Job Profile of Contract Managers
Contract Managers need to handle various contract negotiations stages for their clients. The bidding for jobs is regulated by them besides the effective handling of this bidding. The correct implementation of the contract has to be ensured by them. For the proper implementation of a contract, it is necessary that both the involved parties follow all the requirements. The manager has to make sure this is happening as otherwise the proper implementation will not take place. The agreements made have to be honored by both of the parties. When dealing with big contracts, there is a possibility of some factors of the contract being overlooked at the time of implementation of the contract. These are the responsibilities of the person working as the contract manager. The job of the manager of contract is also termed as "contract administration". He also has to keep notations regarding the changes that took place during the process of negotiation. They handle all of the responsibilities behind the creation, implementation and analysis of a big contract which has to be prepared.
Requirements
Academic
The educational qualifications needed for the job of the managers of contracts depend on the level at which they are working. For managers who work at the entry level, an undergraduate degree would suffice. For managers working at the next level, necessary experience is required besides the relevant degree. The managers at the senior level need to have more experience and a professional degree like a “Masters in Business Administration” (MBA). A post-graduate degree in the relevant field would be an added advantage.
Skill Sets
The knowledge on all the aspects of the job along with the communication skills are necessary to survive in the field. Ability to negotiate effectively is an important aspect of the job.
Training
Once you join an organization they will give you the required training. You can pursue your masters in business administration after you join an origination that will enable you to get promoted to senior positions.
Prior Experience
Like the educational qualifications, the experience required for the managers also depend on their respective positions. For the managerial jobs at the initial level an experience of 2 to 5 years is necessary. The managerial jobs at the next two levels require a minimum experience of 7 and 10 years.
Employment Outlook
Career Prospects (globally)
As mentioned above with years of experiences in contract management jobs you can get promoted to higher positions. According to experts the number of job openings is projected to grow at a faster rate than most of the other occupations. Applicants are likely to face a lot of competition for the few top-level management jobs through 2016. On the other hand those looking for lower level management jobs are likely to have better opportunities. Try to maintain a good employment history.
Salaries
Market study reveals that 50% of Contract Managers earn an average salary between $83,000 and $160,000 per year. The National Contract Management Association carried out a survey in 2007 which projected a national average of $85,800. Thereon it was found that salary for a contract manager increased with extended levels of education and work experience in the field.
High-end salaries are obtained by contract managers who are working for federal government and private firms. The salary given to the manager of contracts depends on the organization also for which he or she is working.
Conclusion
The manager of contract has employment opportunities in an organization at 3 levels. A manager at the entry level has to deal with opportunities that are of a low-risk. The contracts belonging to the category of "low-risk" are very simple in nature and the implementation of them would not be a difficult task. The managers at the middle level deal with business contracts that are of a middle range. The top-level managers have to take care of the contracts that are associated with high risks. In general, they have to effectively carry out the contract management.
