Certified Contract Manager Salary: What to Expect
If you’re considering pursuing a career as a certified contract manager, one of the first things you’re likely to wonder is how much you can expect to earn in this field. While salaries can vary widely based on factors such as your level of education, years of experience, and geographic location, there are some general trends you can keep in mind as you plan your career path.
What is a Certified Contract Manager?
Before we dive into salaries, let’s define what a certified contract manager is. Contract managers are responsible for overseeing the creation and execution of contracts between businesses and vendors or customers. This can involve negotiating terms, ensuring compliance with regulations, and managing the ongoing relationship between the parties involved.
Becoming a certified contract manager means obtaining a certification such as the Certified Commercial Contracts Manager (CCCM), the Certified Federal Contracts Manager (CFCM), or the Certified Professional Contracts Manager (CPCM). These certifications are typically offered by professional organizations such as the National Contract Management Association (NCMA) and require passing an exam and meeting certain education and work experience requirements.
Salary Range for Certified Contract Managers
According to data from salary research site PayScale, the median salary for a certified contract manager is $80,300 per year as of June 2021. However, salaries can range from around $50,000 to over $120,000 depending on a variety of factors.
One of the biggest factors influencing salary is geographic location. Contract managers in major metropolitan areas such as New York and San Francisco tend to earn higher salaries due to the higher cost of living in those areas. The industry you work in can also have an impact on salary; those working in industries such as aerospace and defense tend to earn higher salaries than those in retail or healthcare.
Experience level is also a major factor in salary. Entry-level contract managers with less than five years of experience can expect to earn around $60,000 per year on average, while those with over 20 years of experience can earn over $100,000 per year.
Finally, education level can also impact salary. Those with a bachelor’s degree in a relevant field such as business, law, or supply chain management can expect to earn higher salaries than those with just a high school diploma.
If you’re interested in pursuing a career as a certified contract manager, there are a variety of factors to keep in mind when it comes to salary. While median salaries hover around $80,000 per year, individual salaries can vary widely depending on experience level, geographic location, and industry. By obtaining the necessary education and work experience, as well as pursuing a relevant certification, you can position yourself for a successful and lucrative career as a contract manager.