Contract Specialist Salary
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
- Negotiate contract terms with clientele.
- Edit or amend contracts and handles terms of contract breach.
- Prepare, review and evaluate contracts for compliance of legality and for profitability if applicable.
Common Career Paths for Contract Specialist
Contract Specialists who transition into a Senior Contracts Manager role may receive large pay increases as the latter position pays an average $107K per year. As Contract Specialists progress in their field, many go on to become Contracts Managers. In fact, this transition is more common than anything else, and pay for the position is usually $78K per year. Another common career choice for Contract Specialists is to move into a Contract Administrator role. Typically, Contract Administrators get paid $51K.
Contract Specialist Job Listings
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Popular Employer Salaries for Contract Specialist
U.S. Air Force (USAF), U.S. Department of Defense, Department of Veteran's Affairs, Raytheon Co., and U.S. Navy are some prominent firms with considerable interest in employing a large team of Contract Specialists. Those at U.S. General Services Administration can expect to make the most, with the company offering a median salary of $74K. U.S. Navy, U.S. Army, and Department of Veteran's Affairs also offer top salaries for Contract Specialists. Workers at these firms can expect to earn about $68K, $67K, and $63K, respectively.
Workers also receive paychecks lighter than average at Molina Healthcare, Inc. ($53K), Raytheon Co. ($55K), and U.S. Department of Defense ($58K).
Popular Skills for Contract Specialist
Contract Specialists seem to wield many skills on the job. Most notably, skills in Negotiation, Contract Negotiation, Procurement, and Business Analysis are correlated to pay that is above average, with boosts in pay of 10 percent. Those listing Data Analysis as a skill should be prepared for drastically lower pay. Legal Research and Microsoft Excel also typically command lower compensation. Those proficient in Contract Management are, more often than not, also skilled 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 worker who claims fewer than five years of experience earns around $50K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $64K. Contract Specialists claiming one to two decades of experience make an estimated median of $67K. Veterans who have acquired more than 20 years report a median income of $75K, which is generally higher than the pay reported by other tenure groups.
Pay Difference by Location
For Contract Specialists, Washington provides a pay rate that is 30 percent greater than the national average. Contract Specialists can also look forward to large paychecks in cities like Arlington (+29 percent), Houston (+23 percent), Seattle (+13 percent), and New York (+12 percent). With compensation 11 percent below the national average, Chicago is not known for hefty paychecks and actually represents the lowest-paying market. Employers pay around 9 percent less in Austin and 7 percent less in Dallas, below-median salaries for those in this field.