Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between rate analysts and contract 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 rate analyst and a contract analyst. Additionally, a rate analyst has an average salary of $63,534, which is higher than the $54,544 average annual salary of a contract analyst.
The top three skills for a rate analyst include powerpoint, tariffs and financial models. The most important skills for a contract analyst are customer service, contract management, and contract terms.
| Rate Analyst | Contract Analyst | |
| Yearly salary | $63,534 | $54,544 |
| Hourly rate | $30.55 | $26.22 |
| Growth rate | 9% | 9% |
| Number of jobs | 64,562 | 58,593 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 67% |
| Average age | 40 | 40 |
| Years of experience | 4 | 4 |
A rate analyst is responsible for conducting data and statistical analysis to evaluate the accurate service rates and charges for various commercial and industrial purposes. Rate analysts review the current market performance to generate rate reports and discuss service costs through comprehensive graphs and illustrations. They also analyze consumer demands and consider the factors that may affect the constant changes in charges. A rate analyst must have excellent communication and analytical skills, especially in ensuring that rate decisions comply with the regulatory guidelines and federal requirements.
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.
Rate analysts and contract analysts have different pay scales, as shown below.
| Rate Analyst | Contract Analyst | |
| Average salary | $63,534 | $54,544 |
| Salary range | Between $44,000 And $91,000 | Between $39,000 And $74,000 |
| Highest paying City | Poughkeepsie, NY | Jersey City, NJ |
| Highest paying state | New York | New Jersey |
| Best paying company | Tri-State G&T | AstraZeneca |
| Best paying industry | Health Care | Pharmaceutical |
There are a few differences between a rate analyst and a contract analyst in terms of educational background:
| Rate Analyst | Contract Analyst | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between rate analysts' and contract analysts' demographics:
| Rate Analyst | Contract Analyst | |
| Average age | 40 | 40 |
| Gender ratio | Male, 52.0% Female, 48.0% | Male, 41.2% Female, 58.8% |
| 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% |