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Become A Contract Analyst

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Working As A Contract Analyst

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Interacting With Computers
  • Communicating with Persons Outside Organization
  • Establishing and Maintaining Interpersonal Relationships
  • Mostly Sitting

  • Make Decisions

  • Stressful

  • $52,000

    Average Salary

What Does A Contract Analyst Do At Metlife

* Entry level position assuming basic knowledge of MetLife’s group products, contracts services and systems
* Subject to direct supervision and instruction
* Begins to build effective relationships with Implementation, Service, Plan Master, Legal, Compliance, Products and other internal partners
* Responds to partner needs with a sense of urgency by prioritizing workload to meet deadlines (multi-task)
* Generates accurate contract documents for basic product structures that meet or exceed customer requirements, MetLife business objectives and ensure contract compliance with applicable federal and state legislation
* Attends internal calls if required based on case complexity
* Maintains adequate file documentation according to set procedures
* Participates in cross-team projects or activities that improve business process and operations.
* Performs other duties as assigned or required

What Does A Contract Analyst Do At Randstad

* Provide analysis feedback and recommendations to management and appropriate field personnel
* Assist with the daily maintenance of all of the company contracts for area of responsibility
* Responsible for the overall review and contract data entry function, while maintaining data integrity of the respective portfolio of responsibility.
* Supports the RUSA organization in the attainment of goals and objectives.
* Analyze data pertinent to the service of new and existing customer accounts, including the routine audit of contracts, customer requirements and price increases.
* Leverage contract information to ensure revenue growth is maintained
* Research and evaluate issues and problems and make recommendations for correction and process improvement
* Benchmark and innovate to ensure service excellence
* Assist Contract Manager in formulation, standardization and implementation of policies and procedures for reviewing new customer contracts, and existing customer renewal contracts
* Develop reporting to provide management with accurate and timely information
* Work directly with field team members to improve processes and monitor customer contracts within contractual terms
* Perform routine contract audits
* Identify opportunities for process improvements or corrections of systems related problems.
* Where technology solutions are identified, assist in the development of an appropriate business case and work with IT resources to implement.
* Reports to Contracts Manager
* Support Contracts Manager and Contracts Team with daily administrative functions.
* Assist Contracts Manager and Contracts Team with ongoing review and implementation of contract administration within company standards and software capabilities
* Led project to scope and design online system for full lifecycle management of contracts
* Manage the user licenses and design rules for the online system
* Train internal sales team and all sales' support departments on contract management software on an on-going basis

What Does A Contract Analyst Do At Tesoro

* Provides assistance and helps team with ad hoc analysis, projects and the implementation of Project One.
* Generates and confirms contracts and amendments that accurately reflect the intent of the negotiated deal and that the activity is in compliance with Tesoro’s LOA policies
* Analyzes externally generated contracts for compliance with Tesoro Legal policies and requirements, and confirms or counters contracts to ensure they reflect the intent of the negotiated deals
* Serves as a liaison with Legal, Tax, Marketing, Marine, Billing, and other groups to ensure contracting process is sufficient, resolves issues relating to contract system input, and performs reconciliation, data searches, deal reviews, etc. requested by other functions.
* Assists in maintaining counterparty information and required master data and ensures accurate contract data entry into the CLM repository.
* Participates on special projects and performs other general contract functions including back-up coverage the of the units contracting functions

What Does A Contract Analyst Do At Glaxosmithkline

* Execute provisions of assigned contracts for US Pharma and Puerto Rico in accordance with applicable processes, policies, procedures including full ownership and support for operational execution of membership for assigned GSK contracts.
* o Interpret complex contractual language, and properly configure pricing and performance requirements into the contracting system to accurately reflect contract terms.
* o Complete setup maintenance of contracts including contract amendments, contract price changes, product changes (launches, discontinuations, divestitures, and acquisitions), contract membership and plan eligibility, and wholesaler notifications
* o Perform peer review on other CRA contract setups to ensure accuracy of setup, proper documentation and accurate government pricing attributes and flags are properly reflected.
* o Process rebate payments including the performance of robust contract validations and reconciliations to ensure contract compliance and accurate and timely rebate payments that follow GSK policies and best practices.
* Accurate setup and maintenance of customer records and identifiers for contracted members to ensure accurate product and pricing access, payment of rebates and ASFs, chargeback processing and government pricing calculations.
* Responsible for maintaining key elements as follows:
* o Customer name and address to ensure supporting rebate documentation, payments, and communications are sent to the correct location
* o Ensure membership and identifiers are setup to meet state law requirements and to align with wholesalers/distributors
* o Manage eligibility for each contracted customer through defined processes that ensure customers receive access to the correct contracts and to minimize risk of misclassified data for government pricing calculations
* o Ensure contract membership/eligibility is supported with the appropriate supporting documentation to ensure a complete audit trail to support Level 2 monitoring, PwC Sarbanes Oxley, OIG, GSK Audit and Assurance and litigation
* Resolve complex pricing and payment customer membership/eligibility disputes through research of internal systems and partnering with multiple internal and external stakeholders to ensure positive customer experience and support accurate payments
* Provide first line customer support and clear communication for membership and eligibility as the primary contact to external customers
* Apply expert knowledge of existing process, system functionality and capabilities to initiate and drive process improvement opportunities to identify and recommend methods to improve, streamline or otherwise increase the efficiency of managing accurate member data elements with multiple trading partners, buying groups and third party data sources
* Partner with Contract Development Managers to review contract language and identify and resolve potential contract language concerns and operational system viability and impacts
* Manage and build relationships with wholesaler/distributor trading partners to proactively communicate contract eligibility changes, identify opportunities to improve processes, resolve eligibility disputes/issues and manage accuracy of system notifications to ensure contract holders and wholesalers are notified of contracted eligibility updates
* Why You

