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Procurement & Contracting MBA

February 7, 2014 7:28 pm0 commentsViews: 376

A Master’s Degree in Procurement and Contract Management will prepare students for advanced employment opportunities dealing with contract administration. Students will gain a depth of understanding of contracts and how they pass through various stages of development.

What Is a Procurement & Contracting MBA?

This area of study is specifically designed for those who have already entered into the field of contract administration. With their previous skill level they have a strong foundation to base their new knowledge and understanding of the strategies and operations of federal procurement practices. Students who embark on this field of study will enhance the knowledge they already have in regards to legal and ethical issues, financial analysis, contract negotiation, and risk management.

Adding to that, they can expect more in depth focus on commercial, international, and government contracts that will require them to develop a keen ability to focus on detail, strengthen their communication skills, and become an analytic thinker.

Procurement (sometimes referred to as acquisition) and contract management studies involve developing a method of buying and acquiring services and the art of managing the agreements that result. While an individual may be able to enter a specific field without holding a Master’s, they will usually need to obtain one before they can hope to advance to a higher position.

This course of study is usually a part of a standard master’s program or a specialization within an MBA program. This means that you will be required to meet a prerequisite body of studies before you can enter such a program.

Specific Requirements

Before you can enter into this type of program, most universities will require you to have a bachelor’s degree in a business-related field and previous work experience of undergraduate courses in statistics and finance or a similarly related level of coursework.

Types of Courses to Expect

Those pursuing a Procurement & Contracting MBA can expect a course of study that will focus on real life problem solving issues many businesses face today. They will get first hand practice in hands on applications, lectures, decision making strategies while working in teams.

Course work will cover areas of contract management, federal procurement, legal aspects, and the varying structures of international contracting and outsourcing. Expect to see core subjects like:

  • Government Contracting
  • Organizational Theory
  • Financial Decision-Making
  • Economic Analysis
  • Contract Law
  • Purchasing and Logistics
  • Business Ethics
  • Corporate Finance
  • Contract Negotiating
  • Supply Chain Management

Areas of Specialization

For those students who are looking to specialize in a particular area of contract management, there are a number of opportunities they can choose to concentrate on. Advanced concepts in contract acquisition, procurement, and negotiations make up the core of this course of study; however, a concentration in government contracting or strategies and techniques in contract procurement could be a possibility. The specialized programs can build up on existing knowledge in areas like government contracting law, contract negotiations, and procurement manager.

Salary and Career Path

Most students who pursue this avenue of study are already employed in government agencies or corporations that already hold government contracts. However, there are also private industries that require employees with these types of skills. Procurement and Contract professionals can expect to find employment in a vast number of industries including hospitality, construction, and telecommunications. Jobs like Contract administrator, Cost Estimator, and Purchasing Manager are in increasing demand in the private sector.

Most employers will require at least some level of continuing education to be maintained as a requirement for advancement. According to the US Bureau of Labor Statistics, there is an estimated average job growth of 15% for administrative service managers and contract administrators over the course of the next 5 years. The reason for this is that more and more businesses are contracting out or outsourcing much of their work and they need contract professionals to negotiate, acquire, manage, and supervise these contracts over their lifetime.

Employment opportunities in the future will vary depending on the industry that is hiring, but it is realistic to expect that a demand for contract management will be needed in the area of healthcare, wholesales, retail, and computer systems in the near future.

Those with a goal of working in mid to high level purchasing and contract management positions will be most likely able to find a lucrative position in these industries.

The average salary for those with a Procurement and Contract Management degree can range anywhere from $81,000 for contract administrators to management team members making as much as $100,480.