Education and Training: Bachelors or master’s degree
Average Salary: $50,000 per year
Job Outlook: Good
Basic Job Description
The job of an inventory manager is very interesting for a person having exceptional product maintenance and record keeping skills. The most important task of an inventory manager is to maintain stock items in an ordered manner. Inventory managers provide analytical work in supervising, regulating, coordinating, or managing control over supplies, equipment, or other materials. The inventory manager is in charge of keeping materials, products and stock items supplied and readily available and is also responsible for maintaining records and ordering stock at appropriate times, as well as predicting future stock requirements while bearing in mind orders, seasons or scheduled production.
Inventory managers also take care of inventory costs and stock usage rates. It is also the duty of the inventory manager to protect the inventory from loss, theft and also from damage if there is too much perishable stock purchased as inventory, which may get wasted resulting in financial losses. It is also the the job of an inventory manager to check the standards and the situation of the storehouse where stock is kept.
Education and Training Requirements
A bachelor’s or master’s degree in accounting, book keeping, inventory management, or any relevant field from a reputed institute can help you get the best jobs as inventory manager in the market. A certificate in Inventory and Production Management (CIPM) is a big plus. Above all experience in Inventory Control is highly appreciated. Some businesses even employ undergraduates for this position. Candidates can also engage in diploma or part-time courses and get the required exposure for inventory management. Nowadays as computers have greatly simplified many retail functions, inventory managers learn word processing, spreadsheets, database management and retail ordering applications.
Getting the Job
Inventory managers can get the job in a variety of establishments such as manufacturing units, retail outlets, restaurants, grocery stores, hotels and food stores. Effective skills in communication, negotiation, managing large amounts of data, decision making, good management, and skills to tackle emergencies are some of the qualities which can help you shine as an inventory manager.
Job Prospects, Employment Outlook and Career Development
The inventory manager keeps track of the inventory. He plans, organizes, directs and manages the entire inventory in a logical and user friendly way. With the required skills and progressive management experience an Inventory Manager can advance to senior management positions. However, as per the U.S. Bureau of Labor Statistics (BLS) there could be fewer positions available in future due to decline in manufacturing employment.
Working Conditions and Environment
Inventory managers work in offices and they usually have their offices located in or near the stockroom. Almost all inventory managers have normal office working hours but they have to work for extra hours mainly during special sales and holiday shopping seasons.
Salary and Benefits
The salary of an inventory manager primarily depends on factors like educational qualifications, years of practical experience, type of organization and location. Inventory managers who work for the large organizations in big cities earn much more money than those who work for small establishments in the small cities. As per surveys, the average salary of an inventory manager is about $50,000 annually. Inventory managers having two to three years of experience can earn from $45,000 to $52,000 annually, and with the experience of more than ten years one can earn from $65,000 to $100,000 annually.
Inventory managers generally receive typical benefits like health and life insurance, paid vacations, bonuses and a pension plan.
Where to Go for More Information:
APICS, the Association for Operations Management
8430 W Bryn Mawr Ave., Ste. 1000
Chicago, IL 60631
New York Institute of Finance
1330 Avenue of the Americas, 10th Fl.
(Between 53rd and 54th Streets)
New York City, NY 10019
Warehouse Operations and Inventory Management
6064 State Rt. 2, Ste. 2
Plattsburgh, NY 12901 USA