Contract Specialist Salary

For Contract Specialists, yearly average wages total $59K annually. In the world of Contract Specialists, total cash compensation can vary between $38K and $89K. Each package generally includes bonuses and profit sharing proceeds, and in exceptional cases, those amounts can reach heights of $8K and $9K, respectively. The most important factor affecting compensation for this group is the company, followed by geography and years of experience. Female Contract Specialists survey participants are more prevalent than men — 65 percent of professionals. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction is high and work is enjoyable for most Contract Specialists. This overview is based on answers to PayScale's salary questionnaire.
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$40,276 - $89,455
$40K
$59K
$89K
MEDIAN: $58,926
10%
50%
90%

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$14.51 - $38.29
$15
$21
$38
MEDIAN: $20.61
10%
50%
90%

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National Salary Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$30K$60K$90K
Salary
$40,276 - $89,455  
   
Bonus
$0.00 - $7,769  
Profit Sharing
$0.00 - $9,396  
Commission
$15,000  
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).
)
$37,784 - $88,606  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 1,477
National Hourly Rate Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$16$32$48
Hourly Rate
$14.51 - $38.29  
   
Overtime
$20.53 - $47.06  
National Annualized Data (?
XAll compensation data shown are gross 10th to 90th percentile ranges. Take the PayScale Survey to find out how location influences pay for this job.
)
$0$32K$64K$96K
Bonus
$0.00 - $7,769  
   
Commission
$15,000  
Profit Sharing
$0.00 - $9,396  
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).
)
$37,784 - $88,606  
Country: United States | Currency: USD | Updated: 4 May 2017 | Individuals Reporting: 413

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United States (change)

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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.

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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


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For Contract Specialists, progressing to a Senior Contracts Manager role may result in a significant raise. On average, a Senior Contracts Manager can earn $107K annually. The most common career progression for Contract Specialists leads to becoming a Contracts Manager, where average pay is $78K annually. However, many Contract Specialists also opt to become Contract Administrators. Typically, a Contract Administrator brings home $51K.

Contract Specialist Job Listings

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Popular Employer Salaries for Contract Specialist


U.S. Department of Defense, U.S. Air Force (USAF), Department of Veteran's Affairs, Raytheon Co., and U.S. Navy are all popular places to work. Cigna Corporation offers the largest salaries in town — $74K on average. Other leaders in compensation levels are U.S. General Services Administration at $74K, U.S. Department of Defense at $69K, and U.S. Army, where Contract Specialists annually earn $69K.

Employees at Molina Healthcare, Inc., Raytheon Co., and U.S. Air Force (USAF) can also expect below-average earnings of $53K, $55K, and $60K.

Popular Skills for Contract Specialist


Contract Specialists seem to require a rather large skill set. 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 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

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

National Average: $56,320

Larger city markers indicate a job is popular in that location.

With a pay rate for Contract Specialists that is 35 percent greater than the national average, Washington offers a comfortable salary for those in this profession. Contract Specialists can also look forward to large paychecks in cities like Houston (+24 percent), New York (+15 percent), Los Angeles (+12 percent), and Seattle (+11 percent). The lowest-paying market is Austin, which sits 9 percent below the national average. Employers pay around 7 percent less in Dallas and 6 percent less in Chicago, below-median salaries for those in this field.

Related Job Salaries

Key Stats for Contract Specialist

Gender

Female
65 %
Male
35 %

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 284 votes.
Less than 1 year
4%
1-4 years
43%
5-9 years
25%
10-19 years
19%
20 years or more
8%
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Location:
Years in Fields/Career:
United States (change)

Experience Affects Contract Specialist Salaries

▲32%

▲19%

▲12%

National Average
$56,000

▼10%

Skills That Affect Contract Specialist Salaries


▲11%

▲9%

Business Analysis
▲7%




Legal Research
▲3%


National Average
$56,000






Data Analysis
▼22%

Job Satisfaction

Highly satisfied
Rated 4 out of 5
based on 284 votes.

Gender

Female
65 %
Male
35 %

Years of Experience

Less than 1 year
4%
1-4 years
43%
5-9 years
25%
10-19 years
19%
20 years or more
8%

Common Health Benefits

medical benefits
Medical: 85%
dental benefits
Dental: 78%
vision benefits
Vision: 68%
no benefits
None: 12%
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