- Customers
- Partners
- Vendors
- Employees
The responsibilities of the contract manager are to minimize the risk factors as much as possible. They are required to handle commercial contracts in the form of the following:
- Employment letters
- Sales invoices
- Purchase orders
- Utility contracts
The academic or educational requirements for the contract manager job include a graduation or 2 to 5 years of experience related to general business or the contract related fields. The job involves good knowledge in management and mathematical know how. Knowledge must also include knowledge in purchasing and supply chain management with a good measure of experience. Once you combine your educational requirements with good training, you can easily become a contract manager.
The contract managers are required to be skilled at various kinds of functions starting with managing the risk factors according to the capacities of the organization as well as following the standard policy of the issue. The person must also be skilled at handling the standard as well as contract management routine agreements and the related methods of documentation according to the established policies and procedures of the terms of the contract.
Training in the job of the contract manager can be obtained from registering for different kinds of courses from the colleges in your neighborhood. A lot of employers also train the employees in the field of management like the certified commercial contract manager and the certified federal contracts manager.
Contract related work experience is helpful in determining the viability of your knowledge in the field of contract management. An advanced degree is highly desirable in this field as it helps you stay abreast of the inns and outs of the industry with a high degree of attention devoted to the management. Contract managers who are looking for a good contract manager job must have at least 5 to 7 years of work experience in the related field. A high degree of management attention requires good experience and it also helps you find a better job with good prospects.
The global career prospects for the contract managers incorporate a good growth curve as well as pay packages that are attractive. Along with the idea and knowledge in contract management, it helps if you are acquainted with the rules of the management. According to the United States Bureau of Labor Statistics, the prospects for a contract manager job are good with a positive employment outlook that is expected to increase until the year 2014.
The salaries of a contract manager are good. In fact, if you are into contract management jobs, you can do well with an average median salary of around $67,000 on an annual basis. The high end contract managers who have more than 10 years of experience in the field can earn up to $120,000 or more. The salaries at the starting or entry level are about $45,000 generally. The contract managers who work for the federal government as well as for the private firms command high end salaries.
The contract manager job requires you to put in a good number of working hours which is about 40 to 45 hours per week, along with extra shifts. Added to that, the working conditions are also good as you are expected to work in an agreeable environment.
