Contract Administrators or Contract Managers use their knowledge of federal regulations and law to administer corporate and government contracts. These individuals typically work in private corporations or government agencies.
If you want to join this line of work and are wondering what degree do you need for Contract Management, then you have come to the right place. This article will provide you information regarding relevant degrees and will let you know about the career prospects in this field.
What Is Contract Management?
The process of managing and administering contracts, contract terms, deadlines, and deliverables is called Contract Management. Individuals working in this field need to have strong negotiation, decision-making, and analytical skills.
What Degree Do You Need For Contract Management?
In order to join the field of Contract Management, students should pursue an Associate in Arts (AA) in Acquisition and Contract Management, a Bachelor of Arts (BA) in Government Contracting and Acquisition, or a Master of Business Administration (MBA) in Acquisition.
What Can You Do with a Contract Management Degree?
After completing a Contract Management degree, individuals can kick-start their careers as Purchasing Managers, Buyers and Purchasing Agents, Contract Administrators, and Administrative Services Managers.
This section will highlight the wage estimates and growth projections for some of the above mentioned positions. This information has been extracted from the US Bureau of Labor Statistics.
Purchasing Managers
These professionals oversee the work of purchasing agents and buyers. Their job duties include analyzing price proposals, negotiating contracts, working out agreements with different suppliers, and hiring and training new staff members. The job outlook figure mentioned below is for the broad category of Purchasing Managers, Buyers, and Purchasing Agents, whereas the remaining statistics are specific to Purchasing Managers.
| Annual Median Salary, 2019 | $121,110 | |
| Job Outlook, 2018-2028 | -6% (Purchasing Managers, Buyers, and Purchasing Agents) | |
| Annual Mean Salary, 2019 | $128,400 | |
| State with the Highest Employment Level, 2019 | California | 7,830 |
| State with the Highest Salary, 2019 | New Jersey | $166,940 |
Buyers and Purchasing Agents
These professionals are responsible for buying services and goods for resale or further processing. Since the job outlook data for Buyers and Purchasing agents are not available on BLS, therefore we have used the career growth figures of the broad category, identified as Purchasing Managers, Buyers, and Purchasing Agents. The remaining data is specific to Buyers and Purchasing Agents.
| Annual Median Salary, 2019 | $64,380 | |
| Job Outlook, 2018-2028 | -6% (Purchasing Managers, Buyers, and Purchasing Agents) | |
| Annual Mean Salary, 2019 | $69,680 | |
| State with the Highest Employment Level, 2019 | California | 45,970 |
| State with the Highest Salary, 2019 | District of Columbia | $99,250 |
Administrative Services Managers
These workers plan and coordinate activities that help a company operate efficiently. Administrative Services Managers can find employment in the government, education, healthcare, and the corporate sector.
| Annual Median Salary, 2019 | $96,940 | |
| Job Outlook, 2018-2028 | 7% | |
| Annual Mean Salary, 2019 | $106,550 | |
| State with the Highest Employment Level, 2019 | California | 41,650 |
| State with the Highest Salary, 2019 | New York | $138,190 |
What to Expect from a Contract Management Degree?
The Associate in Arts (AA) in Acquisition and Contract Management program will introduce you to a variety of topics such as Principles of Federal Acquisition and Contract Management, Purchasing and Materials Management, and Contract Administration and Management. The Associate’s degree can be usually finished within two years.
The Bachelor of Arts (BA) in Government Contracting and Acquisition program’s curriculum incorporates a range of modules such as Program Appraisal, Acquisition Business Management, Acquisition Test & Evaluation, and Cost Analysis and Negotiation Techniques.
The Master of Science (MS) in Acquisition and Contract Management or a Master of Business Administration (MBA) in Acquisition program will help you explore a range of modules such as Managerial Economics and Globalization, Government Contract Law, Business Decision for Contracting, and Government Acquisition.
How to Choose a Contract Management Degree?
The key factors that should be taken into account before choosing a Contract Management degree include the following:
- The course curriculum
- The duration of the course
- The accreditation status
- Funding opportunities
- The total cost of the program
Contract Management Degree Admission Requirements
Before you can enroll in a Contract Management degree, you will need to submit an application form to the college or university that you want to attend along with your transcripts, motivation letter, and a personal statement. In most cases, you will also have to pay a non-refundable application fee. Since the admission requirements are not fixed, therefore you should complete your research before initiating the application procedure.