What Does A Contract Analyst Do At Mercy

* Mathematically compare data sets using advanced functions in Excel, internally developed applications, and occasionally Microsoft Access.
* Utilize various sources of data to provide comparative analysis of proposed pricing, terms and conditions against competitive proposals, current user pricing and contract terms, industry benchmarks, and competitive market information.
* Develop moderately complex analyses models contributing to the development and/or utilization of multiple product utilization scenarios.
* Work with contracting managers, clinical consultants, suppliers, and supply chain co-workers in analyzing data.
* Collaborate with Information Technology to provide requirements and test enhancements of the internal tools.
* Research supplier websites and other sources and use and develop healthcare industry product knowledge.
* Instructions and self-improvement by owning and actively working a career path document and personal development plan

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How To Become A Contract Analyst

Although a high school diploma may be sufficient for some positions, many employers require buyers and purchasing agents to have a bachelor’s degree. Most entry-level positions require some form of on-the-job training.

Education

Educational requirements usually vary with the size of the organization. Although a high school diploma may be enough at some organizations, many businesses require applicants to have a bachelor’s degree. For many positions, a degree in business, finance, or supply management is sufficient.

For those interested in a career as a buyer or purchasing agent of farm products, a degree in agriculture, agriculture production, or animal science is often beneficial.

Training

Buyers and purchasing agents typically get on-the-job training for more than 1 year. During this time, they learn how to perform their basic duties, including monitoring inventory levels and negotiating with suppliers.

Licenses, Certifications, and Registrations

There are several certifications available for buyers and purchasing agents. Although some employers require certification, many do not.

Most of these certifications involve oral or written exams and have education and work experience requirements.

The Institute for Supply Management offers the Certified Professional in Supply Management (CPSM) credential, which covers a wide scope of purchasing professional duties. To receive the CPSM credential, candidates must pass three exams and those with a bachelor’s degree must possess at least 3 years of relevant work experience while those without a bachelor’s degree must have at least 5 years of relevant work experience.

The American Purchasing Society offers the Certified Purchasing Professional (CPP) certification. The CPP certification is valid for 5 years. Candidates must earn a certain number of professional development “points” to renew their certification. Candidates initially become eligible and can renew their certification through a combination of purchasing-related experience, education, and professional contributions (such as published articles or delivered speeches).

APICS offers the Certified Supply Chain Professional (CSCP) credential. Applicants must have 3 years of relevant business experience or a bachelor’s degree in order to be eligible for the CSCP credential. The credential is valid for 5 years. Candidates must also earn a certain number of professional development points to renew their certification.

The Next Level Purchasing Association offers the Senior Professional in Supply Management (SPSM) Certification. Although there are no education or work experience requirements, applicants must complete six online courses and pass an SPSM exam. Certification is valid for 4 years. Candidates must complete 32 continuing education hours in procurement-related topics to recertify for an additional four-year period.

The Universal Public Procurement Certification Council (UPPCC) offers two certifications for workers in federal, state, and local government. The Certified Professional Public Buyer (CPPB) credential requires applicants to have earned at least an associate’s degree, possess at least 3 years of public procurement experience, and complete relevant training courses. The Certified Public Purchasing Officer (CPPO) requires applicants to have earned a bachelor’s degree, possess at least 5 years of public procurement experience, and complete additional training courses.

Those with the CPPB or the CPPO designation must renew their certification every 5 years by completing continuing education courses or attending procurement-related conferences or events.

The National Institute of Government Purchasing (NIGP), Institute for Public Procurement offers preparation courses for the UPPCC certification exams.

Advancement

An experienced purchasing agent or buyer may become an assistant purchasing manager before advancing to purchasing manager, supply manager, or director of materials management. Buyers and purchasing agents with extensive work experience can also advance to become the Chief Procurement Officer (CPO) for an organization.

Important Qualities

Analytical skills. When evaluating suppliers, buyers and purchasing agents must analyze their options and choose a supplier with the best combination of price, quality, delivery, or service. 

Decisionmaking skills. Buyers and purchasing agents must have the ability to make informed and timely decisions, choosing products that they think will sell.

