Find The Best Cost Analyst Jobs For You

Where do you want to work?

0 selections

Cost Analyst Careers

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 $24.66 an hour? That's $51,301 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.

When it comes to the most important skills required to be a cost analyst, we found that a lot of resumes listed 11.7% of cost analysts included financial statements, while 7.5% of resumes included cost analysis, and 6.1% of resumes included cost estimates. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the cost analyst job title. But what industry to start with? Most cost analysts actually find jobs in the manufacturing and technology industries.

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 53.7% of cost analysts have a bachelor's degree. In terms of higher education levels, we found that 30.1% 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.

What is the right job for my career path?

Tell us your goals and we'll match you with the right jobs to get there.

Average Salary
$51,301
Average Salary
Job Growth Rate
4%
Job Growth Rate
Job Openings
28,629
Job Openings

Cost Analyst Career Paths

Top Careers Before Cost Analyst

Top Careers After Cost Analyst

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Cost Analyst

Cost Analysts in America make an average salary of $51,301 per year or $25 per hour. The top 10 percent makes over $68,000 per year, while the bottom 10 percent under $38,000 per year.
Average Salary
$51,301

Best Paying Cities

City
ascdesc
Average Salarydesc
Waltham, MA
Salary Range54k - 80k$66k$66,392
Silver Spring, MD
Salary Range51k - 74k$62k$61,800
New York, NY
Salary Range50k - 74k$62k$61,651
Cleveland, OH
Salary Range47k - 69k$58k$57,644
San Francisco, CA
Salary Range45k - 71k$57k$56,609
Charlotte, NC
Salary Range46k - 67k$56k$56,087
$37k
$80k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Cost Analyst
Cost Analyst
Randstad
Randstad
01/29/2021
01/29/2021
$55,00001/29/2021
$55,000
Project Cost Analyst
Project Cost Analyst
Randstad
Randstad
01/29/2021
01/29/2021
$83,48001/29/2021
$83,480
Analyst II-Cost Estimating & Pricing
Analyst II-Cost Estimating & Pricing
Ball Corporation
Ball Corporation
01/28/2021
01/28/2021
$59,00001/28/2021
$59,000
Project Cost Analyst
Project Cost Analyst
Randstad
Randstad
01/26/2021
01/26/2021
$83,48001/26/2021
$83,480
Cost Analyst
Cost Analyst
Godshall Recruiting
Godshall Recruiting
01/20/2021
01/20/2021
$41,74001/20/2021
$41,740
See More Recent Salaries

Calculate your salary

Use Zippia's Salary Calculator to see how your pay matches up.

Cost Analyst Resumes

Designing and figuring out what to include on your resume can be tough, not to mention time-consuming. That's why we put together a guide that is designed to help you craft the perfect resume for becoming a Cost Analyst. If you're needing extra inspiration, take a look through our selection of templates that are specific to your job.

Learn How To Write a Cost Analyst Resume

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

View Detailed Information

Cost Analyst Demographics

Gender

male

50.9 %

female

43.8 %

unknown

5.3 %

Ethnicity

White

60.0 %

Black or African American

13.7 %

Hispanic or Latino

13.5 %

Foreign Languages Spoken

Spanish

49.1 %

French

7.8 %

German

6.0 %
See More Demographics

Cost Analyst Education

Majors

Business
33.8 %
Finance
16.6 %

Degrees

Bachelors

53.7 %

Masters

30.1 %

Associate

6.6 %

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 • Public

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 • Public

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 • Public

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

10. New York University

New York, NY • Private

In-State Tuition
$51,828
Enrollment
26,339
See More Education Info
Job type you want
Full Time
Part Time
Internship
Temporary

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%
  • See All Cost Analyst Skills

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 Massachusetts, Virginia, West Virginia, and Vermont. Cost analysts make the most in Massachusetts with an average salary of $66,442. Whereas in Virginia and West Virginia, they would average $65,819 and $63,941, respectively. While cost analysts would only make an average of $63,049 in Vermont, 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:
$110,000
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:
$93,000
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. Massachusetts

Total Cost Analyst Jobs:
967
Highest 10% Earn:
$95,000
Location Quotient:
1
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
View Full List

How Do Cost Analyst Rate Their Jobs?

Working as a Cost Analyst? Share your experience anonymously.
Rate
Do you work as a Cost Analyst?
Rate how you like work as Cost Analyst. It's anonymous and will only take a minute.
Rate

Top Cost Analyst Employers

1. Lockheed Martin
4.9
Avg. Salary: 
$66,013
Cost Analysts Hired: 
132+
2. Boeing
4.9
Avg. Salary: 
$65,342
Cost Analysts Hired: 
108+
3. Ford Motor Company
4.8
Avg. Salary: 
$69,662
Cost Analysts Hired: 
60+
4. Jacobs Engineering Group
4.7
Avg. Salary: 
$53,627
Cost Analysts Hired: 
48+
5. Northrop Grumman
4.7
Avg. Salary: 
$65,713
Cost Analysts Hired: 
41+
6. L3 Technologies
4.8
Avg. Salary: 
$63,283
Cost Analysts Hired: 
36+

Cost Analyst Videos

Updated October 2, 2020