Contract Manager
Contract Manager Career Overview
A contract manager, also called a contract administrator, plays an important role in his or her organization: overseeing and negotiating contracts for equipment, services, and supplies. This is a specialized administrative duty, requiring familiarity not only with contract language and analysis, but also with a company's overall needs and requirements. In some cases, a contract manager may also oversee the distribution and storage of materials, as well as figure out how to appropriately dispose of goods that are no longer needed. A contract manager prepares requests for proposals, reviews bids, ensures compliance with regulations and laws, and reviews contracts regularly. He or she also handles contract disputes in conjunction with an organization's legal staff, develops contract policies, analyzes contract requirements, and assesses contracts as they related to corporate goals.
Contract Manager Training and Education
The degree or training required to become a contract manager varies according to the hiring organization, but in most cases a bachelor's degree is preferred, with advanced degrees being highly desirable for advancement. Relevant work experience is also crucial; contract managers are usually promoted from lower-level positions involved with purchasing, procurement, or other administrative services. In some cases, contract managers may hold advanced degrees or be involved with continuing education. Classes in areas such as business operations, economics, and negotiation are useful to those who wish to pursue this line of work. Certifications are also available; these are often required for advancement.
Contract Manager Salary Outlook
The median income for administrative services managers in general, as of 2006, is $67,690, with the highest 10% of salaries coming in at over $117,610. For purchasing managers, the median salary is around $81,570, with the top 10% earning over $132,040. Corporations, government branches, and hospitals tend to offer the best salaries.
Characteristics of Successful Contract Managers
A contract manager needs to be able to multitask, since he or she may be managing a variety of requirements on any given day. He or she should be skilled at contract analysis in order to obtain the most appropriate services on behalf of the company, as well as skilled at negotiating. Good written and oral communications skills are essential, as are good "people skills" since a contract manager comes into contact with other managers, employees, vendors, and service providers on a regular basis.
Those who choose a career in contract management can expect access to a wide variety of employers, with good opportunities available to those with advanced training. Competitive employees who obtain upper-level jobs will enjoy good earnings and the knowledge that their work has a direct effect on their organization's operations.
Resources
U.S. Department of LaborNational Contract Management Association
