A contract manager's role is all things managing contracts that their employer is negotiating and entering. They need to know the details and benefits of contracts and possible disadvantages and advise their employer accordingly.
They are responsible for writing, evaluating, negotiating, and executing various contracts for a range of transactions. Contract managers also spend time maintaining their relationships with suppliers and customers. But their workload doesn't stop there. Contract managers keep correspondence and documentation related to contracts, communicate and present info to stakeholders regarding contracts and help the company move forward with close-out, extension, or renewal of contracts and problem solving contract-related issues.
They need effective communication, negotiation, and interpersonal skills. Deep understanding of contracts, contracts governance, and lifecycle, ability to research and understand legal and financial implications, knowledge of the business or industry, its services, customers, and providers, superior reading, writing, and language skills are also crucial in this position.
Contract managers earn an average salary of $77,660 per year. Typically, you'll need a bachelor's or master's degree in a business-related field for this position, and certifications may be required in commercial, professional, and federal contracts provided by the National Contracts Management Association.
There is more than meets the eye when it comes to being a contracts manager. For example, did you know that they make an average of $43.67 an hour? That's $90,833 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 managers 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 analytical skills, math skills and negotiating skills.
When it comes to the most important skills required to be a contracts manager, we found that a lot of resumes listed 12.4% of contracts managers included procedures, while 6.8% of resumes included contract management, and 5.7% of resumes included contract documents. 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 manager job title. But what industry to start with? Most contracts managers actually find jobs in the technology and health care industries.
If you're interested in becoming a contracts manager, one of the first things to consider is how much education you need. We've determined that 56.0% of contracts managers have a bachelor's degree. In terms of higher education levels, we found that 13.0% of contracts managers have master's degrees. Even though most contracts managers 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 manager. When we researched the most common majors for a contracts manager, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on contracts manager resumes include associate degree degrees or doctoral degree degrees.
You may find that experience in other jobs will help you become a contracts manager. In fact, many contracts manager jobs require experience in a role such as contracts administrator. Meanwhile, many contracts managers also have previous career experience in roles such as contracts specialist or project manager.