If you are looking to pursue a career as a commercial contracts manager in the UK, you might be wondering how much you can expect to earn. The salary for this role can vary depending on several factors, such as your level of experience, industry, location, and company size. Here is a closer look at the average commercial contracts manager salary in the UK and what factors can influence it.
Commercial contracts managers are responsible for negotiating, drafting, and managing contracts between businesses. They ensure that all parties involved comply with the terms of the contract and resolve any disputes that may arise. These professionals typically work in industries such as finance, construction, technology, healthcare, and telecommunications.
According to data from jobsite Indeed, the average salary for a commercial contracts manager in the UK is £50,500 ($70,600) per year. This figure is based on salaries submitted anonymously by commercial contracts managers and job ads posted on Indeed over the past 36 months. However, this is just an average, and your salary can vary depending on several factors.
One of the main factors that can affect your salary as a commercial contracts manager is your level of experience. Entry-level contracts managers can expect to earn around £25,000 ($34,900) per year, while those with 5-10 years of experience can earn up to £70,000 ($97,600) per year. Senior commercial contracts managers with over 10 years of experience can earn upwards of £100,000 ($139,200) per year.
The industry you work in can also have an impact on your salary. For instance, commercial contracts managers in the finance and legal sectors tend to earn more than those in the healthcare and nonprofit sectors. According to data from Glassdoor, the average salary for a commercial contracts manager in the finance industry is £62,800 ($87,200) per year, while those in the legal industry can earn up to £74,000 ($103,000) per year.
Location is another important factor that can influence your salary as a commercial contracts manager. Salaries vary widely across different regions of the UK, with London typically offering the highest salaries. According to data from Payscale, commercial contracts managers in London can earn up to 20% more than those in other parts of the country. Other high-paying regions for this profession include Manchester, Birmingham, and Edinburgh.
Lastly, the size and type of company you work for can also affect your salary. Large multinational firms tend to offer higher salaries and more benefits than smaller companies. Additionally, certain industries such as finance and technology are known for offering generous compensation packages to commercial contracts managers.
In summary, the average salary for a commercial contracts manager in the UK is £50,500 ($70,600) per year, but this can vary depending on your level of experience, industry, location, and company size. If you are considering a career in this field, it`s important to research the current job market and average salaries in your chosen industry and location to make an informed decision about your earning potential.