The key responsibility of a contract management specialist is handling contracts. As an administrator, he invites bids, evaluates them, awards the contract to the party who wins the bid, monitors the contract, keeps close watch on the pace of the job, and calculates the payments, etc. The contract manager finds problems, if there are any in the contract and makes necessary changes if required. He serves as the liaison officer between the organization and party (who took the contract) for contractual issues and he will be the authorized signatory for all contractual documents. Hence, a contract management specialist manages the parties vying actively to achieve the contract. He gets a quality job done from the selected party as he has to offer the best services to the customers.
There is no stipulated qualification needed to be a contract management specialist. But a bachelor's degree or a MBA in contract management which are given by business schools will give you a good start in this career. Beside this, you can obtain certificates in contract management from various institutes. Recruiters often look for professional certification like CFCM, CCCM, CPCM and IACM during the selection process. There are online sources as well that offer you certification in contract management. In the modern set up as a contract management specialist you will require a working knowledge in Microsoft applications such as Excel, Microsoft Word and PowerPoint.
Contract management specialists must have proficiency in negotiating complex contractual terms and conditions. He should have a natural acumen for business and management. He should be an independent decision maker, capable of working under stress and meet deadlines. He needs to have excellent written and verbal communication skills along with outstanding customer service attitude. He should shine in a team and collaborative environment. Excellent leadership quality and motivational skills will always be appreciated while selecting a professional for this occupation. Lastly a contract manager should be open to travel and be a good administrator to manage crisis. A little know-how of accounting and legal terms will be an edge to bag a good job as a contract manager.
There are myriad institutes all over the United States that offer excellent training to graduate as Contract Management Specialists. There are online academies that offer contract management courses that will groom and hone your skills to find success in this specialized area of business. There are college and universities available in the United States as well that offer online courses that teach you thorough knowledge about navigating the complexities of buyouts, mergers, acquisitions, and other areas of contract management.
The candidate who has prior experience of working as a cost analyst in a federal government should expect good job prospects. Also those who have worked for the federal government as a contract specialist will be in a sea of opportunity. Candidates with minimum of 5 years experience in a supervisory or managerial role will also be a prior choice for this job with excellent remuneration. Overall, a prior experience of two to three years is necessary to get a job as a contract management specialist.
The jobs of a contract management specialist are likely to grow in the future as more and more robust business houses come into place that would get myriad jobs done in contracts. And government bodies also recruit contract managers to manage the myriad contracts that have been signed. People with dedication, professional qualification and experience will get excellent opportunity to work in these top notch companies and government organizations. Demand for contract managers and senior managers will increase in the days to come.
A contract management specialist is a highly paid position and at the onset of one's career one can earn a handsome amount. Salary increases as you gain more experience and prove your talent. A contract management specialist on average draws about $62,000 yearly. Apart from the salary many organizations provide excellent benefits including accommodation, medical reimbursement, insurance etc. The compensation in private organizations is more lucrative than the government ones.
If you have a knack for entrepreneurship and contract management and you're ready to take all the pains to succeed then this is a career tailored for you.
