Also known as Acquisition Cost Estimator, Construction Estimator, Cost Analyst, Cost Consultant, Cost Engineer, Cost Estimator, Estimator
Also known as Acquisition Cost Estimator, Construction Estimator, Cost Analyst
Cost Analysts prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service.
In addition, Cost Analysts may specialize according to particular service performed or type of product manufactured.
Cost Analysts are often responsible for overseeing or executing some or all of the following tasks:
The above responsibilities are specific to Cost Analysts. More generally, Cost Analysts are involved in several broader types of activities:
The median salary for a Cost Analyst is $66,610, and the average salary is $72,960. Both the median and average roughly describe the middle of the Cost Analyst salary range, but the average is more easily affected by extremely high or low salaries.
Many Cost Analysts earn significantly more or less than the average, due to several factors. About 10% of Cost Analysts earn less than $40,380 per year, 25% earn less than $51,980, 75% earn less than $88,460, and 90% earn less than $114,360.
Between the years of 2020 and 2030, the number of Cost Analysts is expected to change by 0.6%, and there should be roughly 17,800 open positions for Cost Analysts every year.
Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.
Compared to most occupations, those who work as a Cost Analyst are usually higher in their Enterprising and Conventional interests.
Cost Analysts typically have very strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
Also, Cost Analysts typically have very strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
People differ in their values, or what is most important to them for building job satisfaction and fulfillment.
Compared to most people, those working as a Cost Analyst tend to value Relationships, Independence, and Working Conditions.
Most importantly, Cost Analysts moderately value Relationships. Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment.
Second, Cost Analysts moderately value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.
Lastly, Cost Analysts moderately value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.
Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.
In order to perform their job successfully, people who work as Cost Analysts must consistently demonstrate qualities such as attention to detail, analytical thinking, and integrity.
Below, you'll find a list of qualities typically required of Cost Analysts, ranked by importance:
Many Cost Analysts will have a four-year bachelor's degree, but some do not.
Cost Analysts usually need several years of work-related experience, on-the-job training, and/or vocational training.
Cost Analysts may benefit from understanding of specialized subject areas, such as mathematics, engineering and technology, or building and construction knowledge.
The list below shows several areas in which most Cost Analysts might want to build proficiency, ranked by importance.
Cost Analysts must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.
For example, Cost Analysts need abilities such as oral comprehension, oral expression, and inductive reasoning in order to perform their job at a high level. The list below shows several important abilities for Cost Analysts, ranked by their relative importance.
Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.
Cost Analysts frequently use skills like mathematics, reading comprehension, and critical thinking to perform their job effectively. The list below shows several critical skills for Cost Analysts, ranked by their relative importance.
The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.
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