What is a Cost Analyst

Cost analysts are mainly responsible for gathering financial data and analyzing them to find discrepancies and inefficiencies. They perform these tasks to reduce costs and understand how markets are performing in the industry. They conduct market research and utilize different financial software to analyze and track organizational expenses.

Cost analysts earn a median salary of $61,000 annually or $29 per hour. Cost analysts serve as the bridge between the accounting department, customers, managers, and any other department involved in an endeavor's finances. They keep records of daily accounting and bookkeeping duties while reviewing these assessments with project stakeholders to monitor costs and keep them in line with the original budget.

Due to the nature of the job, cost analysts are required to possess excellent math, accounting, and analytical skills to succeed. In terms of academic qualifications, cost analysts have a bachelor's degree with strong business or financial training, such as finance, accounting, or business administration. Employers prefer candidates with an aptitude to succeed in a thriving and deadline-oriented environment. They are also expected to have some years of proven experience as an analyst in supply chain or finance.

There is more than meets the eye when it comes to being a Cost Analyst. For example, did you know that they make an average of $30.4 an hour? That's $63,234 a year!

Between 2018 and 2028, the career is expected to grow 4% and produce 2,400 job opportunities across the U.S.

What Does a Cost Analyst Do

There are certain skills that many Cost Analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Writing skills, Analytical skills and Communication skills.

Learn more about what a Cost Analyst does

How To Become a Cost Analyst

If you're interested in becoming a Cost Analyst, one of the first things to consider is how much education you need. We've determined that 74.0% of Cost Analysts have a bachelor's degree. In terms of higher education levels, we found that 12.1% of Cost Analysts have master's degrees. Even though most Cost Analysts have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a Cost Analyst. When we researched the most common majors for a Cost Analyst, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Cost Analyst resumes include Associate Degree degrees or High School Diploma degrees.

You may find that experience in other jobs will help you become a Cost Analyst. In fact, many Cost Analyst jobs require experience in a role such as Finance Analyst. Meanwhile, many Cost Analysts also have previous career experience in roles such as Cost Accountant or Accountant.

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And if you’re looking for a job, here are the five top employers hiring now:

  1. Chevron Jobs (15)
  2. IBM Jobs (28)
  3. Science Applications International Jobs (20)
  4. General Electric Jobs (27)
  5. Kimberly-Clark Jobs (23)
Average Salary
$63,234
Average Salary
Job Growth Rate
4%
Job Growth Rate
Job Openings
43,837
Job Openings
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Average Salary for a Cost Analyst

Cost Analysts in America make an average salary of $63,234 per year or $30 per hour. The top 10 percent makes over $84,000 per year, while the bottom 10 percent under $47,000 per year.
Average Salary
$63,234
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12 Cost Analyst Resume Examples

Learn How To Write a Cost Analyst Resume

At Zippia, we went through countless Cost Analyst resumes and compiled some information about how to optimize them. Here are some suggestions based on what we found, divided by the individual sections of the resume itself.

View Cost Analyst Resume Examples And Templates

And if you’re looking for a job, here are the five top employers hiring now:

  1. Chevron Jobs (15)
  2. IBM Jobs (28)
  3. Science Applications International Jobs (20)
  4. General Electric Jobs (27)
  5. Kimberly-Clark Jobs (23)

Choose From 10+ Customizable Cost Analyst Resume templates

Zippia allows you to choose from different easy-to-use Cost Analyst templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Cost Analyst resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.

Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume
Cost Analyst Resume

Cost Analyst Demographics

Cost Analyst Gender Statistics

male

54.2 %

female

45.8 %

Cost Analyst Ethnicity Statistics

White

64.9 %

Hispanic or Latino

13.7 %

Black or African American

11.1 %

Cost Analyst Foreign Languages Spoken Statistics

Spanish

49.1 %

French

7.8 %

German

6.0 %
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Cost Analyst Education

Cost Analyst Majors

31.4 %
14.4 %

Cost Analyst Degrees

Bachelors

74.0 %

Masters

12.1 %

Associate

10.1 %

Top Colleges for Cost Analysts

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

3. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-State Tuition
$9,808
Enrollment
13,990

5. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

6. San Diego State University

San Diego, CA • Private

In-State Tuition
$7,488
Enrollment
30,018

7. Bentley University

Waltham, MA • Private

In-State Tuition
$49,880
Enrollment
4,177

8. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-State Tuition
$9,625
Enrollment
17,407

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
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Online Courses For Cost Analyst That You May Like

Cost Accounting: Introduction to Management Accounting
udemy
4.4
(799)

Learn Cost Accounting for Management. Includes Process Costing, ABC Systems, Variance Analysis, Cash Budgets and more...

Cost Reduction: Cut Costs and Maximise Profits
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4.6
(462)

Cost cutting & cost reduction for a profit focused business...

Projects Cost Management, Estimating, Budgeting and Control.
udemy
4
(955)

Learn how to estimate costs for any project, how to determine budget and how to use Earned Value Management tools. 3 PDU...

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Top Skills For a Cost Analyst

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 11.7% of Cost Analysts listed Financial Statements on their resume, but soft skills such as Writing skills and Analytical skills are important as well.

  • Financial Statements, 11.7%
  • Cost Analysis, 7.5%
  • Cost Estimates, 6.1%
  • Cost Reduction, 4.4%
  • Data Analysis, 4.2%
  • Other Skills, 66.1%

Best States For a Cost Analyst

Some places are better than others when it comes to starting a career as a Cost Analyst. The best states for people in this position are Virginia, Connecticut, West Virginia, and Maine. Cost Analysts make the most in Virginia with an average salary of $74,778. Whereas in Connecticut and West Virginia, they would average $73,715 and $70,868, respectively. While Cost Analysts would only make an average of $70,641 in Maine, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. District of Columbia

Total Cost Analyst Jobs:
467
Highest 10% Earn:
$125,000
Location Quotient:
2.65
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Virginia

Total Cost Analyst Jobs:
1,544
Highest 10% Earn:
$101,000
Location Quotient:
1.56
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. Michigan

Total Cost Analyst Jobs:
798
Highest 10% Earn:
$93,000
Location Quotient:
0.98
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
Full List Of Best States For Cost Analysts

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Top Cost Analyst Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ Cost Analysts and discovered their number of Cost Analyst opportunities and average salary. Through our research, we concluded that Lockheed Martin was the best, especially with an average salary of $61,514. Boeing follows up with an average salary of $61,200, and then comes Ford Motor with an average of $64,621. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a Cost Analyst. The employers include Cigna, Science Applications International, and Rockwell Collins

Cost Analyst Videos