The job of a contract manager differs from business to business, depending on the task and responsibilities. Experience, education, certifications, and additional skills may also affect the salary range of contract managers. Entry level-contract managers with less than one year of experience may expect a base annual income of over $60,000, while experienced senior contract managers with over 20 years in the professional field may earn more than $120,000 a year.
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Is a contract manager a good job?
Contract management is a great career choice for budding professionals. According to World Commerce & Contracting (formerly International Association for Contract & Commercial Management) data, about 88 percent of contract managers surveyed would recommend contract management as a good entry-level position to start a professional business career. A career in contract management also offers opportunities to develop skills in project management, risk management, budgeting, accounting, financial modeling, and business law.
How do I become a contract negotiation manager?
Typically, you will 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 (NCMA).
Having a contract management certification can increase the likelihood of being hired. Requirements and qualifications for certification may differ depending on the country. In the United States, the minimum requirements for contract management certification are bachelor’s degree from an accredited university, one year of work experience and 80 hours of continuing professional education.
What is the best contract management certification?
The NCMA offers three different contract management certifications. In choosing the best certification, one should consider work experience and type of career path. A Certified Contract Manager (CCCM) works exclusively for the private sector while a Certified Federal Contract Manager (CFCM) and Certified Government Contractor (CGC) deal with government contracts. Certified Professional Managers, on the other hand, can work in both fields. Some contract managers choose to apply for either CCCM or CFCM at first, then pursue a CPCM certification after gaining five years of professional experience.
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How much do contract specialists make?
As per Salary.com, the average annual income of contract specialists in the United States is $123,720. Salary range greatly varies depending on the years of experience, certifications, and education. Beginner contract managers may earn about $91,395 while highly-experienced one may receive up to $159,216.
Payscale.com puts the average salary of a contract manager around $82,785. Entry-level contract managers with less than one year of experience may take home $62,724 a year while a veteran contract manager with more than 20 years of experience may earn up to $98,573.
Location of the business may also affect the salary of a contract manager. According to ZipRecruiter.com, Richmond, CA, Stamford, CT, and Bellevue, WA offer more than $100,000 annual income to contract managers. California is a great place for contract managers. The average salary of contract specialists in the cities of San Francisco, Palmdale, Santa Clara, Pasadena, and Glendale are more than $95,000. Lakes City in Arkansas and Hartford City in Connecticut also offer an annual wage of over $95,000.
More on this topic: What is the average salary of a contract manager?
About Zendoc
Zendoc is a full-service AI-powered contract automation system that not only organizes all of your agreements into a single database but keeps you up-to-date on what you need to do to extract as much value from your contracts as possible. You don’t have to worry about forgetting your obligations because you don’t have to remember them in the first place.