As a contract specialist III, you play an essential role in managing the purchasing and procurement processes for an organization. You work closely with vendors and suppliers to negotiate contracts, analyze proposals, and ensure that contracts comply with legal and regulatory requirements.
But how much can you expect to earn in this position? Let’s take a closer look at the contract specialist III salary, including factors that can impact earnings.
According to data from the Bureau of Labor Statistics, the median annual salary for contract specialists was $69,600 as of May 2019. However, this figure can vary widely based on several factors, including industry, experience, and location.
Industry
The industry in which you work can have a significant impact on your earning potential as a contract specialist III. For example, those working in the federal government typically earn the highest salaries, with a median annual income of $89,700. On the other hand, those working in local government may earn a median of $64,100 per year.
Experience
As with many professions, experience can play a significant role in determining your salary. Those with more experience in contract management may be able to command higher salaries. For example, a contract specialist with three to five years of experience might earn an average salary of $83,000, while someone with more than 10 years of experience could earn $108,000 or more.
Location
Finally, your location can also impact your earnings as a contract specialist III. Some of the highest-paying cities for this profession include Washington, D.C., San Francisco, and New York City. In contrast, those working in smaller cities or rural areas may earn less.
Ultimately, the salary for a contract specialist III can vary significantly based on several factors. By considering industry, experience, and location, you can gain a better understanding of what you can expect to earn in this position.
