Contract Specialist Salary
|Salary||$40,197 - $88,667|
|Bonus||$0.00 - $7,903|
|Profit Sharing||$0.00 - $7,047|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$37,876 - $87,749|
|Hourly Rate||$14.48 - $38.58|
|Overtime||$19.77 - $47.70|
|Bonus||$0.00 - $7,903|
|Profit Sharing||$0.00 - $7,047|
|Total Pay (||$37,876 - $87,749|
Job Description for Contract Specialist
Contract specialists create, examine, and monitor contractual agreements between their organizations and suppliers of materials or labor. They are generally expected to serve as tough negotiators who work to reach the best potential deal for the company, and they also monitor and administer these contracts. Soliciting bids to acquire a variety of required goods and services is a major part of this job, and they may also oversee contractors' performances to ensure that the provisions of the contract are met. Another central component of the job involves building connections with reliable vendors and maintaining a comprehensive list of potential contractors needed for any given situation.Read More...
As a contract specialist, it is vital to be knowledgeable of legislative and regulatory issues related to the contracts overseen, and contractual adjustments may be necessary as laws and regulations are established, altered, or otherwise changed. Contract specialists must also minimize the liability of their employer by carefully confirming prospective contractors’ qualifications and credentials.
A bachelor’s degree is often a minimum requirement for an entry-level position, and advanced positions may require a master’s degree in business. Necessary skills include buying goods and services for business operations, evaluating suppliers, and ensuring contract-compliance, and they must also be knowledgeable of commonly-used contracting methods and contract types related to pre-award, post-award, and cost analysis functions. They should also be proficient in basic procurement procedures and techniques and able to analyze business practices and market conditions to assess bid responsiveness, contractor responsibility, and contractor performance.
Contract Specialist Tasks
- Prepare, review and evaluate contracts for compliance of legality and for profitability if applicable.
- Edit or amend contracts and handles terms of contract breach.
- Negotiate contract terms with clientele.
Common Career Paths for Contract Specialist
Contract Specialists who go on to become Senior Contracts Managers may see their salaries climb quite a bit. Median pay for Senior Contracts Managers is $107K annually. With an annual salary of $78K, Contracts Manager is the most common role for Contract Specialists to subsequently assume on their way up the ladder. Transitioning into a Contract Administrator role — which usually pays $51K — is also typical for Contract Specialists, though less common by comparison.
Contract Specialist Job Listings
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Popular Employer Salaries for Contract Specialist
Contract Specialists flock to U.S. Air Force (USAF), U.S. Department of Defense, Department of Veteran's Affairs, Raytheon Co., and U.S. Navy, highly regarded companies that employ a generous number of people in this profession. U.S. General Services Administration offers the largest salaries in town — $74K on average. U.S. Army, U.S. Navy, and Department of Veteran's Affairs are a few other companies that offer generous salaries, with Contract Specialists earning around $69K, $68K, or $63K at each firm, respectively.
Molina Healthcare, Inc., Raytheon Co., and U.S. Department of Defense also rank near the bottom for pay, handing out $53K, $55K, and $58K-paychecks on average.
Popular Skills for Contract Specialist
Survey respondents exploit a significant toolbox of skills in their work. Most notably, skills in Negotiation, Contract Negotiation, Procurement, and Business Analysis are correlated to pay that is above average, with boosts in pay of 11 percent. Those listing Data Analysis as a skill should be prepared for drastically lower pay. Microsoft Excel and Microsoft Office also typically command lower compensation. Those educated in Contract Management tend to be well versed in Customer Relationship Management (CRM).
Pay by Experience Level for Contract Specialist
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Contract Specialists, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. The average beginner in this position makes around $51K, but folks who have been around for five to 10 years see a markedly higher median salary of $63K. Contract Specialists claiming one to two decades of experience make an estimated median of $66K. Old hands boasting more than twenty years of relevant experience report pay that is more or less commensurate with that extensive experience; average earnings for this group come out to approximately $73K.
Pay Difference by Location
For those looking to make money, Contract Specialists in Washington enjoy an exceptional pay rate, 35 percent above the national average. Contract Specialists can also look forward to large paychecks in cities like Arlington (+30 percent), Houston (+23 percent), New York (+15 percent), and Seattle (+13 percent). Those in the field find the lowest salaries in Chicago, 10 percent below the national average. Not at the bottom but still paying below the median are employers in Austin and Dallas (8 percent lower and 6 percent lower, respectively).
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Key Stats for Contract Specialist
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