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Become A Buying Analyst

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Working As A Buying Analyst

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $63,000

    Average Salary

What Does A Buying Analyst Do

Management analysts, often called management consultants, propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.

Duties

Management analysts typically do the following:

  • Gather and organize information about the problem to be solved or the procedure to be improved
  • Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
  • Analyze financial and other data, including revenue, expenditure, and employment reports
  • Develop solutions or alternative practices
  • Recommend new systems, procedures, or organizational changes
  • Make recommendations to management through presentations or written reports
  • Confer with managers to ensure changes are working

Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis. 

Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization’s managers.

Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.

Organizations hire consultants to develop strategies for entering and remaining competitive in today’s marketplace.

Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.

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How To Become A Buying Analyst

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Buying Analyst Demographics

Gender

Male

46.8%

Female

42.8%

Unknown

10.4%
Ethnicity

White

63.1%

Hispanic or Latino

15.6%

Black or African American

11.1%

Asian

6.9%

Unknown

3.2%
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Foreign Languages Spoken

Spanish

55.0%

Chinese

5.0%

Albanian

5.0%

Mandarin

5.0%

Carrier

5.0%

Hindi

5.0%

Urdu

5.0%

Arabic

5.0%

Korean

5.0%

Italian

5.0%
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Buying Analyst Education

Schools

University of Phoenix

17.1%

Arizona State University

6.1%

Rochester Institute of Technology

6.1%

Michigan State University

6.1%

University of Minnesota - Twin Cities

4.9%

University of Houston

4.9%

University of Wisconsin - Whitewater

4.9%

Northern Illinois University

4.9%

Indiana Wesleyan University

4.9%

Washington State University

3.7%

University of Arkansas, Fayetteville

3.7%

University of South Carolina - Columbia

3.7%

University of Rochester

3.7%

Southern Methodist University

3.7%

University of Michigan - Dearborn

3.7%

University of Michigan - Ann Arbor

3.7%

Ohio State University

3.7%

Pennsylvania State University

3.7%

Stetson University

3.7%

Saint Leo University

3.7%
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Majors

Business

46.2%

Marketing

6.8%

Accounting

6.8%

Finance

6.3%

Management

6.0%

Supply Chain Management

6.0%

Economics

3.4%

English

2.0%

Liberal Arts

2.0%

Political Science

1.4%

Business Economics

1.4%

Human Resources Management

1.4%

General Sales

1.4%

Kinesiology

1.4%

Law

1.4%

Communication

1.4%

Psychology

1.1%

General Education, Specific Areas

1.1%

Specialized Sales And Merchandising

1.1%

Health Care Administration

1.1%
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Degrees

Bachelors

54.3%

Masters

21.1%

Other

14.9%

Associate

5.5%

Certificate

3.0%

Doctorate

1.1%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$63,000
View Detailed Salary Report
$41,000
Min 10%
$63,000
Median 50%
$63,000
Median 50%
$63,000
Median 50%
$63,000
Median 50%
$63,000
Median 50%
$63,000
Median 50%
$63,000
Median 50%
$97,000
Max 90%
Best Paying Company
Cactus
Highest Paying City
Palo Alto, CA
Highest Paying State
Alaska
Avg Experience Level
3.4 years
How much does a Buying Analyst make at top companies?
The national average salary for a Buying Analyst in the United States is $63,396 per year or $30 per hour. Those in the bottom 10 percent make under $41,000 a year, and the top 10 percent make over $97,000.

Real Buying Analyst Salaries

Job Title Company Location Start Date Salary
Capex Analyst/Buyer Goodman Manufacturing Company, L.P. Houston, TX Nov 23, 2015 $90,000
Buyer Analyst II Radiant Systems, Inc. Alpharetta, GA Sep 26, 2011 $68,245
Senior Media Buying Analyst MacHine Zone, Inc. Palo Alto, CA Apr 11, 2015 $60,445 -
$140,000
Senior Media Buying Analyst MacHine Zone, Inc. Palo Alto, CA Aug 16, 2016 $60,445 -
$140,000
Junior Media Buying Analyst MacHine Zone, Inc. Palo Alto, CA Aug 17, 2016 $60,445 -
$75,000
Merchandising and Buying Analyst Marc Jacobs International, LLC New York, NY Dec 27, 2012 $57,013 -
$70,000
Buyer/Analyst Stirling Energy Systems, Inc. Scottsdale, AZ Nov 30, 2009 $45,000

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Top Skills for A Buying Analyst

  1. Supplier Quality
  2. Purchase Orders
  3. Vendor Invoices
You can check out examples of real life uses of top skills on resumes here:
  • Teamed with Supplier Quality to develop systems & tools used to analyze vendor performance and make strategic business decisions.
  • Sourced materials for assigned commodities, reviewed requisitions, obtained quotations, examined bids and awarded purchase orders.
  • Communicate with vendors regarding purchase order status, establish lead times, pricing, availability and delivery schedules.
  • Manage inventory levels to established purchasing trigger points and monitor performance of inventory flow to meet those requirements.
  • Developed methods of identifying and reporting material shrinkage resulting in yearly cost savings of over $375,000.

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Top 10 Best States for Buying Analysts

  1. District of Columbia
  2. Virginia
  3. Maryland
  4. New Jersey
  5. Rhode Island
  6. Alabama
  7. Massachusetts
  8. Connecticut
  9. Delaware
  10. New York
  • (149 jobs)
  • (431 jobs)
  • (208 jobs)
  • (157 jobs)
  • (18 jobs)
  • (72 jobs)
  • (164 jobs)
  • (70 jobs)
  • (22 jobs)
  • (316 jobs)

Top Buying Analyst Employers

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Jobs From Top Buying Analyst Employers

Buying Analyst Videos

A Day in the Life - Retail Buyer

Purchasing Agent, Career Video from drkit.org

Buy Side versus the Sell Side: Traders at Hedge Funds and Banks

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