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The differences between cost analysts and cost estimators can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a cost analyst, becoming a cost estimator takes usually requires 1-2 years. Additionally, a cost estimator has an average salary of $69,727, 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 cost estimator are worksheets, risk analysis, and project management.
| Cost Analyst | Cost Estimator | |
| Yearly salary | $54,158 | $69,727 |
| Hourly rate | $26.04 | $33.52 |
| Growth rate | 3% | -2% |
| Number of jobs | 60,034 | 14,570 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 67% |
| Average age | 47 | 47 |
| Years of experience | 4 | 2 |
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 cost estimator is responsible for conducting data and statistical analysis and cost forecasting to determine the duration, budget limitations, and required resources for project construction and development. Cost estimators identify possible cost-reduction techniques by researching the market and negotiating with suppliers and vendors with high-quality deliverables. They also review project plans and blueprints to provide accurate estimation reports for reference. A cost estimator must have excellent communication and analytical skills, documenting every progress, and adjust estimation plans as needed.
Cost analysts and cost estimators have different pay scales, as shown below.
| Cost Analyst | Cost Estimator | |
| Average salary | $54,158 | $69,727 |
| Salary range | Between $39,000 And $73,000 | Between $47,000 And $102,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | Virginia | Vermont |
| Best paying company | General Motors | Meta |
| Best paying industry | Automotive | Manufacturing |
There are a few differences between a cost analyst and a cost estimator in terms of educational background:
| Cost Analyst | Cost Estimator | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | California Polytechnic State University-San Luis Obispo |
Here are the differences between cost analysts' and cost estimators' demographics:
| Cost Analyst | Cost Estimator | |
| Average age | 47 | 47 |
| Gender ratio | Male, 54.2% Female, 45.8% | Male, 76.3% Female, 23.7% |
| 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, 2.3% Unknown, 3.8% Hispanic or Latino, 14.1% Asian, 4.5% White, 75.0% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 13% | 4% |