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The differences between contract finance analysts and cost analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a contract finance analyst and a cost analyst. Additionally, a contract finance analyst has an average salary of $64,424, which is higher than the $54,158 average annual salary of a cost analyst.
The top three skills for a contract finance analyst include financial analysis, SQL and cost analysis. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.
| Contract Finance Analyst | Cost Analyst | |
| Yearly salary | $64,424 | $54,158 |
| Hourly rate | $30.97 | $26.04 |
| Growth rate | 9% | 3% |
| Number of jobs | 103,192 | 60,034 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 74% |
| Average age | 40 | 47 |
| Years of experience | 4 | 4 |
A contract finance analyst specializes in evaluating and managing contracts to help companies avoid financial losses and disputes. It is their duty to understand the needs and goals of a company, review contracts thoroughly, analyze the clauses and liabilities, negotiate contract terms, and recommend amendments on behalf of the clients. There are also instances where they must prepare and process documentation, maintain records, and provide departments with cost-effective methods to comply with the contract's obligations. Above all, a contract finance analyst must monitor every amendment and procedure.
Cost Analysts are employees with a strong background in finance or accounting. They are in charge of collecting financial data and analyzing the entries. They study the company's expenses and prepare pertinent reports. Cost Analysts look for inconsistencies in the financial data. This way, they can assist in auditing the company's spending. Cost Analysts also look for inefficiencies. They do so by tracking item costs and department budgets and monitoring department expenses. They are also involved in budget-setting activities.
Contract finance analysts and cost analysts have different pay scales, as shown below.
| Contract Finance Analyst | Cost Analyst | |
| Average salary | $64,424 | $54,158 |
| Salary range | Between $44,000 And $93,000 | Between $39,000 And $73,000 |
| Highest paying City | San Francisco, CA | Washington, DC |
| Highest paying state | Connecticut | Virginia |
| Best paying company | Great American Insurance | General Motors |
| Best paying industry | Finance | Automotive |
There are a few differences between a contract finance analyst and a cost analyst in terms of educational background:
| Contract Finance Analyst | Cost Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between contract finance analysts' and cost analysts' demographics:
| Contract Finance Analyst | Cost Analyst | |
| Average age | 40 | 47 |
| Gender ratio | Male, 52.5% Female, 47.5% | Male, 54.2% Female, 45.8% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | Black or African American, 10.1% Unknown, 4.7% Hispanic or Latino, 16.1% Asian, 8.6% White, 59.5% American Indian and Alaska Native, 1.0% |
| LGBT Percentage | 7% | 13% |