How Much Does Supply Chain Management School Cost?
Supply Chain Management School Prices
The products that we use everyday are the end result of a complex web of activity known as the “supply chain.” The supply chain involves not only physical processes such as obtaining raw materials, creating final products, and transporting those products to customers, but also the flows of information that govern supply chain activity. While the supply chain isn't new, the active management of it to ensure efficiency, profitability, and the best possible end user experience is. As supply chain management becomes a priority for businesses, colleges are responding by offering formal supply chain manager training.
Becoming a Supply Chain Manager
Supply chain management (SCM) may be “The Next Big Thing” in the business world, according to Business Week. This sentiment is echoed by the Wall Street Journal, which quotes an industry group executive in a recent article as saying that supply chain management has gone from being a “necessary evil” to a “core competency.”
Salary and Career Outlook
A survey performed by Logistics Management magazine reports a solid (60%) job-satisfaction rating for professional supply chain managers. This, no doubt, can be attributed to the generally high earnings of supply chain managers. According to a salary survey conducted by the Institute for Supply Management (ISM), the median annual salary for supply chain mangers in the United States is just over $86,000. For entry-level positions, the average reported salary was around $52,000, while those with 20+ years of experience pulled in an average of $117,000.
Educational opportunities for prospective SPMs have never been better. Whether students want to learn the basics or undergo full immersion in the field, the following degree programs can them meet their training goals:
- Certificate program
- Associate's degree program
- Bachelor's degree program
- Master's degree program (in particular an MBA or MBA concentration in SPM)
A list of supply management degree programs is available from ISM. The institute points out that courses may cover not only supply management, but also materials management, operations management, logistics, purchasing, and related fields. Many schools offer distance learning, so students don't necessarily have to apply to programs in the state where they live.
Professionals in the field might consider validating their experience though a professional qualification from ISM. Eligibility requires experience and/or education in addition to successfully passing a series of examinations.
Supply Chain Management School Costs
The actual costs of degree programs vary considerable from school to school. Contact individual schools for the most accurate tuition information as well as information on available student aid. The following prices represent national averages only as compiled by the College Board's 2013 Trends in College Pricing report.
- Certificate program: $6,000 - $14,000 (actual cost depends on program length and curriculum).
- Associate's degree: $6,000 - $7,000.
- Bachelor's degree: $35,000 - $120,000.
- MBA/master's degree: $15,000 - $50,000 (top programs can cost much more).
- The figures above reflect tuition and fees only. Boom and board, texts, and other expenses are extra.
Learn about ways you can obtain financial aid to pay for college.
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