This article talks about master’s degree programs in procurement and contract management and their education requirements, coursework, job and wage outlook, and continuing education choices.
Master’s Programs in Procurement and Contract Management
Professionals already working in the contract administration field can gain a grasp of the operations and strategies related to federal procurement practices by enrolling in master’s degree programs in procurement and contract management. They gain a comprehensive grasp of the contract life cycle and the stages thereof.
International, commercial, and government contracts are typically subjects in these graduate programs. Students typically take two years to complete master’s degree programs in procurement and contract management; program graduates can seek advanced positions in contract administration.
Admission criteria typically require incoming students to hold a bachelor’s degree in a business-related area. Varying with undergraduate courses taken and work experience garnered, prerequisite business coursework such as finance and statistics may be required. Applicants with analytical thinking skills, communication skills and orientation to detail may be preferable.
The primary focus is on decision-making and real-world problem-solving through hands-on applications, team exercises, and lectures. Students will increase their knowledge of financial analysis, legal and ethical issues, risk management, and contract negotiation. Courses cover the areas of contract management, such as legal issues, federal procurement, and international contracting and outsourcing. Students gain expertise on regulatory requirements and the procurement process through core courses such as:
•Purchasing and logistics
•Supply chain management
Job and Wage Outlook
Over the 2012 – 2022 decade, a job growth of twelve percent has been predicted for administrative services managers of all types, including contract administrators (U.S. Bureau of Labor Statistics). In May 2012, administrative services managers, including contract administrators, brought in an average annual wage of $81,080 (BLS). Those occupied as members of management teams for enterprises and businesses earned $100,480 per annum, on average.
Continuing Education Choices
Program graduates may seek professional certification as offered by organizations like the National Contract Management Association. Three kinds of certification, including professional, commercial and federal contracts, are available to those who hold an undergraduate degree and have completed some continuing professional education hours. After students satisfy the required norms, they can take the applicable exams.