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The differences between contract analysts and business analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a contract analyst and a business analyst. Additionally, a business analyst has an average salary of $74,431, which is higher than the $54,544 average annual salary of a contract analyst.
The top three skills for a contract analyst include customer service, contract management and contract terms. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Contract Analyst | Business Analyst | |
| Yearly salary | $54,544 | $74,431 |
| Hourly rate | $26.22 | $35.78 |
| Growth rate | 9% | 9% |
| Number of jobs | 58,593 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 71% |
| Average age | 40 | 44 |
| Years of experience | 4 | 4 |
A contract analyst is primarily in charge of thoroughly reviewing contract terms and conditions, negotiating and addressing changes on behalf of a company or an individual, and avoiding financial disadvantages or any disputes. They are responsible for consulting with clients, analyzing clauses and liabilities, recommending amendments, documenting all transactions, and monitoring every change in the contract. Furthermore, there are instances when a contract analyst must coordinate with all department officers, advising them of any significant changes that the contracts might bring.
Business analysts are employees who are responsible for interpreting business data and coming up with business solutions. They are well-versed in whatever business the company is in, and they have strong business acumen. They collect data related to the business and then interpret and analyze the data. Business analysts should be able to conduct different levels of analyses and must also be able to create a sound study. Once the analysis is done, they provide recommendations or strategic direction to decision-makers that will help the business become sustainable and grow.
Contract analysts and business analysts have different pay scales, as shown below.
| Contract Analyst | Business Analyst | |
| Average salary | $54,544 | $74,431 |
| Salary range | Between $39,000 And $74,000 | Between $53,000 And $103,000 |
| Highest paying City | Jersey City, NJ | Mountain View, CA |
| Highest paying state | New Jersey | Washington |
| Best paying company | AstraZeneca | The Citadel |
| Best paying industry | Pharmaceutical | Finance |
There are a few differences between a contract analyst and a business analyst in terms of educational background:
| Contract Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between contract analysts' and business analysts' demographics:
| Contract Analyst | Business Analyst | |
| Average age | 40 | 44 |
| Gender ratio | Male, 41.2% Female, 58.8% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | Black or African American, 6.2% Unknown, 4.7% Hispanic or Latino, 8.8% Asian, 12.0% White, 67.7% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 7% | 11% |