Contract Analyst Salary
Job Description for Contract Analyst
A contract analyst is responsible for carefully analyzing the details of business contracts to ensure that the terms are equitable for the company and that management is properly instructed on terms and expectations for both parties. It is the responsibility of the contract analyst to make sure that the contract honestly represents the company's commitments, analyzing clauses and understanding stipulations to avoid legal complications. The analyst may be responsible for negotiating with the other party over terms and conditions, and producing drafts of contracts to be reviewed by upper management. They also may examine the backgrounds of the contracting party to verify their reliability.Read More...
A contract analyst's success hinges on their being very detail-oriented and thorough. Strong verbal and written communications skills are a must, so that all concerns may be conveyed and understood with minimal confusion and so that a contract accurately reflects all of the elements agreed upon by both parties. Given the time-sensitive nature of contractual matters, a contract analyst must be well-organized and skilled at time management. The contract analyst is typically required to have a working knowledge of practices, laws, and regulations pertaining to their specific field.
A contract analyst typically works in an office environment, but they may frequently be asked to travel significant distances to meet with vendors and representatives to engage in negotiations or to clarify matters pertaining to contractual agreements. This may require keeping an open schedule and working irregular hours, so as to be able to keep appointments.
The contract analyst typically needs a degree in accounting, finance, or a degree relevant to the company's field. Previous experience may be substituted for a degree.
Contract Analyst Tasks
- Analyze contract terms to determine the obligations of both parties.
- Prepare cost estimates based on contract terms.
- Review proposals for changes in contract terms and contract renewals.
- Ensure that both parties are fulfilling contract obligations.
Contract Analyst Job Listings
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Popular Skills for Contract Analyst
Survey takers working as Contract Analysts report using a large range of professional skills. Most notably, skills in Procurement, Contract Negotiation, Legal Research, and Project Management are correlated to pay that is above average, with boosts between 4 percent and 6 percent. Skills that are correlated to lower pay, on the other hand, include Microsoft Office and Legal Document Review. Most people skilled in Contract Management are similarly competent in Microsoft Excel and Financial Analysis.
Pay by Experience Level for Contract Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average inexperienced worker's salary is approximately $52K, and people with five to 10 years of experience bring in more at around $60K on average. Contract Analysts claiming one to two decades of experience make an estimated median of $60K. Big financial gains seem to result from working for more than two decades; veterans in this group report earning $70K on average.
Pay Difference by Location
Salt Lake City offers some of the highest pay in the country for Contract Analysts, 26 percent above the national average. Contract Analysts can also look forward to large paychecks in cities like San Diego (+19 percent), Washington (+10 percent), Dallas (+10 percent), and St. Louis (+6 percent). The smallest paychecks in the market, 16 percent south of the national average, can be found in Charlotte. Not at the bottom but still paying below the median are employers in Huntsville and Nashville (16 percent lower and 9 percent lower, respectively).