Do you know who is responsible for analyzing the details of business contracts and managing the company's expectations and the other business party? It is a contract analyst who ensures that the contract must represent the company's analyzing sections, commitments, and understanding conditions to avoid legal problems.
As a contract analyst, you must analyze the contract's terms and conditions of both the parties, ensure that both the parties are fulfilling it, review the renewals of terms and conditions, and prepare the cost estimates based on the contract. A minimum salary of a contract analyst starts from $59,521 per annum and varies depending on location and eligibility.
The eligibility criterion for a contract analyst position is a bachelor's degree in business or business law with a mandatory two years of experience in a related industry. Besides that, you must have advanced knowledge in national contract laws, excellent communication skills, negotiation skills, time management skills, computer skills, and the ability to work under pressure.
There is more than meets the eye when it comes to being a contract analyst. For example, did you know that they make an average of $25.51 an hour? That's $53,056 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 20,300 job opportunities across the U.S.
There are certain skills that many contract analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed computer skills, detail oriented and math skills.
If you're interested in becoming a contract analyst, one of the first things to consider is how much education you need. We've determined that 67.1% of contract analysts have a bachelor's degree. In terms of higher education levels, we found that 11.8% of contract analysts have master's degrees. Even though most contract analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a contract analyst. When we researched the most common majors for a contract analyst, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on contract analyst resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become a contract analyst. In fact, many contract analyst jobs require experience in a role such as administrative assistant. Meanwhile, many contract analysts also have previous career experience in roles such as internship or customer service representative.