Contract management can be defined as the administration and management of contracts made with different partners, suppliers, customers, and other stakeholders. The main goal of contract management is to ensure that commitments and obligations to other parties are clearly communicated; the terms and conditions are visible and understood. Organizations need to manage their contracts effectively to make sure all goals are being met.
Since businesses do not run independently, the need for contract management is absolutely necessary. Every business relationship is based upon a contract.Organizations are seeking specialized contract managers who can negotiate, create, and manage ongoing administration of contracts. Contract managers can seek work in all kinds of organizations ranging from private firms to federal government.
Contract Management Certification
Contract management certifications are a great way to enhance skill and prepare for a career in this field. Individuals can boost their career opportunities and expand their credentials through certifications. Employers in the private as well a
s the federal sector prefer hiring certified individuals.
Contract management certifications are available from a number of different organizations and associations. Listed below are a few of the organizations from where you can get certification:
- National Contract Management Association (NCMA)
- Federal Acquisition Institute (FAI)
- The International Association for Contract & Commercial Management (IACCM)
National Contract Management Association (NCMA)
The National Contract Management Association is a leading professional organization that offers certifications to contract managers. It has been set up to promote the growth of the field, provide advocacy services, learning facilities, and credentials. Listed below are the three main certifications awarded by NCMA:
Certified Federal Contracts Manager (CFCM)
The certified federal contracts manager certification is designed to validate an individual’s knowledge in the field, experience, and understanding of the federal acquisition regulation.
- Undergraduate degree
- 80 hours of continuing professional education
- One year work experience in contract management or a relevant field
- Clear the CFCM exam
Certified Professional Contracts Manager (CPCM)
This is the most advance level certification offered by The National Contract Management Association. It is awarded to individuals who show competency in the Contract Management Body of Knowledge and meet the highest standards in education, training, and experience.
- Minimum 5 years of work experience
- Extensive business education
- Master the competencies in the Contract Management Body of Knowledge (CMBOK)
Certified Commercial Contracts Manager (CCCM)
This certification is awarded to individuals who have a complete understanding of the Uniform Commercial Code.
- Undergraduate degree
- Non degree students must have at least ten years of work experience in contract management
- Complete knowledge of the Uniform Commercial Code
- Experience and training
Industry Certification in Contract Management (ICCM)
This is a certification that meets the industry standards and mirrors the DAWIA and FAC-C certifications.
The International Association for Contract & Commercial Management (IACCM)
- Open for individuals who are not in the military, and are not a federal employee
This organization has dedicated its resources to providing world-class certifications in the field of contract management. IACCM has branches located in 158 countries including the United States. It is aimed at certifying individuals in this field, and ensuring top quality performance. Here are a few of the certification programs available:
Commercial Contract Management Certification (CCM)
- For associate level CCMA certification, individuals must be able to demonstrate appropriate skills and knowledge of contract management.
- For practitioner level CCMAcertification, individuals must have at least two years of work experience in the field.
- For Expert level CCMA certification, a minimum seven years of managerial work experience is required along with an assessment and peer review.
Supplier Relationship Management Certification
- For associate level SRM certification, no work experience is required.
- For Practitioner level SRM certification, two or more years of work experience is required in the field.
- For Expert level SRM certification, one must be appointed at a senior managerial position in an organization, and should have over 5 years of work experience.
