A Cost Analyst in the financial industry is someone who analyzes all the cost’s that the company deals with on a daily, weekly, monthly, and even yearly basis. By using this information, the Cost Analyst creates reports to give to managers and other members in the company and works with them in order to cut costs or to manage their time better. Because all companies are trying to reduce costs while making adjustments in an expensive world, the jobs of Cost Analysts are widely sought after and highly competitive. Each company is trying to better their competition while saving money in the long run, and because of this, a Cost Analyst position is one of the most popular and sought after for young accountants just coming out of college.
The job description of a Cost Analyst goes well beyond the minimal ideas mentioned in the previous paragraph. In addition to cost-benefit analyzing reports and understanding the cost for each production unit. By knowing the tiny details and numbers associated with all the costs within the company, the Cost Analyst works to match costs for the customers to make certain for profitability. In addition to these items on their job description, Cost Analyst also assist with drawing up a budget for a company and may be asked to help train other company employees on good cost management and time management practices.
To be considered for the position of Cost Analyst in the financial field, you must have an accounting degree from an accredited university as well as a very strong background in cost accounting. In addition, it may be required of you to take and pass the Certified Management Accountant exam and possibly a series of exams from the Institute of Management Accountants. There are also a very special set of skills that are directly associated with the job description of a Cost Analyst. The most obvious of these skills is the necessity of understanding accounting and cost accounting programs for the computer followed by being completely proficient in all Microsoft and Excel program. The fact that the Cost Analyst may be asked to teach money and time savings skills to other employees will require the individual to have outstanding verbal and written communication skills.
With the job of a Cost Analyst being such a sought after job, it is extremely important to get as much education toward this job to give yourself the best opportunity to be hired.