Exploring Career Paths in Procurement: Insights from a Banking Industry Professional
Procurement is a broad term that spans across numerous industries, each with its unique processes and challenges. Today, I want to share a glimpse into my career in the banking sector, specifically focusing on third-party management and procurement, while also inviting others to reflect on their own professional journeys across different industries.
My background is rooted in the banking industry where I have specialized in third-party management. Over the years, I have developed Request for Proposal (RFP) documents and streamlined procurement processes to ensure optimal vendor selection and compliance. Although I have advanced into a managerial role, my educational background does not include a formal degree, which has influenced my career progression limits. Currently, I am earning around $100,000 annually, with potential to reach approximately $130,000 in my current role, given my one-year tenure.
Beyond procurement, I have gained experience in Business Continuity Planning (BCP), Compliance, and Enterprise Risk Management, enriching my understanding of the broader operational landscape within banking. With a total of 19 years in the industry—beginning at a call center—I have witnessed firsthand how roles evolve over time and how one can build a diversified skill set.
I’m curious about your career backgrounds. Are you in the education sector or another industry? What is your approximate income range? Sharing our experiences can foster a better understanding of how procurement and related functions vary across fields.
Understanding different industry pathways not only broadens our perspectives but also opens opportunities for networking and professional growth. If you’re in a different sector, I’d love to hear about your experiences and insights into procurement or similar functions within your industry.
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