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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

  • $57,658

    Average Salary

What Does A Contract Analyst Do

Buyers and purchasing agents buy products and services for organizations to use or resell. They evaluate suppliers, negotiate contracts, and review the quality of products.

Duties

Buyers and purchasing agents typically do the following:

  • Evaluate suppliers on the basis of the price, quality, and speed of delivery of their products and services
  • Interview vendors and visit suppliers’ plants and distribution centers to examine and learn about products, services, and prices
  • Attend meetings, trade shows, and conferences to learn about new industry trends and make contacts with suppliers
  • Analyze price proposals, financial reports, and other information to determine reasonable prices
  • Negotiate contracts on behalf of their organization
  • Work out agreements with suppliers, such as when products will be delivered
  • Meet with staff and vendors to discuss defective or unacceptable goods or services and determine corrective action
  • Evaluate and monitor contracts to be sure that vendors and supplies comply with the terms and conditions of the contract and to determine the need for changes
  • Maintain and review records of items bought, costs, deliveries, product performance, and inventories

Buyers and purchasing agents buy farm products, durable and nondurable goods, and services for organizations and institutions. They try to get the best deal for their organization: the highest quality goods and services at the lowest cost. They do this by studying sales records and inventory levels of current stock, identifying foreign and domestic suppliers, and keeping up to date with changes affecting both the supply of, and demand for, products and materials.

Purchasing agents and buyers consider price, quality, availability, reliability, and technical support when choosing suppliers and merchandise. To be effective, purchasing agents and buyers must have a working technical knowledge of the goods or services they are purchasing.

Evaluating suppliers is one of the most critical functions of a buyer or purchasing agent. Many organizations run on a lean manufacturing schedule and use just-in-time inventories, so any delays in the supply chain can shut down production and cause the organization to lose customers.

Buyers and purchasing agents use many resources to find out all they can about potential suppliers. They attend meetings, trade shows, and conferences to learn about new industry trends and make contacts with suppliers.

They often interview prospective suppliers and visit their plants and distribution centers to assess their capabilities. For example, they may discuss the design of products with design engineers, quality concerns with production supervisors, or shipping issues with managers in the receiving department.

Buyers and purchasing agents must make certain that the supplier can deliver the desired goods or services on time, in the correct quantities, and without sacrificing quality. Once they have gathered information on suppliers, they sign contracts with suppliers who meet the organization’s needs and they place orders.

Buyers who purchase items to resell to customers may determine which products their organization will sell. They need to be able to predict what will appeal to their customers. If they are wrong, they could jeopardize the profits and reputation of their organization.

Buyers who work for large organizations often specialize in purchasing one or two categories of products or services. Buyers who work for smaller businesses or government agencies may be responsible for making a greater variety of purchases.

Wholesale and retail buyers purchase goods for resale to consumers. Examples of these goods are clothing and electronics. Purchasing specialists who buy finished goods for resale are commonly known as buyers or merchandise managers.

Purchasing agents and buyers of farm products buy agricultural products for further processing or resale. Examples of these products are grain, cotton, and tobacco.

Purchasing agents, except wholesale, retail, and farm products buy items for the operation of an organization. Examples of these items are chemicals and industrial equipment needed for a manufacturing establishment, and office supplies.

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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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Contract Analyst Career Paths

Contract Analyst
Senior Consultant Development Manager Real Estate Manager
Acquisitions Manager
8 Yearsyrs
Purchasing Manager Senior Subcontract Administrator Senior Contract Administrator/Contract Administrator
Contracts Administration Manager
8 Yearsyrs
Senior Contract Analyst Contracts Manager
Contracts Director
12 Yearsyrs
Business Analyst Product Manager Purchasing Manager
Director Of Purchasing
10 Yearsyrs
Project Manager Engineering Manager Purchasing Manager
Director Of Strategic Sourcing
13 Yearsyrs
Senior Finance Analyst Operations Manager Supply Chain Manager
Director Of Supply Chain Management
11 Yearsyrs
Senior Finance Analyst Planning Manager Purchasing Manager
Global Procurement Manager
11 Yearsyrs
Program Manager Development Director Grant Writer
Grant Manager
7 Yearsyrs
Contracts Manager Project Manager Program Manager
Operations Program Manager
9 Yearsyrs
Business Analyst Senior Finance Analyst
Pricing Manager
7 Yearsyrs
Attorney Contracts Specialist Purchasing Manager
Procurement Officer
5 Yearsyrs
Purchasing Manager Contractor Buyer Senior Buyer
Project Procurement Manager
10 Yearsyrs
Finance Analyst Account Manager Purchasing Manager
Senior Manager, Procurement
11 Yearsyrs
Contracts Manager Contracts Administrator Project Coordinator
Senior Project Coordinator
7 Yearsyrs
Finance Analyst Product Manager Purchasing Manager
Senior Purchasing Manager
9 Yearsyrs
Project Manager Construction Manager Purchasing Manager
Senior Sourcing Manager
13 Yearsyrs
Attorney Contracts Manager Contracts Administrator
Subcontracts Manager
11 Yearsyrs
Senior Analyst Information Technology Manager Purchasing Manager
Supply Chain Lead
9 Yearsyrs
Senior Analyst Senior Operations Analyst
Vending Manager
7 Yearsyrs
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Do you work as a Contract Analyst?

