Contract Administration Manager Salary
Contract Administration Managers in the United States can expect to earn an average of $70K per year. In the world of Contract Administration Managers, overall income ranges from $47K near the bottom to $109K at the top; this can include more than $12K from bonuses and more than $6K from profit sharing in exceptional cases. Career duration and the particular city each impact pay for this group, with the former having the largest influence. The majority of workers are highly satisfied with their job. Medical benefits are awarded to a large number, and a fair number earn dental coverage. Men are in the minority of survey respondents, with female Contract Administration Managers making up 72 percent. The information for this rundown comes from respondents who completed PayScale's salary questionnaire.
Job Description for Contract Administration Manager
A contract administration manager helps ensure contracts are furthering the interests of the business. They are in constant contact with colleagues in the operations and finance departments to determine supplies needed for regular operations and what finances can be allocated towards purchasing needed goods and services. The contract administration manager is also in contact with the sales department to help finalize deals between the company and its clients.Read More...
The contract administration manager works with legal personnel to negotiate the terms of contracts and ensures all formalities are handled. After the contracts are entered into, the contract administration manager helps ensure that all parties comply with the terms of the contract; within the company, this includes contacting operations, finance, and sales personnel to distribute information about the contract and how departments can comply. On occasion, the contract administration manager makes presentations to high level executives on contracts.
Contract administration mangers must be excellent communicators and pay strong attention to detail. Most contract administration managers have an advanced degree, usually a juris doctor (JD). Often, contract administration managers have five to 10 years of prior contract experience as well. Contract administration managers must be flexible, able to deal with changing situations while still demonstrating excellent leadership skills.
Contract Administration Manager Tasks
- Act as primary contact for negotiations.
- Oversee that activities are conducted according to the policies and procedures of the organization.
- Manages and coordinates activities within the contract administration department.
- Guide proposals through process.
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Popular Skills for Contract Administration Manager
Survey results suggest that Contract Administration Managers put a wide range of professional skills to use. Most notably, facility with People Management and Contract Negotiation are correlated to pay that is significantly above average, leading to increases of 20 percent and 11 percent, respectively. At the other end of the pay range are skills like Microsoft Office, Regulatory Compliance, and Microsoft Excel. The majority of those who know Contract Management also know Microsoft Excel.
Pay by Experience Level for Contract Administration Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Contract Administration Managers, experience and pay levels seem to be correlated; more years in the business generally lead to more money. Workers in their first five years can expect to earn $60K, but people who have been around for five to 10 years earn a noticeably bigger sum of $73K. Contract Administration Managers who work for 10 to 20 years in their occupation tend to earn about $85K. People who have worked for more than 20 years report a median income of $93K, which is barely higher than the median for folks with 10 to 20 years of experience.
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Key Stats for Contract Administration Manager
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