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The differences between senior sourcing managers and contracts managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a senior sourcing manager and a contracts manager. Additionally, a senior sourcing manager has an average salary of $113,406, which is higher than the $72,691 average annual salary of a contracts manager.
The top three skills for a senior sourcing manager include strategic sourcing, project management and category strategies. The most important skills for a contracts manager are contract management, contract administration, and contract terms.
| Senior Sourcing Manager | Contracts Manager | |
| Yearly salary | $113,406 | $72,691 |
| Hourly rate | $54.52 | $34.95 |
| Growth rate | -6% | -6% |
| Number of jobs | 12,200 | 13,218 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 63% |
| Average age | 47 | 47 |
| Years of experience | 6 | 6 |
A senior sourcing manager is an individual who manages a team that is responsible for identifying necessary products and services that support the daily operations of an organization. Senior sourcing managers are required to manage the overall sourcing strategy of the organization and conduct research to understand its operations needs and requirements. They must build relationships with vendors and key suppliers so that they can negotiate on pricing and control costs. Senior sourcing managers must also propose a yearly budget that depends on the organization's sourcing needs.
A contract manager is responsible for finalizing contract agreements between the company and its clients, revising documents, creating procurement proposals, and managing breach of contracts immediately. Contract managers respond to clients' inquiries and concerns about the contract's terms, conditions, and adjustment requests. They should be highly knowledgeable with legal terms and legislation regulations, ensuring that documents align with their objectives. The contract manager should also stay updated with the latest trends to meet contract demands, identify more business opportunities to boost revenues, and achieve profitability goals.
Senior sourcing managers and contracts managers have different pay scales, as shown below.
| Senior Sourcing Manager | Contracts Manager | |
| Average salary | $113,406 | $72,691 |
| Salary range | Between $76,000 And $168,000 | Between $45,000 And $116,000 |
| Highest paying City | San Bruno, CA | San Francisco, CA |
| Highest paying state | California | California |
| Best paying company | Airbnb | McKinsey & Company Inc |
| Best paying industry | Telecommunication | Technology |
There are a few differences between a senior sourcing manager and a contracts manager in terms of educational background:
| Senior Sourcing Manager | Contracts Manager | |
| Most common degree | Bachelor's Degree, 69% | Bachelor's Degree, 63% |
| Most common major | Business | Business |
| Most common college | Stanford University | Stanford University |
Here are the differences between senior sourcing managers' and contracts managers' demographics:
| Senior Sourcing Manager | Contracts Manager | |
| Average age | 47 | 47 |
| Gender ratio | Male, 63.9% Female, 36.1% | Male, 54.0% Female, 46.0% |
| Race ratio | Black or African American, 9.1% Unknown, 3.8% Hispanic or Latino, 12.3% Asian, 7.5% White, 67.0% American Indian and Alaska Native, 0.3% | Black or African American, 9.0% Unknown, 3.8% Hispanic or Latino, 12.2% Asian, 7.4% White, 67.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |