4 Reasons to Choose a Career in Contract Management
Whether you are a recent graduate or a seasoned professional looking for a career change, you should look at the field of contract management. In an IACCM webinar titled, “A Career in Contract & Commercial Management: At A Cross-Roads,” Dipesh Tailor, an IACCM Advisory Council Member, reviewed some key findings from a survey of contract managers. Joining him on the webinar were two contract management recruitment specialists: Steve Levett (SL), Director, Owner of Levett John, Ltd. and Ben Arguile (BA), Managing Director of Arguile Search.
Editor’s Note: To learn more, download our whitepaper on contract management best practices.
Here are the key findings and insights from that discussion.
1. Contract management develops several key business skills.
According to IACCM data, 88% of surveyed contract managers would recommend contract management as a good starting point in a professional business career. The nature of contract management provides professionals several opportunities to develop skills in project management, budgeting, risk management, accounting, financial modeling, and business law. Both Levett and Arguile recommend young professionals entering the field to take advantage of training development programs offered by their employers. As Arguile points out, “early grounding in contract management exposes entrants to the most important functions of a business and typically produces a very rounded, commercially savvy professional whose skills add value across the business.”
2. Contract management provides growth opportunities.
79% of surveyed contract managers pointed out that they have at least one growth opportunity available to them. Additionally, 32% of them indicated they have a good to unlimited career path, meaning at least at least two to three levels available for advancement. While there is a clear opportunity for growth within the field, it is critical for contract managers to set the stage for those opportunities. Hence, the importance of taking on continuous professional training, mentoring opportunities, and keeping on top of internal and external career openings.
3. Contract management provides tangible value.
Unlike other business fields, contract management provides you with the opportunity to develop tangible skills that are valuable to potential employers. For example, the IACCM certification is a common requirement for several contract management-related positions. Another benefit is the knowledge of specific enterprise contract management systems, which accelerates the contract management lifecycle within an industry such as health services or human resources. Finally, contract management allows you to develop skills that are applicable in multiple sectors. By choosing contract management, you develop skills that are far from “fuzzy” and attractive to employers.
4. Contract management provides the opportunity to shine.
Levett explains, “Over the years almost 75% of interim roles I have covered were for post-signature experts. In almost every case, the client didn’t allocate post-signature support and something went severely awry. I’d say nearly 100% of these placements resulted in recovering the contract and retaining customer satisfaction, savings, observation of lack of compliance and governance within the business, and a lot of cases ramped up within the existing contract.” Post-signature support is a great opportunity to show ROI from your activities and prove your worth to a company. Take an interest in activities related to post-signature support in order to create a good track record.
Contract management proves to be a savvy career choice because the field provides you opportunities to develop outstanding professional and technical skills that are always in demand.