Contract administrators work for larger businesses where they create and manage legal contracts, making sure the company adheres to deadlines, deliverables, and other terms stated in the contract. By doing so, they minimize financial and legal risks and increase the chances of turning a profit for the company.
Contract administrators take part in contract negotiations and address doubts or questions regarding the contract's contents. They monitor the budget and progress of the project, keeping an eye on compliance status and pending obligations. They coordinate with the legal team and prepare reports to present to management.
Companies that hire contract administrators work with a large number of contracts and use contract management software. Contract administration is a complex task and is usually taken on by people who have gained experience in related processes as contract specialists and have higher education in finance, accounting, or law.
There is more than meets the eye when it comes to being a contracts administrator. For example, did you know that they make an average of $26.38 an hour? That's $54,869 a year!
Between 2018 and 2028, the career is expected to grow -6% and produce -29,200 job opportunities across the U.S.
There are certain skills that many contracts administrators 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 negotiating skills, analytical skills and math skills.
When it comes to the most important skills required to be a contracts administrator, we found that a lot of resumes listed 11.4% of contracts administrators included procedures, while 9.4% of resumes included contract documents, and 5.5% of resumes included ensure compliance. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the contracts administrator job title. But what industry to start with? Most contracts administrators actually find jobs in the technology and professional industries.
If you're interested in becoming a contracts administrator, one of the first things to consider is how much education you need. We've determined that 53.3% of contracts administrators have a bachelor's degree. In terms of higher education levels, we found that 8.7% of contracts administrators have master's degrees. Even though most contracts administrators 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 contracts administrator. When we researched the most common majors for a contracts administrator, we found that they most commonly earn bachelor's degree degrees or associate degree degrees. Other degrees that we often see on contracts administrator resumes include master's degree degrees or high school diploma degrees.
You may find that experience in other jobs will help you become a contracts administrator. In fact, many contracts administrator jobs require experience in a role such as administrative assistant. Meanwhile, many contracts administrators also have previous career experience in roles such as office manager or customer service representative.