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The differences between contract analysts and risk 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 risk analyst. Additionally, a risk analyst has an average salary of $81,484, 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 risk analyst are risk management, risk assessments, and powerpoint.
| Contract Analyst | Risk Analyst | |
| Yearly salary | $54,544 | $81,484 |
| Hourly rate | $26.22 | $39.17 |
| Growth rate | 9% | 9% |
| Number of jobs | 58,593 | 71,284 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 71% |
| Average age | 40 | 40 |
| 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.
As a risk analyst, you will oversee the identification, assessment, and monitoring of risks that your company has been exposed to. You will evaluate financial documents, potential clients, and economic conditions to determine the level of risk in business decisions. You will be responsible for aggregating data from several sources to develop a comprehensive assessment and create reports, processes, and presentations to better present results. You are also expected to work closely with other team members to analyze and show data effectively.
Contract analysts and risk analysts have different pay scales, as shown below.
| Contract Analyst | Risk Analyst | |
| Average salary | $54,544 | $81,484 |
| Salary range | Between $39,000 And $74,000 | Between $59,000 And $112,000 |
| Highest paying City | Jersey City, NJ | San Francisco, CA |
| Highest paying state | New Jersey | Connecticut |
| Best paying company | AstraZeneca | The Citadel |
| Best paying industry | Pharmaceutical | Manufacturing |
There are a few differences between a contract analyst and a risk analyst in terms of educational background:
| Contract Analyst | Risk Analyst | |
| Most common degree | Bachelor's Degree, 67% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between contract analysts' and risk analysts' demographics:
| Contract Analyst | Risk Analyst | |
| Average age | 40 | 40 |
| Gender ratio | Male, 41.2% Female, 58.8% | Male, 53.4% Female, 46.6% |
| 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, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 7% | 7% |