Cost analyst vs contract analyst

The differences between cost analysts and contract 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 contract analyst. Additionally, a contract analyst has an average salary of $54,544, 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 contract analyst are customer service, contract management, and contract terms.

Cost analyst vs contract analyst overview

	Cost Analyst	Contract Analyst
Yearly salary	$54,158	$54,544
Hourly rate	$26.04	$26.22
Growth rate	3%	9%
Number of jobs	60,034	58,593
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 74%	Bachelor's Degree, 67%
Average age	47	40
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 a contract analyst do?

A contract analyst is primarily in charge of thoroughly reviewing contract terms and conditions, negotiating and addressing changes on behalf of a company or an individual, and avoiding financial disadvantages or any disputes. They are responsible for consulting with clients, analyzing clauses and liabilities, recommending amendments, documenting all transactions, and monitoring every change in the contract. Furthermore, there are instances when a contract analyst must coordinate with all department officers, advising them of any significant changes that the contracts might bring.

Cost analyst vs contract analyst salary

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

	Cost Analyst	Contract Analyst
Average salary	$54,158	$54,544
Salary range	Between $39,000 And $73,000	Between $39,000 And $74,000
Highest paying City	Washington, DC	Jersey City, NJ
Highest paying state	Virginia	New Jersey
Best paying company	General Motors	AstraZeneca
Best paying industry	Automotive	Pharmaceutical

Differences between cost analyst and contract analyst education

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

	Cost Analyst	Contract Analyst
Most common degree	Bachelor's Degree, 74%	Bachelor's Degree, 67%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Cost analyst vs contract analyst demographics

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

	Cost Analyst	Contract Analyst
Average age	47	40
Gender ratio	Male, 54.2% Female, 45.8%	Male, 41.2% Female, 58.8%
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%

Differences between cost analyst and contract 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.

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Contract analyst example responsibilities.

Manage RFQ generation, proposal analysis, documentation, PO generation, and subcontractor and supplier follow-up.
Lead and educate internal stakeholders in the proper use of document review and approval processes using SharePoint document management tools.
Conduct internal audits of the company and audits of subcontractor performance and adherence to Medicare and Medicaid regulations.
Coordinate and monitor ethics training with NFA and vendor.
Identify issues and conduct investigations of ethics and compliance relate matters.
Develop and issue structured requests for information (RFI, RFQ, and RFP).

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Cost analyst vs contract analyst skills

Common cost analyst skills

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

Common contract analyst skills

Customer Service, 10%
Contract Management, 8%
Contract Terms, 5%
SQL, 5%
HR, 4%
Data Entry, 4%

Cost Analyst vs. similar jobs

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Updated January 8, 2025

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