Title: 2023 ASCM Supply Chain Salary and Career Report
Author: The Association for Supply Chain Management
About
The 2023 ASCM Supply Chain Salary and Career Report is a well-rounded analysis providing insights into the current state of the supply chain management profession. Compiled by the Association for Supply Chain Management, this report offers a detailed overview of salary trends, career satisfaction, and the impact of education and certifications in the field. It serves professionals seeking to understand the dynamics of the supply chain sector and for companies aiming to align their practices with industry standards.
This document presents statistical data on various aspects, including salary differences by educational level, the prevalence of specific degrees among different age groups, and overall job satisfaction within the supply chain industry. It underscores the importance of continued learning and professional development in enhancing career prospects and personal fulfilment in supply chain roles.
Author
The Association for Supply Chain Management is the author of this report. ASCM is a global leader in supply chain organisational transformation, innovation, and leadership. With over 60 years of experience in certification and training, the organisation offers an unbiased perspective in the supply chain field. It connects professionals and companies worldwide, providing thought leadership and fostering innovation.
Key Takeaways
- Master's degree holders in SCM earn significantly more than Bachelor's degree holders.
- Younger SCM professionals prefer specialised SCM degrees over MBAs.
- High job satisfaction is reported among SCM professionals.
- Additional credentials lead to higher salaries and bonuses.
- The importance of education and credentials in advancing SCM careers is emphasised.
Advantages of a Bachelor of Logistics and SCM
The ASCM Supply Chain Salary and Career Report highlights the benefits from a Bachelor of Logistics and Supply Chain Management (or similar), especially in terms of financial and career prospects. The median income for U.S. supply chain professionals is $98,570, reflecting a 3% increase from the previous year, which indicates strong earning potential in this field.
Additionally, the sector shows high career mobility and satisfaction. Last year, 21% of professionals moved to new jobs for higher responsibility and salary. Job seekers in this area often find lucrative employment quickly, with 76% securing jobs in less than three months and some experiencing significant salary increases compared to the previous year.
Reasons for a Master's Degree
The report highlights advantages from a Master of Supply Chain and Logistics Management or a similar degree, which is relevant for supply chain managers, logistics managers, and similar roles.
Boost your expected salary. Professionals with a Master's degree in SCM report an average salary of $113,300, significantly higher than those with a Bachelor's degree, who earn $92,147 on average. This reflects a salary premium of $21,153 for Master's degree holders in SCM.
Gain the most relevant degree. The report indicates a shift in preferences among younger SCM professionals. While the MBA is the most common graduate-level degree for those aged 30 and older, the Master of Science in SCM is becoming increasingly popular among professionals aged 29 and younger. This shift highlights the growing demand for specialised SCM skills.
Secure long-term job satisfaction. SCM professionals exhibit high job satisfaction, with 65% rating their career satisfaction as 8 or higher on a scale of 1-10. Additionally, 96% plan to stay in the SCM field for at least the next five years, illustrating the field's long-term appeal and fulfillment.
Capitalise on education pay premiums. Holding at least one credential results in a 16% higher median salary compared to those without credentials. Professionals with two or more credentials earn 34% more and enjoy significantly higher cash bonuses—45% for one credential and 81% for two or more credentials.