An inventory analyst primarily helps the organization manage its purchasing inventory, allocate resources, maximize production, and forecast future sales. He analyzes inventory statistics to determine the products that are selling and those underperforming. He conducts regular inventory counts and allocates inventory to the various departments accordingly. Furthermore, he works with project managers, warehouse employees, and shipping supervisors. They jointly plan and schedule the distribution of inventory items. Additionally, he records inventory discrepancies, such as missing or mislabeled items, and writes regular inventory reports containing inventory counts, discrepancies, and other statistical data.
Employers seek candidates with a bachelor's degree in finances, supply chain management, accounting, or a related field and prior experience in a similar role. You must be proficient in Microsoft Office. You must possess maths, analytical, attention to detail, multitasking, time management, organization, and problem-solving skills. These experts earn around $55,461 in a year. Their salary is between $36,000 and $85,000.
There is more than meets the eye when it comes to being an inventory analyst. For example, did you know that they make an average of $26.12 an hour? That's $54,329 a year!
Between 2018 and 2028, the career is expected to grow 26% and produce 28,100 job opportunities across the U.S.
There are certain skills that many inventory analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed interpersonal skills, problem-solving skills and writing skills.
When it comes to the most important skills required to be an inventory analyst, we found that a lot of resumes listed 11.1% of inventory analysts included procedures, while 9.7% of resumes included supply chain, and 7.6% of resumes included customer service. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the inventory analyst job title. But what industry to start with? Most inventory analysts actually find jobs in the manufacturing and retail industries.
If you're interested in becoming an inventory analyst, one of the first things to consider is how much education you need. We've determined that 66.9% of inventory analysts have a bachelor's degree. In terms of higher education levels, we found that 8.1% of inventory analysts have master's degrees. Even though most inventory analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become an inventory analyst. When we researched the most common majors for an inventory analyst, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on inventory analyst resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become an inventory analyst. In fact, many inventory analyst jobs require experience in a role such as customer service representative. Meanwhile, many inventory analysts also have previous career experience in roles such as buyer or administrative assistant.