Contract Management Certification

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.

Featured Programs

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.

Eligibility requirements:

• 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.
Eligibility requirements:

• 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.
Eligibility requirements:

• 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.
Eligibility requirements:

• Open for individuals who are not in the military, and are not a federal employee

The International Association for Contract & Commercial Management (IACCM)
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)

Eligibility requirements:

• 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

Eligibility requirements:

• 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:

Contract Specialist

• Annual Salary range: $39,170 - $62,297
• Department: Department of the Air Force
• Series and grade: GS-1102-07/09

Contract Administrator

• 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.

How long does it take to complete a Contract Management Certification?

There are a number of organizations that offer Contract Management Certification. For example, the International Association for Contract & Commercial Management (IACCM) offers certificates in Fundamentals of Contract & Commercial Management, Supplier Relationship Management and Contract & Commercial Management. These certification programs are generally self-paced and can take around 3-6 months to complete.

What are the requirements to complete a Contract Management Certification?

In order to get the certification, the students have to follow a number of procedures. For example, IACCM requires applicants to complete a Skills and Experience Assessment, after which a customized development plan is handed over to them. This plan recommends a certification program suited to the applicants’ needs. The students are then required to study approximately 30 modules (depending upon the program level). The program includes module tests, video/audio presentations and a final program exam, which covers the entire curriculum.

How much can I make after completing a Contract Management Certification?

If you are passionate about a long term career in contract management, then a certification could help you move up the corporate ladder. According to the US Bureau of Labor Statistics, the annual median pay of Purchasing Managers (also referred to as Contract Managers) was $67,600 in 2018. The number of jobs in this field in 2016 was 520,400.