How to Become a Commodity Manager
Step 1: Understand the job description and responsibilities of a Commodity Manager
What does a Commodity Manager do?
A Commodity Manager implements a commodity procurement and inventory strategy that supports a company's manufacturing supply chain. Manages the policies and processes to purchase raw materials required to process and manufacture products, conduct research, or enable other business activities. Being a Commodity Manager monitors and analyzes the commodities market, global economic conditions, and events to make informed purchase decisions. Identifies, evaluates, and monitors suppliers and develops relationships to provide reliable sourcing and ensure the quality and availability of required commodities. Additionally, Commodity Manager oversees bidding and contract negotiations to obtain the best pricing to meet commodity needs. Analyzes inventory levels, manufacturing schedules, and long-term business objectives to plan and manage purchases. Ensures compliance with all applicable regulations and standards governing the purchase and delivery of goods. Requires a bachelor's degree in business, supply chain management or equivalent. Typically reports to a director. The Commodity Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. To be a Commodity Manager typically requires 5 years experience in the related area as an individual contributor. 1 - 3 years supervisory experience may be required. Extensive knowledge of the function and department processes.
A commodity manager is responsible for overseeing the acquisition, use and sale of a particular type of commodity.
Governments, businesses and investment firms employ commodity managers and these individuals often preside over a team of traders.
In many instances, commodity managers are salaried employees but managers employed in the private sector are often paid on commissions.
The commodity manager has to ensure that the supply of the commodity is sufficient to satisfy the demand.
A commodity manager must enter into into negotiations with supply firms located domestically or overseas and arrange purchase contracts on behalf of the government agency that requires the commodity.
Step 2: Learn best tips to become a Commodity Manager
Best tips for those who want to become a Commodity Manager
Here are some tips to become a Commodity Manager.
10 things to do after every job interview.
Don’t be afraid to close the deal.
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Job Performance Evaluation Form Page 1 Commodity manager performance appraisal.
Conduct research on the employer, hiring manager, and job opportunity.
Step 3: View best colleges and universities for Commodity Manager
Best colleges and universities for Commodity Manager
- Butler University
- Taylor University
- California State University--Maritime Academy
- William Jessup University
- Fairfield University
- United States Merchant Marine Academy
Step 4: Think about whether is it worth to be a Commodity Manager
Is being a Commodity Manager Worth it?
Lead global, cross-functional team in developing, communicating and executing/developing a cohesive commodity strategy to provide lowest total landed cost materials to global design and manufacturing locations, while ensuring that supplier base provides the component technologies and responsiveness required to meet the end-product technology roadmaps.
Benchmark commodity industry and perform cost-plus analysis to ensure world-class pricing is obtained.
As the Commodity Manager for our growing Rolling Stock operation you will collaborate with Material Managers, Quality Management and Engineering to analyze all suppliers in order to select the most suitable supplier who are able to deliver high quality products at competitive pricing.
Vskills Certified Leadership Communication ProfessionalEffective leadership in a small business requires knowing how to communicate with all elements of the organization, including employees, other managers, customers and investors.
Vskills Certificate in Team ManagementManaging teams is the foremost requirement and important skills for managers and leaders, in an organization.
Step 5: Prepare relevant skills for being a Commodity Manager
What skills do you need to be a Commodity Manager?
This role is not a beginner's role, as such, there are many skills required. It is vital to the role to command: Commodity Management, Inventory Management, Procurement, Supplier Management, Vendor Relationships. Management isn't easy, if it were, everyone would have the competenticies to execute the role with success.
A wide range of industries depend on skilled commodity managers to optimize performance and profits.
Additional qualifications for landing a commodity manager job may include training or experience in sourcing or buying.
Advancing in a commodity manager career typically requires additional work experience, an advanced degree or professional certifications.
The best resume examples for Commodity Managers showcase excellent organizational skills, time management, multitasking, computer competencies, and good communication abilities.
Minimum of 5 years relevant working experience in sourcing or commodity management with experience in heavy manufacturing, metals fabrication or industrial environment.
Step 6: View average salary for Commodity Manager
How much does a Commodity Manager make?
The average salary range for a Commodity Manager is from $119,408 to $138,966. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Commodity Manager jobs
Step 7: Find relevant Commodity Manager jobs, and apply.
Looking for Commodity Manager jobs?
Here are some Commodity Manager jobs in the United States.