Cost analyst vs accounting analyst

The differences between cost analysts and accounting 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 analyst and an accounting analyst. Additionally, an accounting analyst has an average salary of $58,399, which is higher than the $54,158 average annual salary of a cost analyst.

The top three skills for a cost analyst include cost analysis, financial analysis and cost estimates. The most important skills for an accounting analyst are reconciliations, customer service, and account reconciliations.

Cost analyst vs accounting analyst overview

	Cost Analyst	Accounting Analyst
Yearly salary	$54,158	$58,399
Hourly rate	$26.04	$28.08
Growth rate	3%	6%
Number of jobs	60,034	81,097
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 74%	Bachelor's Degree, 74%
Average age	47	44
Years of experience	4	4

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.

What does an accounting analyst do?

An accounting analyst is responsible for supporting the accounting operations of an organization, analyzing financial transactions and financial statements, and resolving account discrepancies. Accounting analysts interpret financial data by consolidating account transactions, performing account reconciliation, and managing account receivables. They also assist in preparing and releasing invoices, issuing billing statements, and creating comprehensive financial reports on the company's budget and expenses. An accounting analyst must have excellent knowledge of the accounting principles and disciplines, as well as extensive analytical and communication skills to perform duties and meet deadlines under minimal supervision.

Cost analyst vs accounting analyst salary

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

	Cost Analyst	Accounting Analyst
Average salary	$54,158	$58,399
Salary range	Between $39,000 And $73,000	Between $42,000 And $79,000
Highest paying City	Washington, DC	San Francisco, CA
Highest paying state	Virginia	New York
Best paying company	General Motors	Google
Best paying industry	Automotive	Finance

Differences between cost analyst and accounting analyst education

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

	Cost Analyst	Accounting Analyst
Most common degree	Bachelor's Degree, 74%	Bachelor's Degree, 74%
Most common major	Business	Accounting
Most common college	University of Pennsylvania	University of Pennsylvania

Cost analyst vs accounting analyst demographics

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

	Cost Analyst	Accounting Analyst
Average age	47	44
Gender ratio	Male, 54.2% Female, 45.8%	Male, 41.6% Female, 58.4%
Race ratio	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%	Black or African American, 8.7% Unknown, 4.0% Hispanic or Latino, 11.0% Asian, 14.3% White, 61.6% American Indian and Alaska Native, 0.5%
LGBT Percentage	13%	7%

Differences between cost analyst and accounting analyst duties and responsibilities

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

Accounting analyst example responsibilities.

Manage and process all ACH, EFT and wire transfer transactions daily (debit or credits).
Manage reconciling monthly discrepancies between ERP transfers.
Manage budget submissions by subsidiaries in Europe/AFNE region in Hyperion.
Establish investment objectives to efficiently manage IPO proceeds within state risk parameters.
Maintain accounting controls by following GAAP and internal accounting policies; maintain financial security by following internal controls.
Review and approve monthly general ledger and bank account reconciliations for special condition accounts to ensure procedural consistency and compliance.

Show more

Cost analyst vs accounting analyst skills

Common cost analyst skills

Cost Analysis, 8%
Financial Analysis, 6%
Cost Estimates, 6%
Data Analysis, 4%
DOD, 4%
Variance Analysis, 4%

Common accounting analyst skills

Reconciliations, 12%
Customer Service, 7%
Account Reconciliations, 6%
GAAP, 5%
Strong Analytical, 4%
Payroll, 4%

Cost Analyst vs. similar jobs

Cost Analyst related careers

Cost Analyst related jobs

What similar roles do

Updated January 8, 2025

Browse business and financial jobs

A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
X
Y
Z