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Cost accountant vs cost analyst

The differences between cost accountants 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 cost accountant and a cost analyst. Additionally, a cost accountant has an average salary of $60,528, which is higher than the $54,158 average annual salary of a cost analyst.

The top three skills for a cost accountant include reconciliations, variance analysis and GAAP. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.

Cost accountant vs cost analyst overview

Cost AccountantCost Analyst
Yearly salary$60,528$54,158
Hourly rate$29.10$26.04
Growth rate6%3%
Number of jobs39,92560,034
Job satisfaction--
Most common degreeBachelor's Degree, 77%Bachelor's Degree, 74%
Average age4447
Years of experience44

What does a cost accountant do?

A cost accountant specializes in determining the total cost incurred by a company from producing goods and services. Through the various financial data they collect, the cost accountant will devise plans and strategies that will be a vital factor in the next budget and marketing preparations of a company. Aside from this, a cost accountant is responsible for various tasks such as conducting research and analysis in different areas, keeping financial records and inventory, producing financial reports involving profitability and expenditures, and proposing a budget and other financial plans.

What does a cost analyst do?

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.

Cost accountant vs cost analyst salary

Cost accountants and cost analysts have different pay scales, as shown below.

Cost AccountantCost Analyst
Average salary$60,528$54,158
Salary rangeBetween $45,000 And $81,000Between $39,000 And $73,000
Highest paying CityEdison, NJWashington, DC
Highest paying stateNew JerseyVirginia
Best paying companyGoogleGeneral Motors
Best paying industryEnergyAutomotive

Differences between cost accountant and cost analyst education

There are a few differences between a cost accountant and a cost analyst in terms of educational background:

Cost AccountantCost Analyst
Most common degreeBachelor's Degree, 77%Bachelor's Degree, 74%
Most common majorAccountingBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Cost accountant vs cost analyst demographics

Here are the differences between cost accountants' and cost analysts' demographics:

Cost AccountantCost Analyst
Average age4447
Gender ratioMale, 52.6% Female, 47.4%Male, 54.2% Female, 45.8%
Race ratioBlack or African American, 8.7% Unknown, 4.0% Hispanic or Latino, 11.0% Asian, 12.2% White, 63.7% American Indian and Alaska Native, 0.5%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 Percentage7%13%

Differences between cost accountant and cost analyst duties and responsibilities

Cost accountant example responsibilities.

  • Manage ledgers and perform month end journal entries.
  • Manage the payroll with ADP system and account receivable.
  • Manage costing control as well as accounts payable (A/P) and accounts receivable (A/R).
  • Prepare internal financial reports for treasury manage accounts include in external compliance reports.
  • Prepare raw material and WIP inventory reconciliations.
  • Develop tracking of GAAP inventory valuation for all inventory inherit from the bankrupt former company.
    • Show more

Cost analyst example responsibilities.

  • Manage general ledger expense accounts assign to ERP implementation project.
  • Develop, maintain financial models/applications (VBA Excel/Access) to automate and streamline business processes and perform financial analysis.
  • Perform cost control, revenue analysis and variance analysis for several DOD contracts.
  • Identify parts that need to be realign to correct WBS s in order to bring costs inline.
  • Ensure that purchase orders and work orders are setup in accordance with establish DuPont procedures and appropriate WBS structures.
  • Perform fixed asset and manufacturing accounting within ERP system.
    • Show more

Cost accountant vs cost analyst skills

Common cost accountant skills
  • Reconciliations, 9%
  • Variance Analysis, 6%
  • GAAP, 4%
  • Account Reconciliations, 3%
  • Cost Analysis, 3%
  • Financial Analysis, 3%
Common cost analyst skills
  • Cost Analysis, 8%
  • Financial Analysis, 6%
  • Cost Estimates, 6%
  • Data Analysis, 4%
  • DOD, 4%
  • Variance Analysis, 4%

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Updated January 8, 2025

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