Procurement analysts are typically hired by companies that require a bachelor’s degree in finance or accounting. It may also be beneficial to improve your negotiating skills in order to become a procurement analyst. Because a procurement analyst is expected to be familiar with contractual language, taking some training in the various laws governing purchasing is often a good idea. Many procurement analysts have a strong understanding of how to use analytical tools. Some people improve their chances of landing a job as a procurement analyst by cultivating trusted relationships with suppliers, while others may enter the field by gaining hands-on purchasing experience.
College graduates are frequently sought by companies looking for procurement analysts. Finance, accounting, and auditing are examples of typical academic courses for those interested in becoming procurement analysts. Those aspiring to be procurement analysts should have a high level of business mathematical fluency.
Negotiation skills are frequently taught as part of a procurement analyst’s education. Knowledge of a foreign language would almost certainly be considered an asset if the person’s employer works in an international setting. Cultural familiarity with the various customs involved in purchasing goods or services may be even more important than foreign language fluency. Those who live in the United States, for example, tend to approach negotiations with the goal of quickly concluding a deal. Many other cultures outside the United States, on the other hand, expect longer introductions and social interactions before getting down to business.
Understanding contractual language frequently necessitates a working knowledge of legal protocols and business law. As a result, those wishing to pursue a career as a procurement analyst may be better prepared to do so after gaining such knowledge. Contract law courses or even graduation from law school may be part of the required education for this profession.
The use of analytical toolsets is frequently a part of the job. A person who wants to work as a procurement analyst will most likely benefit from learning how to use analytical techniques. Having the ability to quickly analyze pricing, supply-chain metrics, and compare different vendors is a requirement for those looking to advance in this field.
Previous on-the-job experience, even if not directly related to procurement analysis, can help you make connections with suppliers. Personal contacts are often beneficial in business, as they are in many other endeavors. Due to prior experience gained through on-the-job training, a newly hired procurement analyst may bring some powerful procurement-related connections to the table.