How to Become a Contract Management Expert: A Guide to Qualifications and Certifications in the Field

Posted on May 21, 2023 at 08:05 PM

If you're interested in becoming a contract management expert, you’ll need to be prepared to handle plenty of responsibilities; that’s why having a comprehensive set of skills and qualifications is essential. Simply put, you need to be a jack of all trades.

In this article, we’ll explain the qualifications of a contract management expert and how to become one.

Contract management expert qualifications

The most important qualification for a career as a contract management expert is relevant experience and training. This typically means experience in procurement, project management, legal contracting, finance, or a related field. Many contract managers start their careers in one of these areas and transition into a dedicated contract management expert role. 

Relevant contract management skills are also one of the most demanded contract management qualifications UK. If you’re planning to become a contract management expert, why you should have enough expertise in the following skills:

• Drafting, reviewing, and negotiating contracts of all types. 
• Identifying and mitigating risks through proper contract terms and conditions. 
• Ensuring contract compliance with laws, regulations, and company policies. Managing contract execution, changes, and closure.
• Excellent written and verbal communication to work with internal and external stakeholders.  
• Proficiency with e-Procurement tools, Microsoft Office, and contract lifecycle management software.
• A solid understanding of business fundamentals, financial metrics, and how to determine contract viability and value.

Another thing you need to become a contract management expert is a certificate to prove your skills; the most popular one is the Certified Professional Contract Manager (CPCM) certificate. A certificate will be a great addition to your resume and a great way to prepare for a job in this competitive field.

With the proper experience, education, skills, and dedication to ongoing learning, you can position yourself as an expert in contract management. Contract management experts are helping their organisations gain more value from the contract process, reducing risks to a minimum, resolving disputes, and keeping companies out of legal issues. Now is a great time to develop your expertise in this fast-growing field.

Contract management expert jobs 

Contract management offers a broad range of job opportunities for qualified experts. Contract managers work in virtually every industry to negotiate, draft and oversee agreements between businesses; some of these jobs are:

• Contract Manager

A contact manager typically oversees the contract management process for an organisation; they're also responsible for drafting, negotiating, and managing contracts with suppliers and vendors. This job typically requires several years of experience as a contract administrator or specialist to achieve the ideal accreditation.

•  Contract Administrator\Director Associate

These specialists provide administration support for contract management processes. They also help manage contract compliance, changes, renewals, and closure. This is often an entry-level role for someone looking to build a career in contract management.

• Consultant 

This role is for senior contract management experts. A consultant usually provides individual contract management consulting and advisory services to multiple clients and collaborates independently with other experts. A consultant evaluates and reviews the project; this is an excellent job if you prefer working alone and can manage your time well.

• Procurement Contracts Manager 

A procurement contracts manager specialises in managing contracts related to purchasing products and sales management. Work closely with the procurement team to ensure good agreements with critical suppliers.

Steps to Become a contract management expert

Knowing the right step is crucial for your success if you want to improve your organisation’s contract management or land a better job as a contract management expert. Here are some of the most essential steps to becoming the best expert in the field:

• Gain relevant experience

As mentioned earlier, the most essential qualification for a contract management role is relevant experience. You can achieve it through training courses, working as an associate or an entry-level position.

• Obtain a degree or certification in contract management. 

While only sometimes required, earning a certification or degree in contract management can help demonstrate your knowledge and skills.

• Develop key skills

The most crucial contract management skills include negotiation, risk management, compliance, contract administration, and communication skills. These skills will guarantee your success as a contract management expert and help you land an excellent job in a reputable company.

• Pursue professional development

Keep up with trends in contract management through ongoing learning. Development continues even after you’ve landed your job; it’s essential to keep learning and perfecting new techniques to stay ahead of the curve.

The benefits of working as a contract management expert

From flexible hours and high salaries, there are many benefits to working as a contract management expert. Helping organisations improve their contracts and negotiate better deals can be professionally fulfilling. We’ve compiled some of the most popular benefits below: 

• Higher pay: Contract management experts tend to earn higher salaries than those in non-specialized roles due to the complexity and importance of their work.
• Job security: There will always be a need for skilled contract managers to negotiate, draft, and oversee complex legal agreements between businesses. Contract management experts can always apply for good jobs with an excellent salary range.
• Opportunity for career growth: Contract management experts can often move into senior contract management or legal roles with more responsibilities and management opportunities.
• Broad skills: Contract management requires skills in negotiation, legal knowledge, risk management, data analysis, and communication - skills transferable to many other roles. 

It is important to remember that becoming an expert in any field takes time and effort, and there is always room for improvement and growth. Anyone can become a highly effective contract management expert by staying current with industry trends and best practices, seeking new learning opportunities, and continually refining one's skills and knowledge.