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Cost accountant vs project accountant

The differences between cost accountants and project accountants 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 project accountant. Additionally, a cost accountant has an average salary of $60,528, which is higher than the $60,467 average annual salary of a project accountant.

The top three skills for a cost accountant include reconciliations, variance analysis and GAAP. The most important skills for a project accountant are reconciliations, project management, and contract terms.

Cost accountant vs project accountant overview

Cost AccountantProject Accountant
Yearly salary$60,528$60,467
Hourly rate$29.10$29.07
Growth rate6%6%
Number of jobs39,92543,672
Job satisfaction-5
Most common degreeBachelor's Degree, 77%Bachelor's Degree, 72%
Average age4444
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 project accountant do?

A project accountant is primarily in charge of overseeing the budget and expenditures allocated for various projects within a company. Their responsibilities revolve around reviewing financial data and work plans, managing billing and financial reports, monitoring the flow of revenue, filing purchase orders and invoices, and processing payments to subcontractors, suppliers, and more. It is also vital to coordinate with all managing personnel to prepare necessary reports such as costs and taxes. Furthermore, it is essential to maintain data and records of all transactions, all while implementing the company's policies and regulations.

Cost accountant vs project accountant salary

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

Cost AccountantProject Accountant
Average salary$60,528$60,467
Salary rangeBetween $45,000 And $81,000Between $46,000 And $79,000
Highest paying CityEdison, NJWashington, DC
Highest paying stateNew JerseyNew Jersey
Best paying companyGooglePerficient
Best paying industryEnergyProfessional

Differences between cost accountant and project accountant education

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

Cost AccountantProject Accountant
Most common degreeBachelor's Degree, 77%Bachelor's Degree, 72%
Most common majorAccountingAccounting
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Cost accountant vs project accountant demographics

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

Cost AccountantProject Accountant
Average age4444
Gender ratioMale, 52.6% Female, 47.4%Male, 36.8% Female, 63.2%
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, 8.7% Unknown, 4.0% Hispanic or Latino, 11.1% Asian, 12.3% White, 63.5% American Indian and Alaska Native, 0.5%
LGBT Percentage7%7%

Differences between cost accountant and project accountant 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

Project accountant example responsibilities.

  • Maintain general ledgers, manage cash flow, prepare financial statements and bank reconciliations for multiple development and construction projects.
  • Assure timely accurate filing of all Medicare, Medicaid and commercial insurance claims.
  • Review the collection of Medicare, Medicaid and other receivables to ensure monthly goals are met.
  • Used DelTek to find discrepancies in employee charge hours.
  • Serve as major contributor in system conversion to new web-base ERP system.
  • Identify and rectify accounting errors that have incurred in the past and ensure adherence to IFRS.
    • Show more

Cost accountant vs project accountant skills

Common cost accountant skills
  • Reconciliations, 9%
  • Variance Analysis, 6%
  • GAAP, 4%
  • Account Reconciliations, 3%
  • Cost Analysis, 3%
  • Financial Analysis, 3%
Common project accountant skills
  • Reconciliations, 8%
  • Project Management, 6%
  • Contract Terms, 5%
  • Purchase Orders, 4%
  • Deltek, 4%
  • Revenue Recognition, 4%

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Updated January 8, 2025

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