Procurement and supply is a dynamic profession. Over the last 10 years of the CIPS Procurement & Supply Salary Guide 2024, in partnership with Hays, we have seen how successful procurement and supply professionals commit to both technical and professional development.
This commitment to career-long learning is often an individual’s competitive edge in the workplace.
According to our 2024 survey, the importance of procurement qualifications is expected to grow. Some 64% of procurement and supply professionals across the UK expect organisations to value these qualifications more highly over the course of the next decade.
MCIPS is the most recognised procurement designation that provides a technical grounding, and having the designation demonstrates a clear commitment to lifelong learning and a dedication to technical excellence.
So how does the value of technical qualifications and professional development play out?
Higher earnings
Individuals with MCIPS who are leading the profession in the UK earn an average of 20.5% more than those without it. This equates to almost £11,000 in additional annual salary, with MCIPS professionals at the leading level earning an average salary of £63,867 compared to £53,002 for those without the designation.
The salary uplift of MCIPS is most marked among South Africa respondents. There, professionals with MCIPS earn on average more than a third more than those without it.
Bonus opportunities
Having MCIPS increases your likelihood of being eligible for a bonus, with 59% of respondents with MCIPS in the UK eligible for a bonus, compared to less than half (49%) for those without MCIPS.
In the MENA region, some 74% of employees with MCIPS status are eligible for a bonus, compared to just 54% of those without.
The level of bonus is higher too. Those with MCIPS in MENA report receiving a bonus equal to 20.6% of their salary – some 7.9 percentage points higher than employees without MCIPS.
A personal edge
MCIPS status helps procurement and supply professionals stand out from the crowd when applying for a new role. More than half (54%) of employers globally say that they prefer candidates either with MCIPS or studying towards it.
In Sub-Saharan Africa, the advantages are even more pronounced, with more than three-quarters (76%) of employers looking favourably on MCIPS.
Adding value to your workplace
Procurement professionals with MCIPS add incredible value to their organisations and can help build future-ready cultures. According to our survey, those with MCIPS are much more likely to make use of diverse and inclusive hiring practices.
More than half (51%) of UK-based professionals with MCIPS have provided training for hiring managers to reduce unconscious bias when recruiting new staff; this compares with just 34% of those without MCIPS.
Procurement professionals with MCIPS are also more likely to ensure imagery and branding in recruitment materials reflects a diverse workforce (34% vs 24% of those without MCIPS). Such practices are vital for attracting individuals from under-represented backgrounds into the profession.
Want to find out more about how MCIPS can help you make the most of your career? Click here.