Procurement analysts typically need a bachelor’s degree in finance or accounting, negotiation skills, familiarity with contractual language and procurement laws, and experience using analytical tools. Fluency in a foreign language and cultural familiarity with purchasing customs can also be beneficial. Building relationships with vendors and gaining hands-on purchasing experience can increase job prospects.
Employers who hire procurement analysts are often looking for candidates with a bachelor’s degree in finance or accounting. To become a procurement analyst, it can also be helpful to acquire superior negotiation skills. Familiarity with contractual language is generally expected in a procurement analyst, so undergoing some training in the various procurement laws is usually a good idea. Many procurement analysts have well-developed experience using analytical tools. Some people increase the odds of landing a job as a purchasing analyst through cultivating trusted relationships with vendors, and others may break into the field through hands-on purchasing experience.
Companies that recruit a procurement analyst are usually looking for graduates. Typical courses of academic study for someone looking to become a purchasing analyst might include finance, accounting, or the practice of auditing. A high level of mathematical fluency in business can be expected from those aspiring to be procurement analysts.
Negotiation skills are often part of a procurement analyst’s training. If the person’s employer works in an international environment, knowledge of a foreign language would likely be considered an asset. Perhaps even more important than fluency in foreign languages is cultural familiarity with the various customs involved in purchasing goods or services. For example, those who live in the US tend to approach negotiations with the aim of closing a deal quickly. In contrast, many other cultures outside the US expect longer introductions and social exchanges before starting to negotiate contracts.
Understanding contractual language often involves familiarity with legal protocols and commercial law. As a result, anyone looking to become a procurement analyst may be better prepared to enter this field after gaining this experience. Contract law courses, or even undergraduate courses, may form part of the education required for this professional field.
The use of analytical toolsets is also often part of the job. Gaining expert knowledge in the use of analytical techniques will likely be helpful to the person who wants to become a procurement analyst. Having the knowledge to quickly analyze pricing, supply chain metrics and compare different vendors is part of the expected skill set of those looking to advance in this career field.
Connections with suppliers can be gained through previous work experience, even if that experience was not directly related to purchasing analysis. As in many business ventures, personal contacts are often very advantageous. A newly hired procurement analyst can bring some powerful procurement-related connections to the table, through prior experience gained through on-the-job training.
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