The contract specialist career path is a great option for those who are looking for a challenging and rewarding career. As a contract specialist, you will be responsible for reviewing and negotiating contracts, which makes it essential that you have strong analytical skills. This career can be very demanding, but it also offers many opportunities for growth. If you are interested in pursuing a career as a contract specialist, here is what you need to know.

1. What is A Contract Specialist?

A contract specialist is a professional who is responsible for reviewing and negotiating contracts. This can be a very demanding job, but it also offers many opportunities for growth. As a contract specialist, you will need to have strong analytical skills in order to ensure that the contracts you negotiate are fair and beneficial to all parties involved. Contract specialists also need to be able to communicate effectively and work well in a team environment. Being familiar with different computer programs is another important skill since you will use these programs for your day-to-day tasks.

2. What does A Contract Specialist Do?

Here are some of the common tasks you may be responsible for as a contract specialist.

Review contracts for details -As a contract specialist, you will review contracts to ensure that they are fair and completely legal. You will need to read each word in detail so that no important information is missed. This means taking notes on anything you feel needs to be changed.

Negotiate contracts -Once you have reviewed the contracts, you will then need to negotiate any changes that need to be made. Before presenting your final contract agreement, you will need to consider all perspectives and ensure that the benefits outweigh the risks.

Responsible for monitoring contracts- Once the contract is signed, you will be responsible for ensuring that it is followed. You may need to monitor performance and issue invoices when necessary.

Work with a team – You will work with a team of different professionals in order to complete your daily tasks. This can include attorneys, financial advisers, and other contract specialists.

Prepare reports- You will need to prepare routine and special reports for your supervisors and clients. This can include details about contracts or any issues that you have identified. You may also be responsible for training and supervising lower-level contract specialists as well.

3. Key Skills Required for a Contract Specialist

Although there are no formal education requirements, you will need to have strong analytical, communication, and computer skills in order to be successful. Analytical skills will play an important role in your day-to-day tasks as a contract specialist since you will need to review contracts in detail. Good communication skills are important when negotiating contracts with clients in order to find common ground. Computer skills are also essential in this career since you will need to be familiar with different computer programs to complete your tasks.

4. Contract Specialist Education Requirements

In order to become a contract specialist, it will be necessary for you to earn a bachelor’s degree. Many of the programs that are available focus on coursework in business administration, although you may want to consider a program that focuses more on legal studies. Furthermore, if you want to pursue an advanced degree, it will be necessary for you to complete a master’s degree program such as the Master of Business Administration.

After earning your bachelor’s degree, you will need to pass the Series 7 and 66 exams in order to become a contract specialist. These exams are designed to test your knowledge of financial products such as stocks, bonds, options contracts, and more. Once you have passed these exams, you will also need to be licensed by the Financial Industry Regulatory Authority (FINRA).

5. Required Training and Experience

In addition to a bachelor’s degree and Series 7 and 66 exams, you may also need some other types of experience in order to become a contract specialist. Many employers require either one year of experience in business administration or two years of experience in legal studies. It is also a good idea to have a strong background in negotiations and contracts. Some employers may even require that you have passed the Series 63 and 65 exams, which are exams that measure an individual’s knowledge about financial and securities services. In order to take Series 63 and 65, you need a year of experience in finance or investments or two years of college-level courses in those areas.

6. Salary Expectations for a Contract Specialist

A contract specialist is an important part of any company. They are responsible for ensuring that all the contracts that the company enters into are valid and legal. They also work with clients to negotiate the best possible deal for the company.

Most contract specialists earn a salary between $50,000 and $75,000 per year. However, those with more experience or special skills can earn up to $100,000 per year.

7. Job Prospects for a Contract Specialist

The job prospects for a contract specialist are good. The position is in high demand due to the increasing complexity of business contracts. Contract specialists who have a bachelor’s degree, Series 7 and 66 exams, and FINRA licensing can expect to find many job opportunities. They may also be able to find advancement opportunities within their company by taking on more responsibility or working toward an advanced degree.

According to the U.S. Bureau of Labor Statistics, there are expected to be 40% more contract specialist positions available by 2020. This is much faster than average job growth, which will increase the opportunities for qualified professionals looking to enter into this field.

8. What are the Benefits of Being a Contract Specialist?

Some of the benefits of being a contract specialist include:

• – Job security
• – A high salary with excellent promotion opportunities
• – Working flexible hours within the office or even remotely from home for some contract specialists
• – An enjoyable career is doing something you love where you can make a difference in business transactions.
• – Traveling to different parts of the country or world on business assignments
• – A chance to work with different people and gain new experience
• – Analyzing contracts, preparing legal documents, negotiating deals, and ensuring that all contracts are valid.
• – Gain skills in negotiation, communication, time management, and many more

9. What are the Disadvantages of Being a Contract Specialist?

Some of the disadvantages of being a contract specialist include:

• – The work is highly competitive, and only the best candidates will be chosen.
• – You might have to travel frequently, which can take you away from your family for extended periods of time, especially if the contract involves overseas business transactions.
• – You need to be detail-oriented and well organized at all times since mistakes on contracts are costly not only to your career but to the business itself.
• – You need to have solid academic training, which requires coming up with a budget for an advanced degree.
• – The work can be stressful at times due to heavy workloads and tight deadlines.

Top recruiting companies for a contract specialist

Contract specialists are in high demand due to the increasing complexity of business contracts. As a result, there are many job opportunities for those who have the proper qualifications. The following are some of the top recruiting companies for contract specialists.

• – Deloitte
• – Goldman Sachs
• – KPMG
• – JP Morgan Chase & Co.
• – The Walt Disney Company
• – General Electric Company
• – American Express Company (AXP)

10. Best Colleges to Study Contracts

There is a large range of options in terms of colleges and universities which offer undergraduate and graduate degrees in contracts. The following are some of the colleges that students can consider:

– American University (A.U.) in Washington, DC, offers a Bachelor’s in Business Administration with a focus on contracts.

– George Mason University (GMU) in Virginia offers a Bachelor’s degree in Business Administration with the option to specialize in contract and business law.

– The University of Pennsylvania (UPenn) in Philadelphia offers both a Bachelor’s and Master’s degree program for contracts and dispute resolution.

– Notre Dame University -The law school offers a J.D. (Juris Doctorate) program with a specialization in contracts.

– Boston College (B.C.) offers an LL.M (Master of Laws) for business law which requires students to obtain an undergraduate degree first in any major before they can enter this program.

– University of California Berkeley (UCB) offers a Master’s degree program for legal studies that includes courses on commercial law and contracts.

– Harvard University in Massachusetts offers a Master of Laws (LLM) for business law that requires students to have a bachelor’s degree before applying.

– Yale University also offers an LLM program with a focus on business and commercial law which requires applicants to have a bachelor’s degree first before applying.

Conclusion

The field of contract specialists is an exciting and rewarding one. For those who want to pursue a career in contracts, it may be necessary for them to enroll in undergraduate and graduate degree programs that offer courses on this subject matter. Good luck!