If you are interested in pursuing contract management jobs, you should have a bachelor's degree in business, business law, or business administration. For mid-level contract managers and above, you should be a Certified Commercial Contracts Manager or Certified Federal Contracts Manager.
Sometimes contract managers are referred to as contract administrators. They are responsible for writing and reviewing contracts for projects or for the purchase or sale of goods and services. Those with contracts management jobs analyze job bids and proposals to make sure the specifics are legal and compliant with the company's policies. In 2007, over half of all contract managers in the U.S. worked for government contractors. More than 25% worked for the federal government itself.
Applicants for contract management jobs at the entry level should have a bachelor's degree and two or three years of contract-related experience. They would have obtained this experience working for a mid-level or senior level contract manager. They must be well-versed in contracting concepts, contract acquisition, and the laws and regulations pertaining to them. Great communication and negotiation skills are necessary. Anyone wanting contract management jobs should have undergraduate course work in economics, business management, finance, and contract law.
Contract management jobs pay quite well. Salary.com puts the median annual income of contract managers somewhere between $83,000 and $160,000, depending on region and level of seniority. The definition and contributions of a 21st century contract manager is something that is constantly being refined. But contract managers are the ones that enable both parties to a contract to fulfill their obligations in delivering what the contract requires. They need to have good working relationships between the provider and the customer, and they need to be able to anticipate needs of the future and react appropriately to situations that arise.
The foundations for good contract management jobs are laid before a contract is awarded, and this includes the procurement process. A good contract includes an agreed level of service, pricing, incentives, time schedules, ways to measure performance, lines of communication, procedures for escalation or change control, exit strategies and agreement on break options. A well constructed contract can make the relationship between the parties to a contract a success, while a poorly constructed contract can easily result in contention from both sides.
According to the U.S. Bureau of Labor Statistics, contract management jobs are likely to grow slower than the national average for the next few years. The reasoning behind this prediction is the increased use of the internet in helping connect buyers and sellers. Additionally, businesses are starting to outsource contract management jobs to specialists abroad. If you have work experience in a given field, like construction, or if you have a dual major in college (say, business and civil engineering), you will have a leg up on the competition.
