The average pay for a Contract Specialist is $21.38 per hour.
The average pay for a Contract Specialist is $59,885 per year.
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...- 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.
Contract Specialist Pay By Employer
Common Career Paths for Contract Specialist
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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 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).
Related Job Salaries
Key Stats for Contract Specialist
Gender
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Female
66 % |
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Male
34 % |
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Job Satisfaction
| Highly satisfied |
Rated 4 out of 5 based on 617 votes. |
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