The operational and functional aspects of organizations are becoming more complex and diverse. Private and federal firms cannot operate in isolation, and must interact with all kinds of external suppliers, customers, shareholders, and federal agencies. Each relationship a firm develops with an external client is based upon contractual terms and conditions. Who is responsible for designing such contracts? These are created and administered by professional contract managers hired by the firm. As laws have become tighter, firms seek to hire suppliers or clients who contribute positively to the overall performance of the company, and mitigate risks.
It is the responsibility of contract managers to enforce contracts among parties/clients, and make sure everyone’s interest is protected. Contract managers work in almost every industry ranging from productions firms to federal construction agencies, and more. These professionals are an integral part of many organizations.
Bachelors Degree in Contract Management
A bachelor degree in contract is an undergraduate program. It is offered by many colleges and universities across the nation. Most careers in the field of contract management require at least a bachelor-level degree. The program is designed to equip students with skill and fundamental knowledge on procurement, contract management, design, and administration. Students will develop strong negotiation and communication skills essential for the career.
The degree program equips students with the essential skills and knowledge needed to successfully draft contracts and execute them on behalf of public or private sector organizations. Students enrolled in a Bachelor of Contract Management degree program receive training in various areas of contract management. The curriculum will cover a wide range of theory-based subjects and will also focus upon advanced areas. Although the components of the curriculum may vary slightly from college to college, a few topics typically studied in the program are:
Advanced Federal Contracting
This course will allow students to acquire an in-depth understanding of the procurement lifecycle. Students will learn about the various factors that affect the contract planning phase and implementation strategies. Topics covered in the course include terminations, modifications, performance issues, and socioeconomics.
This course is designed to help students learn about the project life cycle and how to carefully manage business projects. The course will highlight areas such as project management principles, software applications, and organizational structures.
Information Systems Project Management
In this course, students will learn how to control IT projects and align them with organizational objectives. Students will acquire practical experience and will gain hands-on experience in management of projects.
Supply Chain Management
This course will cover all the main concepts of supply chain management and logistics control. Students will learn about the various practices and tradeoffs in supply chain functions, and how to measure performance/outcomes.
This course will enable students to learn about the various risks involved in business decisions and contract drafting. It is important that contract managers understand how to identify, mitigate, and respond to risks appropriately.
Purchasing and Materials Management
In this course, students will acquire in-depth information of purchasing materials and managing functions. Some of the main topics that are covered in this course include purchasing practices, capital equipment, reviews purchasing procedures, and inventory control.
This is a general area included in the program. It aims to provide students with an overview of financial operations of a firm. Students will cover areas such as principles of accounting, budgeting, financial statement analysis, and taxation.
Students enrolled in a bachelor degree in contract management can choose to specialize in a number of fields. Some of the most commonly offered specializations in undergraduate contract management degrees include:
Government Contract Law
Contract and Purchasing Negotiation
It is important to remember that the area of specialization will affect the type of job you may qualify for. Students are advised to specialize in an area that reflects their level of interest and future career-path.
Objectives of the Program:
Learn how to design and draft contracts for organizations and clients
Execute contracts and make sure they are implemented
Align contractual terms with the goals of the company
Negotiate terms and condition of the contract
Mitigate risks and respond appropriately
Duration of the Program
A bachelor degree usually takes four years to complete from most educational institutes. However, students can also earn this degree in less than four years by choosing an accelerated track.
The program can be successfully completed by earning the minimum credit hours. These are allotted to various components of the program. Students must also clear any qualifying examinations that are included, and complete assignments and projects.
General admission criteria for Bachelor of Contract Management programs may vary depending on the institute. But usually prospective students are expected to have completed their high school diploma or GED. Furthermore, students may also be asked to sit for standardized aptitude tests like SAT or ACT, before being accepted into their chosen degree program. Other general requirements for admission include:
Letter of recommendation
Meet the minimum CGPA requirement
Fill out and submit an application form
Individuals graduating with Bachelor of Contract Management degrees from accredited online educational institutes can find work with various government agencies, private business, and nonprofit sector organizations. Some of the most popular job positions include:
Business Development Manager
The income level will vary from job to job and will depend upon many other factors such as state, company, and skills. Individuals can advance their career by further opting for certifications and continuing education. There are many credentialing organizations such as the Contract Management Association.