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The differences between contract analysts and procurement 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 procurement analyst. Additionally, a procurement analyst has an average salary of $64,448, 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 procurement analyst are purchase orders, supplier performance, and customer service.
| Contract Analyst | Procurement Analyst | |
| Yearly salary | $54,544 | $64,448 |
| Hourly rate | $26.22 | $30.98 |
| Growth rate | 9% | 11% |
| Number of jobs | 58,593 | 75,154 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 69% |
| 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.
Procurement analysts procure favorable contracts by acting as liaisons between suppliers and their employers. They are hired by organizations that rely on supply chain management to analyze and evaluate potential suppliers, prepare reports about monthly supply costs, and negotiate contracts. With good critical thinking skills, these procurement analysts who are also known as purchasing analysts, evaluate vendors and suppliers based on the speed of delivery, quality, and price. They use quantitative methods to support fact-based decision-making to become competitive and to ensure cost-efficiency and high quality of the products and services.
Contract analysts and procurement analysts have different pay scales, as shown below.
| Contract Analyst | Procurement Analyst | |
| Average salary | $54,544 | $64,448 |
| Salary range | Between $39,000 And $74,000 | Between $45,000 And $91,000 |
| Highest paying City | Jersey City, NJ | Washington, DC |
| Highest paying state | New Jersey | Maryland |
| Best paying company | AstraZeneca | PayPal |
| Best paying industry | Pharmaceutical | Retail |
There are a few differences between a contract analyst and a procurement analyst in terms of educational background:
| Contract Analyst | Procurement Analyst | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 69% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Northwestern University |
Here are the differences between contract analysts' and procurement analysts' demographics:
| Contract Analyst | Procurement Analyst | |
| Average age | 40 | 44 |
| Gender ratio | Male, 41.2% Female, 58.8% | Male, 47.7% Female, 52.3% |
| 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, 8.2% Unknown, 4.5% Hispanic or Latino, 9.0% Asian, 11.8% White, 66.4% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 7% | 12% |