What Is the Job Description of an Inventory Analyst?

Inventory analysts examine and administer buying and selling practices related to manufactured goods and products. Read on to find out about the specific duties and responsibilities, education options and salary statistics for inventory analysts. Schools offering Supply Chain Management degrees can also be found in these popular choices.

Career Overview

Inventory analysts must monitor and anticipate the rate of sale for each type of product offered by a business. As an inventory analyst, you will make sure that your company's distribution centers and warehouses maintain inventory levels necessary to meet projected sales demands. Your daily duties may include writing inventory reports, performing cycle counts, and determining periodic asset valuations. The job requires advanced organization skills, as analysts must keep several databases and spreadsheets detailing the various elements and aspects of inventory.

Another important aspect of your job as an inventory analyst involves researching past sales trends and staying informed of current sales trends that may influence inventory demand. If you work in retail, you may also oversee the level of incoming products and ensure that it stays balanced with the level of outgoing products. You may also be in charge of performing yearly audit functions and proving that all products were bought, handled and sold in compliance with rules and regulations.

Important Facts About Inventory Analysts

Job Outlook (2012-2022) 4%
On-the-Job Training Training and apprenticeships available
Similar Occupations Procurement clerks, cargo and freight agents, dispatchers
Key Skills Active listening, speaking, time management

Source: US Bureau of Labor Statistics

Education Requirements

A bachelor's degree is often required to become an inventory analyst; however, some employers will hire candidates who do not have degrees but demonstrate a high level of expertise and proficiency. Since inventory analysts exist in many different industries, there is no specific degree program required of all inventory analysts. You might earn a bachelor's degree in a business-related major, or you may earn a degree in a major related to the company's area of production or industry. Employers also tend to prefer applicants with previous experience in retail or inventory management. O*Net Online (www.onetonline.org) reports that although 36% of inventory analysts hold high school diplomas, 25% have completed some college and an additional 25% of workers hold a bachelor's degree.

Salary Statistics

PayScale.com reported that most inventory analysts made $37,695-$66,169 per year as of September 2015, including bonuses and profit sharing. Most inventory analysts working in the retail industry made $42,952-$65,889 per year while those in the manufacturing industry only made $31,864-$58,723 per year.

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