What Training Is Required for an Inventory Management Specialist Career?
Inventory management specialists (IMS) are responsible for maintaining inventory, including receiving, storing, issuing, and maintaining audits of parts, supplies, materials, and equipment. Most inventory management specialist positions require at least an associate degree, like the Associate of Applied Science in Management, though many employers prefer candidates to hold a bachelor's degree.
<h3 id="section---CareerOverview">Career Overview</h3>
<p>Inventory falls under three categories, including raw materials, finished goods, and work in progress (WIP). For many small business owners, inventory is usually second only to employees as the company's biggest asset. The challenge for most organizations is to strike a balance between effective and efficient management of IMS positions. These positions require a minimum of an associate's degree, like the Associate of Applied Science in Business Management. Inventory management specialists can work in a variety of fields, including aerospace, telecommunications, manufacturing, medicine, and government.
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<h3 id="section---ImportantFactsAboutThisOccupation">Important Facts About This Occupation</h3>
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<table border="1"><tr><td> Median Salary (2021)</td><td> $77,030 (for logisticians)*</td></tr>
<tr><td>Similar Occupations </td><td> Cost Estimators, Operations Research Analysts</td></tr>
<tr><td>Job Outlook (2021-2031) </td><td>28% (for logisticians)*</td></tr>
<tr><td>On-the-Job Training </td><td> None</td></tr>
</table><p><i>Source: *U.S. Bureau of Labor Statistics</i>
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<h3 id="section---SkillsAndAbilities">Skills and Abilities</h3>
<p>Inventory management specialists typically work under the supervision of managers while playing a key role in controlling inventory costs. Duties include reviewing stock and inventory reports, validating reported data, and comparing previous information. They must also possess critical thinking skills for analyzing problems and formulating the appropriate solutions. In addition, many inventory management specialists work closely with department managers to plan and determine inventory requirements. They also design, revise, interpret, and implement inventory management procedures.
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<h3 id="section---Education">Education</h3>
<p>Most inventory management specialists have at least an associate's degree in management. More firms are looking for specialists who have completed bachelor's degree programs, such as the Bachelor of Science in Business Administration or a closely related degree with courses in management.
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<p>Many employers will consider applicants who have completed one of the many inventory management certificate programs offered by some colleges and universities. The Association for Operation Management (APICS) also has a certification program that is recognized in the industry. Generally, the topics covered in these certification programs include:
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<ul><li>Supply chain management
</li><li>How to plan for resources
</li><li>Fundamentals of scheduling and planning
</li><li>Strategic management of resources</li></ul>