Contract Specialist Salary
|Salary||$40,443 - $90,015|
|Bonus||$0.00 - $7,781|
|Profit Sharing||$0.00 - $7,000|
|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).)
|$37,522 - $88,942|
|Hourly Rate||$14.51 - $37.00|
|Overtime||$21.06 - $50.19|
|Bonus||$0.00 - $7,781|
|Profit Sharing||$0.00 - $7,000|
|Total Pay (||$37,522 - $88,942|
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. (Copyright 2017 PayScale.com)
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
As Contract Specialists transition into upper-level roles such as Senior Contracts Manager, they may see a strong upturn in salary. Senior Contracts Managers earn $107K on average per year. Going from Contract Specialist to Contracts Manager is the transition that occurs most often in this field, where the paychecks are $78K. Many others choose to work as Contract Administrators, where pay is typically $51K.
Contract Specialist Job Listings
Popular Employer Salaries for Contract Specialist
Contract Specialists fill the offices of leading firms U.S. Department of Defense, U.S. Air Force (USAF), Department of Veteran's Affairs, Raytheon Co., and U.S. Navy. Contract Specialists seeking a sizable paycheck can earn the most at Cigna Corporation, where the average salary comes to $74K. U.S. General Services Administration, U.S. Department of Defense, and U.S. Army are a few other companies that offer generous salaries, with Contract Specialists earning around $74K, $69K, or $69K at each firm, respectively.
A few other companies with smaller-than-average paychecks include Molina Healthcare, Inc. ($53K), Raytheon Co. ($55K), and U.S. Air Force (USAF) ($60K).
Popular Skills for Contract Specialist
Survey takers working as Contract Specialists report using a large range of professional skills. Most notably, skills in Negotiation, Contract Negotiation, Procurement, and Business Analysis are correlated to pay that is above average, with boosts between 9 percent and 12 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. Most people familiar with Contract Management also know Customer Relationship Management (CRM).
Pay by Experience Level for Contract Specialist
Pay by Experience for a Contract Specialist has a positive trend. An entry-level Contract Specialist with less than 5 years of experience can expect to earn an average total compensation of $51,000 based on 1,030 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Contract Specialist with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $63,000 based on 578 salaries. An experienced Contract Specialist which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $67,000 based on 403 salaries. A Contract Specialist with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $74,000 based on 143 salaries.
Pay Difference by Location
Washington offers some of the highest pay in the country for Contract Specialists, 35 percent above the national average. Contract Specialists will also find cushy salaries in Houston (+24 percent), New York (+15 percent), Los Angeles (+13 percent), and Seattle (+11 percent). The lowest-paying market is Austin, which sits 9 percent below the national average. Workers in Dallas and Chicago earn salaries that trail the national average for those in this profession (7 percent less and 6 percent less, respectively).
Contract Specialist Reviews
Related Job Salaries
Key Stats for Contract Specialist
Rated 4 out of 5
based on 315 votes.