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The differences between cost analysts and 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 analyst. Additionally, an analyst has an average salary of $73,007, 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 analyst are customer service, troubleshoot, and data analysis.
| Cost Analyst | Analyst | |
| Yearly salary | $54,158 | $73,007 |
| Hourly rate | $26.04 | $35.10 |
| Growth rate | 3% | 11% |
| Number of jobs | 60,034 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 67% |
| Average age | 47 | 44 |
| Years of experience | 4 | 4 |
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.
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Cost analysts and analysts have different pay scales, as shown below.
| Cost Analyst | Analyst | |
| Average salary | $54,158 | $73,007 |
| Salary range | Between $39,000 And $73,000 | Between $53,000 And $99,000 |
| Highest paying City | Washington, DC | Jersey City, NJ |
| Highest paying state | Virginia | New Jersey |
| Best paying company | General Motors | The Citadel |
| Best paying industry | Automotive | Technology |
There are a few differences between a cost analyst and an analyst in terms of educational background:
| Cost Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Northwestern University |
Here are the differences between cost analysts' and analysts' demographics:
| Cost Analyst | Analyst | |
| Average age | 47 | 44 |
| Gender ratio | Male, 54.2% Female, 45.8% | Male, 52.4% Female, 47.6% |
| 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, 7.4% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 13% | 12% |