Careers in Contract Management
Contract managers work within the process of sales or acquisition between two parties to develop a mutually beneficial contract. They work in the procurement profession, require management and organizational skills, and usually have competencies in accounting, psychology, and human relations. Purchasing managers, buyers, and purchasing agents may be involved in contract management, and evaluate suppliers and review product quality, as well as negotiate contracts.
The U.S. Bureau of Labor Statistics (BLS) reports that the median annual wage for purchasing managers, buyers, and purchasing agents in May 2010 was $58,360, and that the industry is expected to grow by 14%. However, job growth and salary are not guaranteed as factors such as employment, area, and occupation vary.
Required Education for Contract Management
The National Contract Management Association states that contract management students will learn to prepare and issue solicitations, prepare bids and proposals, analyze terms and conditions, and analyze procurement requirements and supplier capabilities. These skills are learned in a certificate or a degree program, and are further developed through continuing education course work.
The National Contract Management Association offers three certifications – Certified Federal Contracts Manager, Certified Commercial Contracts Manager, and Certified Professional Contracts Manager. Course work to prepare for certification will cover federal contract basics, government contract law, inter-agency contracting, audits, and negotiation skills.