Purchasing managers are professionals who buy services and products for companies with the goal of acquiring superior deals for these businesses. A purchasing manager salary is based on the amount of schooling that a person has completed along with whether he or she has been certified in the field. In addition, the wage depends on the type of employer for which he or she works, as well as the number of years that he or she has spent in the industry.
Levels of education have an influence on a purchasing manager salary. An individual in this field usually has to complete a bachelor’s degree in business, which typically lasts four years. Although this is sufficient to claim entry-level roles in this line of work, it is not enough to assume leadership roles, which pay more. A person who wants to advance in this field and earn a higher salary needs to earn a two-year master’s degree, which shows employers that he or she has a deeper understanding of concepts related to this industry.
The achievement of a certification in this career area plays a role in determining a person’s revenue in this industry as well. Multiple institutes and societies offer certifications to people who take and pass comprehensive written or verbal examinations. Earning these credentials is not mandatory to practice in this field, so a person who receives them might earn a larger purchasing manager salary than a person who lacks them simply because these designations confirm to hiring managers that the professional is highly knowledgeable in this vocational area. Continuing education requirements must be met in order for the employee to maintain his or her certifications.
The type of employer for which a professional in purchasing works also affects his or her wage. For example, a purchasing manager salary tends to be lower for someone who works at the local government level and higher for a person who works for private enterprises. One possible reason is that local government employees typically are older and remain in their positions for longer periods of time, so their salaries usually are more static. Still, an individual can receive a greater level of income if he or she labors for the federal government, which usually hires more experienced employees and thus offers bigger salaries.
An individual’s years of experience in the field additionally impact his or her pay level. Someone who has worked for at least two decades has the potential of earning almost three times more than a person who has less than a year of experience in this industry. A more experienced professional usually gets a higher purchasing manager salary because he or she possesses a stronger understanding of the industry and, therefore, can better enable a company to achieve its long-term business goals. In addition, a highly-experienced person likely has advanced to a superior director role that offers a greater level of compensation.