Math skills. Buyers and purchasing agents must possess basic math skills. They must be able to compare prices from different suppliers to ensure that their organization is getting the best deal. 

Negotiating skills. Buyers and purchasing agents often must negotiate the terms of a contract with a supplier. Interpersonal skills and self-confidence, in addition to knowledge of the product, can help lead to successful negotiations.

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Contract Analyst jobs

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Real Contract Analyst Salaries

Job Title Company Location Start Date Salary
Analyst II Contracts Gilead Sciences, Inc. Foster City, CA Jul 10, 2013 $89,109 -
$95,000
Contract Analyst International Institute for Learning, Inc. New York, NY Apr 15, 2016 $81,286
Contract Analyst III Williams WPC-I, LLC Houston, TX Sep 20, 2013 $79,029
Specialist Contract & Capital Analyst VMC Consulting Croporation Redmond, WA Dec 01, 2009 $78,889
Analyst II Contracts Gilead Sciences, Inc. Foster City, CA Sep 10, 2014 $75,167 -
$93,250
Contract Analyst Siemens Energy, Inc. Orlando, FL Sep 12, 2014 $75,000
Purchasing and Contract Analyst Milky Way International Trading Co. Norwalk, CA Feb 26, 2013 $72,000
Contracts Analyst Cantor Fitzgerald LP New York, NY Jul 18, 2011 $72,000
Contract Analyst International Institute for Learning, Inc. New York, NY Jul 17, 2015 $70,000
Contract Analyst National Consulting Group Inc. Piscataway, NJ Jan 27, 2012 $69,000
International Legal Consultant/Contract Analyst Dog Pacer Corporation Las Vegas, NV Sep 13, 2015 $67,222
International Legal Consultant/Contract Analyst Dog Pacer Corporation Las Vegas, NV Sep 22, 2015 $67,222
Management and Contract Analyst The Goldstar Firm, P.L. Hallandale Beach, FL Sep 18, 2013 $66,575
Contract Analyst Specialist ISS Industrial Sourcing Services, LLC Miami, FL Sep 15, 2015 $65,553
Management and Contract Analyst The Goldstar Firm, P.L. Hallandale Beach, FL Sep 18, 2013 $58,436
Latin American Contract Analyst Res America Developments Inc. Broomfield, CO Jun 25, 2012 $58,000
Projects and Contracts Analyst II Covance Inc. Madison, WI Aug 15, 2009 $58,000
Latin American Contract Analyst Res America Developments Inc. Broomfield, CO Oct 01, 2012 $58,000
Contracts Analyst II Quintiles, Inc. Jersey City, NJ Sep 22, 2012 $57,637 -
$64,723
Claims & Contracts Analyst Mediterranean Shipping Company (USA), Inc. Houston, TX May 29, 2013 $56,000
Contract and Grant Analyst II Palo Alto Institute for Research and Education, In Palo Alto, CA Mar 15, 2013 $55,765 -
$75,712
Contract Analyst ZTE USA, Inc. Richardson, TX Nov 17, 2012 $51,064
Contracts Analyst The Advisory Board Company Washington, DC Sep 15, 2015 $51,000
Claims and Contracts Analyst Mediterranean Shipping Company (USA), Inc. Rosemont, IL Sep 24, 2011 $51,000
Ocean Contract Analyst UTI United States Inc. Long Beach, CA Apr 15, 2011 $50,274 -
$65,000
Contracts & Intellectual Property Analyst I CTB/McGraw-Hill LLC (Subsidiary of The McGraw-Hill Monterey, CA Sep 11, 2012 $50,000 -
$60,000
Pricing & Contracts Analyst I Sun Pharmaceutical Industries, Inc. Hawthorne, NY Aug 26, 2016 $50,000
Contracts Analysts The Risk Management Association Philadelphia, PA Nov 17, 2011 $50,000 -
$60,000
Claims & Contracts Analyst Mediterranean Shipping Company (USA), Inc. New York, NY Sep 01, 2012 $49,500

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Top Skills for A Contract Analyst

FinancialAnalysisProceduresDataEntryProposalsVendorsPurchaseOrdersContractTermsAuditContractManagementCustomerServiceRFPManagementSystemERPContractComplianceCounselContractAdministrationLegalDepartmentContractDocumentsMedicareContractLanguage

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Top Contract Analyst Skills

  1. Financial Analysis
  2. Procedures
  3. Data Entry
You can check out examples of real life uses of top skills on resumes here:
  • Manage capital budget in excess of $10M annually, incorporating financial analysis for dozens of projects/programs.
  • Analyzed and researched reporting e accounting operations procedures.
  • Processed data entry of new contract and fee schedules into billing system.
  • Reviewed sponsored grant proposals for accuracy and compliance and processed approved grants for faculty and staff remuneration.
  • Managed contacts with suppliers and vendors ensuring consistency with corporate objectives.

Top Contract Analyst Employers

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