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What Is Supply Chain Management (Supply Chain Management Degree)
What Is Supply Chain Management? (Supply Chain Management Degree)
Introduction
Is a supply chain management major or a supply chain management degree worth it? Today, we will dive into this question and provide you with insights into this field. Let's jump right into it.
What is Supply Chain Management?
Supply chain management (SCM) is all about creating efficient processes within a company to get the product or service to the end user. This involves learning how to create, procure, and plan for the movement of goods, supplies, and services. SCM is crucial in almost every industry, and its importance is growing over time. The degree overlaps with operations research, statistics, and industrial engineering.
Career Paths
Approximately 5,500 people graduate with a bachelor's degree in SCM each year. Potential career paths include becoming a logistician, cost estimator, or purchasing manager.
Salary and Earning Potential
When considering salary, supply chain management offers promising prospects:
- Starting Salary: Around \$ 59,000 per year
- Mid-Career Pay: About \$ 95,000 per year
Compared to other business degrees, SCM is above average in terms of earning potential. Over a lifetime, business majors generally earn around \ 2.4 million for all majors.
Here are some specific career salaries:
- Logistician: \ 35/hour)
- Cost Estimator: \ 31/hour)
- Purchasing Manager: \ 33/hour)
For salary, SCM scores an 8.5 out of 10.
Satisfaction
Satisfaction is subjective, but meaningful metrics include job satisfaction and the perceived impact of the career on the world.
- Meaning: Supply chain management has a relatively low score of 41%. As a logistician, this improves slightly to 48%.
- Job Satisfaction: SCM has a higher satisfaction rate at about 70%, which is above average.
Business degrees are the second least regretted type of degree, with only about 15% regret, often citing their generality. SCM teaches a specific skill set, making it more niche than degrees like business administration. For satisfaction, we give SCM a 7.5 out of 10.
Demand
Demand for SCM professionals is robust:
- Logisticians: 188,000 jobs available with a growth rate of 4%.
- Job Listings: Around 30,000 job listings featured SCM on Monster.com.
Business degrees can be volatile, with unemployment rates varying depending on the economy. However, SCM degrees are flexible, opening various career paths. For demand, SCM scores an 8.5 out of 10.
X Factors
There are additional benefits to consider:
- Lifetime Earnings: Business degrees often lead to higher-than-average lifetime earnings.
- Skill Value: According to the ZipRecruiter Skills Index, SCM skills rank 77 out of 100 in value.
- Flexibility: Business degrees, including SCM, are flexible and can lead to various career opportunities and even entrepreneurship.
- Difficulty: Business degrees are typically not the hardest, while still being challenging and educational.
For X factors, SCM scores 8.5 out of 10.
Overall Score
When you add all factors and average them, SCM scores an 8.25 out of 10 overall. This makes SCM a promising option for those interested in the business field.
Keywords
- Supply Chain Management (SCM)
- Business degree
- Logistician
- Cost Estimator
- Purchasing Manager
- Job satisfaction
- Career demand
- Lifetime earnings
- Flexibility
- ZipRecruiter Skills Index
FAQ
Q: What is supply chain management? Supply chain management is the process of creating efficient workflows within a company to ensure the smooth movement of goods, supplies, and services to the end user.
Q: What career paths are available with a supply chain management degree? Common career paths include logistician, cost estimator, and purchasing manager.
Q: What is the starting salary for someone with a supply chain management degree? The starting salary is around \$ 59,000 per year.
Q: How satisfied are people in supply chain management careers? SCM professionals tend to have a job satisfaction rate of around 70%, which is above average.
Q: Is supply chain management in demand? Yes, the demand is high, with around 188,000 jobs available for logisticians and a 4% growth rate in the sector.
Q: Are business-related degrees flexible? Yes, business degrees, including SCM, are highly flexible and can lead to various career opportunities or even entrepreneurship.
Q: How does supply chain management perform in the skills market? SCM skills are valuable, ranking 77 out of 100 on the ZipRecruiter Skills Index.
For those considering a career in supply chain management, this field offers promising salary prospects, high job satisfaction, and strong demand, making it a compelling choice.