Head of Contracts Salary: What You Need to Know as a Job Seeker
If you’re an experienced contracts specialist who is ready to step up to a leadership role, pursuing a position as a head of contracts could be the next logical step in your career. This role typically involves overseeing a team of contract managers and administrators, ensuring that all contracts comply with legal and regulatory requirements, and working closely with other departments such as legal, finance, and procurement.
Of course, one major factor that job seekers will want to consider is the potential head of contracts salary. Here are a few key things to keep in mind:
Industry: The industry you work in can have a significant impact on your salary. For example, a head of contracts in the healthcare or pharmaceutical industry is likely to earn more than someone in retail or hospitality. Research salaries in your specific industry to get a better sense of what you can expect.
Location: As with most jobs, the cost of living in your area can affect your head of contracts salary. If you live in a city with a high cost of living, you are likely to earn more than someone in a rural area. Look up salary information for your specific city or state to get a better sense of what you can expect.
Experience: As with most jobs, the more experience you have, the higher your potential salary. If you have a proven track record as a contracts specialist or manager, you may be able to negotiate a higher salary when applying for a head of contracts position.
Education: While not always required, having a bachelor’s or master’s degree in a relevant field such as business, law, or procurement can strengthen your candidacy and potentially increase your earning potential.
Other factors: Other factors that can impact your head of contracts salary include the size of the organization you work for, the scope of your responsibilities, and any additional certifications or qualifications you hold.
So, what can you expect in terms of actual numbers? According to Payscale, the average salary for a head of contracts in the United States is around $115,000 per year. However, salaries can range from around $70,000 to over $170,000 depending on the factors mentioned above.
As you can see, there are many factors that can impact your potential head of contracts salary. However, with the right experience, education, and negotiation skills, you can position yourself for a competitive salary in this rewarding and challenging leadership position.