:
- Startups
- Healthcare
- Manufacturing
- IT
- Retail
- E-Commerce
Business
Master of Business Administration
The flexible MBA program you need, focused on business management,...
The flexible MBA program you need, focused on business management, strategy, and leading teams:
- Time: Graduates can finish in 12 months
- Tuition: $4,755 per 6-month term
- Courses: 11 total courses in this program
Skills for your résumé you will learn in this program include:
- Leadership strategies
- Talent management
- Communication
- Data collection and interpretation
- Financial statements
Our competency-based model gives you an innovative learning experience you won't find anywhere else—and our MBA grads tell us they loved accelerating their program to see a faster ROI.
Business
Finance – B.S.
This online finance program is career-focused so you will gain relevant...
This online finance program is career-focused so you will gain relevant industry skills.
- Time: 62% of graduates finish similar programs within 24 months
- Tuition: $3,755 per 6-month term
- Courses: 41 courses in this program
Some careers and jobs this business degree will prepare you for:
- Management
- Accounting
- Finance
- Spreadsheets
- Financial Analysis
- Problem Solving
The competency-based model at WGU allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at WGU.
Business
Leadership Certificate – School of Business
Enhance your résumé and take a step in your educational journey with the...
Enhance your résumé and take a step in your educational journey with the help of a leadership certificate from the School of Business.
- Time: 4 months from start to finish.
- Cost: $2,250 for the certificate.
- Courses: 3 courses total in this program.
This program is for emerging leaders, however this program does not require a bachelor’s degree, and provides transferable credit towards a WGU degree program.
Whether you aspire to work for a Fortune 500 organization, a government agency, a non-profit organization, or a fast-paced start-up, this certificate can give you the keys to success in a variety of industries, including:
- Finance and Banking
- Healthcare
- Manufacturing
- IT
- Consulting
- Nonprofit
- Government
How Much Does a Purchasing Manager Make?
$131,350
According to data from the U.S. Bureau of Labor Statistics, the median annual salary for purchasing managers in 2021 was $131,350. Compensation can vary depending on location, industry, and experience.
What Is the Projected Job Growth?
6% Decline
Employment of purchasing managers is projected to decline by 6% from 2022 to 2032 due to increased automation and outsourcing tasks. Even with this decrease in job growth, the advancing complexity of global supply chains creates the need for skilled purchasing managers to oversee cost control and supply chain efficiency.
SKILLS
What Skills Does a Purchasing Manager Need?
A purchasing manager must balance their company's needs with those of their suppliers by using the following skills:
- Strong communication
- Active listening
- Critical thinking
- Problem-solving
- Leadership
- Negotiation
- Planning
- Organization
- Budgeting
- Computer and technology knowledge
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