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How to Become a Cost Analyst

Career News May 27, 2014

Can you memorize pricing and inventory data with ease? Are you good with numbers and record keeping? Most of all, do you love traveling and interacting with other people? A cost analyst position may be the job for you.

Cost Analyst’s Role

A cost analyst or estimator is a professional who visits companies directly, perhaps in construction or on the factory floor, so that he or she can make educated decisions about cost. Right away, you can tell this is travel-friendly work and your lifestyle must accommodate this feature.

Your job position involves inspecting the site, discussing strategies, and covering facts with engineers and architects. Your goal is to find out how much money all of these details cost the business. Inaccurate estimates cost millions of dollars a year for small businesses and even greater amounts in corporate, multinational companies.

If you are hired, your daily routine will consist of identifying these factors and reading blueprints in order to prepare an official estimate. You may also have to seek outside help from industry experts if you have an issue to resolve. Computer skills, mathematical ability, and organizational skills go a long way in this type of work. Projecting future costs, including expansion or long-term aging, is another facet of cost estimation.

The company is counting on you to make an accurate projection. Without you, they may lose money and compromise their budget. As if that’s not enough to deal with, there’s also the unpredictability factor that—yes, of course—you have to predict! You have to consider bad weather, shipping problems outside of your jurisdiction, and many other costs that can affect profitability.

Skills and Education

When a hiring executive reads your resume, they will be looking for formal training in an accredited school and the skills you bring to the table. Your work experience is also valuable, but it’s all about what skills you learn from the work experience. If you learn management, or cost estimating, practices from a five-year work history, that’s a positive. Long work hours also introduce you to new computer software, database management and other technicalities you are expected to know.

A bachelor’s degree is most often recommended as a starting point, although extensive experience in construction or manufacturing may suffice for a job. This isn’t a manager’s role necessarily; college is not the most important factor; experience is what counts. Still, you never lose points in the hiring process by showcasing your degree in a mathematics related field. For the coursework, always focus on the most relevant field, such as finance, business, or accounting.

Work experience is desirable, and even an internship in school is better than just textbook knowledge alone. Some companies even hire electricians and plumbers as cost estimators because of their expertise in pricing labor and materials. Lastly, don’t forget about certification, which is offered by the American Society of Professional Estimators.

You can start charting a course to a successful life by seeking higher education now. Plan for your long-term future with the help from a local university or schools listed below.

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5 Program(s) Found
  • Boldly pursue your future in business with an online degree from Post University
  • Degrees at all levels with concentrations in Finance, Marketing, and much more
  • Ranked in the Best Online Bachelors Programs for Veterans by US News & World Report
  • Ranked in the Best Online Bachelor’s Programs by the US News & World Report
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Which career path will you take – Business, Nursing, Education, Psychology? Something else? GCU offers more than 100 majors to get you started!
  • Colangelo College of Business: Features more than 25 programs from the bachelor through the master's level, including several high-demand MBA programs and an accelerated accounting degree.
  • College of Nursing and Health Care Professions: Rich 25-year history providing outstanding health care and nursing degree programs, including an RN to BSN program & master's in nursing degrees.
  • College of Education: Whether you are looking to start or advance your career as a teacher or administrator, GCU offers bachelor’s and master’s in education degrees in key areas.
  • College of Humanities and Social Sciences: Provides a job focused education and features a variety of programs from counseling and psychology to justice studies, history and English literature.
  • Does something else interest you? GCU also offers programs in Doctoral Studies; Theology; Science, Engineering & Technology; and Fine Arts & Production. Speak with an enrollment counselor today!
Good for Working Adults
  • Accredited
  • Online Courses
  • Flexible Scheduling
  • Accelerated Programs
  • Financial Aid
  • Transferable Credits
5 Program(s) Found
  • Johnson & Wales Online - Learn on your schedule
  • Focus on Your Future - Earn Your Master's Degree 100% Online from JWU!
  • online.jwu.edu
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2 Program(s) Found
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