Contract Analyst Demographics

Gender

Female

57.8%

Male

39.9%

Unknown

2.2%
Ethnicity

White

60.3%

Hispanic or Latino

15.2%

Black or African American

11.7%

Asian

9.1%

Unknown

3.8%
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Foreign Languages Spoken

Spanish

44.6%

French

13.3%

German

4.2%

Arabic

4.2%

Korean

3.6%

Russian

3.6%

Mandarin

3.0%

Hindi

2.4%

Cantonese

2.4%

Italian

2.4%

Portuguese

2.4%

Vietnamese

1.8%

Turkish

1.8%

Chinese

1.8%

Japanese

1.8%

Urdu

1.8%

Dutch

1.2%

Albanian

1.2%

Persian

1.2%

Hebrew

1.2%
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Contract Analyst Education

Schools

University of Phoenix

24.4%

Strayer University

6.9%

University of Houston

5.7%

Villanova University

5.4%

Pennsylvania State University

4.6%

Texas A&M University

4.6%

George Washington University

4.3%

University of Maryland - University College

4.3%

Kaplan University

3.7%

Capella University

3.7%

Arizona State University

3.4%

Webster University

3.4%

George Mason University

3.4%

Montclair State University

3.4%

New York University

3.2%

Walden University

3.2%

University of Colorado at Boulder

3.2%

Southern New Hampshire University

3.2%

Saint Joseph's University

3.2%

San Diego State University

2.9%
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Majors

Business

35.6%

Law

7.6%

Accounting

7.3%

Finance

7.1%

Management

4.9%

Legal Support Services

3.9%

Marketing

3.5%

Political Science

3.2%

Health Care Administration

3.1%

Communication

2.9%

Computer Science

2.8%

Economics

2.7%

Psychology

2.3%

Project Management

2.1%

Legal Research And Advanced Professional Studies

2.1%

English

2.1%

Human Resources Management

1.9%

Liberal Arts

1.8%

Computer Information Systems

1.6%

Information Technology

1.6%
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Degrees

Bachelors

42.4%

Masters

23.2%

Other

15.3%

Doctorate

6.8%

Associate

6.5%

Certificate

5.1%

Diploma

0.6%

License

0.2%
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Temporary

Real Contract Analyst Salaries

Job Title Company Location Start Date Salary
Contract Analyst D.E. Shaw & Co., L.P. New York, NY May 10, 2010 $160,000
Contract Analyst D.E. Shaw & Co., L.P. New York, NY May 09, 2010 $160,000
Contract Analyst D.E. Shaw & Co., L.P. New York, NY Sep 05, 2010 $120,000
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
Contract Service Analyst Partners Healthcare Boston, MA Nov 23, 2009 $78,000
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
Management and Contract Analyst The Goldstar Firm, P.L. Hallandale Beach, FL Sep 18, 2013 $58,436
Legal Translator/Contract Analyst Morales Group Indianapolis, IN Aug 16, 2008 $58,039
Latin American Contract Analyst Res America Developments Inc. Broomfield, CO Jun 25, 2012 $58,000
Latin American Contract Analyst Res America Developments Inc. Broomfield, CO Oct 01, 2012 $58,000
Projects and Contracts Analyst II Covance Inc. Madison, WI Aug 15, 2009 $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 Analyst Tri State Construction Services Inc. NY Jan 09, 2016 $51,445
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 Analysts The Risk Management Association Philadelphia, PA Nov 17, 2011 $50,000 -
$60,000
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

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Top Skills for A Contract Analyst

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  1. Contract Negotiations
  2. Financial Statements
  3. Procedures
You can check out examples of real life uses of top skills on resumes here:
  • Participate in contract negotiations (within approved pricing parameters) with field employees and external customers with minimal supervisory involvement.
  • Review key financial performance indicators on existing contracts and evaluate financial statements for renegotiation.
  • Confer with personnel concerned to ensure successful functioning of newly implemented systems or procedures.
  • Performed data entry in databases, compiled and distributed information according to protocol.
  • Negotiate budget proposals with pharmaceutical companies and clinical research organizations * Review and negotiate contract modifications and related addenda.

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Top 10 Best States for Contract Analysts

  1. District of Columbia
  2. Virginia
  3. Maryland
  4. Rhode Island
  5. New Jersey
  6. Massachusetts
  7. Alabama
  8. Connecticut
  9. Alaska
  10. Delaware
  • (188 jobs)
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  • (29 jobs)
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  • (29 jobs)

Top Contract Analyst Employers

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