Federal Acquisition Institute (FAI)
Developed under the Office of Federal Procurement Policy Act, FAI has been promoting the development of federal acquisition workforce for decades. The institute focuses upon career development and preparing individuals for the acquisition workforce. FAI offers many training programs and certifications. Here are a few:
Federal Acquisition Certification-Contracting (FAC-C)
This program has three main levels, each with its own specific education and training requirements. Here are the details:
FAC-C Level 1 eligibility requirements:
- Minimum one year work experience
- Bachelor degree
- Completion of 5 core courses and training
FAC-C Level 2 eligibility requirements:
- 2 years of contracting work experience
- Bachelor degree
- 5 core courses and training
FAC-C Level 3 eligibility requirements:
- Minimum 4 years of contracting work experience
- Bachelor degree and at least 24 semester hours in certain disciplines such as accounting, law, contracts., business, economics, and more
- Completion of core courses and training
Contracting Officer’s Representative Certification (FAC-COR)
This certification is awarded to individuals who understand the importance of the role of the COR. There are three main levels of certification:
FCA-COR level 1 eligibility requirements:
- No work experience is required
- Completion of 8 hours of training
FCA-COR level 2 eligibility requirements:
- Minimum one year of work experience is required
- Completion of 40 hours of training
FCA-COR level 3 eligibility requirements:
- Minimum 2 years of work experience
- 60 hours of training must be completed
Benefits of Contract management certification:
- Individuals can qualify for better job opportunities in the federal sector as well as the private sector
- Boost income potential
- Quick and reliable way to expand career prospects
- Enhance skills as well as knowledge through certification
Contract management certification online
Individuals can opt for contract management certifications online.
Many certification agencies are offering online programs as well. Online learning is suitable for individuals who cannot enroll with traditional campus-based institute due to work constraints.
Jobs with Contract Management Certifications:
Individuals who have acquired a certification in this field can seek work in many different sectors. Contract Administrator is a job position relevant to the field. CNN Money has ranked this job among the best jobs in America. The income level is likely to vary and will depend upon many factors such as employer organization, state, and qualifications. USAJobs.gov has listed job openings in the field of contract management.
Here are a few federal job positions along with their detail:
- Annual Salary range: $39,170 - $62,297
- Department: Department of the Air Force
- Series and grade: GS-1102-07/09
- Annual salary range: $47,923 - $107,434
- Department: Department of Homeland Security
- Series and grade: GS-1102-09/13
Contract Price/Cost Analyst
- Annual salary range: $35,662 ? 57,428
- Department: Department of Defense
- Series and Grade: GS-1102-05/07
One can also join private organizations. The duties and tasks will depend upon the exact job position. This field offers many opportunities for advancement and is among the fastest growing areas.
Q:How long is the contract management certificate program for?
A:The Contract Management Certificate is about 12 months program.Courses offered include subjects such as acquisition strategies and cost analysis. Such a program teaches those enrolled to manage the entire contracting process from creation to conclusion.
Q:How many credits are there in the Healthcare Contract Management Certification?
A:The Health Care Contract Management certification has a total of around 30 credits. These programs are offered for distance learning by accredited universities like Strayer University.
Q:Can we study for the degree Certificate in Contract Management online?
A:Indeed. The Certificate in Contract Management can easily be pursued online via the different online schools listed on our website. These schools offer several online contract management programs and allow students the flexibility of completing the certificate at their own pace. Most prominent online schools offering the Certificate in Contract Management are: Northcentral University and Allied Schools.
Q:What courses are taught in the Certificate of Contract Management?
A:The Certificate of Contract Management includes a variety of courses. These include: commercial law, contract law, procurement, contracting procedures, contract negotiation, contract creation, cost analysis, and acquisition strategies. These courses offer a comprehensive insight to the subject, alongside touching up various aspects to offer students a greater pool of knowledge.
Q:The Certificate in Contract Law has a lesson on Torts. What is covered in this lesson?
A:The study of Torts is essential to any Certificate in Contract Law program. It studies the violent world of torts. Students get to study about situations such as deaths, mishaps, explosions, collisions, injuries or casualties in homicidal activities. Causation of the adverse event is also studied, such as libel, slander, malpractice, assault, default products or simply carelessness of the party or parties.
Q:Can you tell me about contract management certification programs?
A:Business dealings can be complex and there are many aspects that need to be seen when making a contract. Contract management experts understand these technicalities and can help seal a better and more secure deal, therefore the demand for contract management certification programs has also increased. These programs give knowledge of contract law, commercial law, negotiation skills, and contract process.
Q:What will I learn in a Contract Management Certification program?
A:In a contract management certification program, you will learn about the basic processes and components of commercial contracting, understand the basics of governmental contracting, explore the basic competencies of the NCMA, and learn how to successfully negotiate and analyze contracts with other organizations. Take a look at our page for more information.
Ask your Question
* All Fields are Required