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The differences between cost analysts and business & finance 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 a business & finance analyst. Additionally, a business & finance analyst has an average salary of $70,514, 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 a business & finance analyst are financial analysis, business analysis, and shared services.
| Cost Analyst | Business & Finance Analyst | |
| Yearly salary | $54,158 | $70,514 |
| Hourly rate | $26.04 | $33.90 |
| Growth rate | 3% | 9% |
| Number of jobs | 60,034 | 168,111 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 71% |
| Average age | 47 | 40 |
| 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.
A financial business analyst is also referred to as a business analyst who recommends and enforces corporate efficiency and profitability methods. Financial business analysts analyze the business model and finances of an organization. Their findings serve as the source of their suggestions to improve businesses' budgeting, management, and overall operations. They have the ability to predict the outcome of the decisions made by enterprises. The skills necessary for this job include interpersonal skills, management experience, financial reporting, and strong communication skills.
Cost analysts and business & finance analysts have different pay scales, as shown below.
| Cost Analyst | Business & Finance Analyst | |
| Average salary | $54,158 | $70,514 |
| Salary range | Between $39,000 And $73,000 | Between $50,000 And $99,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | Virginia | Washington |
| Best paying company | General Motors | |
| Best paying industry | Automotive | Finance |
There are a few differences between a cost analyst and a business & finance analyst in terms of educational background:
| Cost Analyst | Business & Finance Analyst | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between cost analysts' and business & finance analysts' demographics:
| Cost Analyst | Business & Finance Analyst | |
| Average age | 47 | 40 |
| Gender ratio | Male, 54.2% Female, 45.8% | Male, 55.6% Female, 44.4% |
| 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, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 13% | 7% |