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The differences between cost analysts and tax analysts 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 tax analyst takes usually requires 1-2 years. Additionally, a tax analyst has an average salary of $61,745, 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 tax analyst are tax audits, reconciliations, and tax compliance.
| Cost Analyst | Tax Analyst | |
| Yearly salary | $54,158 | $61,745 |
| Hourly rate | $26.04 | $29.69 |
| Growth rate | 3% | -7% |
| Number of jobs | 60,034 | 56,223 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 70% |
| Average age | 47 | 48 |
| 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 tax analyst specializes in managing and filing tax forms and tax returns, all while devising strategies to reduce tax payments legally. A tax analyst may work as a member of a company or independently. Moreover, in a company setting, the responsibilities of a tax analyst revolve around coordinating with different departments to obtain all necessary documentation and financial information, maintaining accurate and extensive records of all transactions, and resolving any issues or concerns. Furthermore, it is essential to remain updated with all the tax laws, all while adhering to the policies and regulations of the company.
Cost analysts and tax analysts have different pay scales, as shown below.
| Cost Analyst | Tax Analyst | |
| Average salary | $54,158 | $61,745 |
| Salary range | Between $39,000 And $73,000 | Between $43,000 And $87,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | Virginia | Maine |
| Best paying company | General Motors | Meta |
| Best paying industry | Automotive | Technology |
There are a few differences between a cost analyst and a tax analyst in terms of educational background:
| Cost Analyst | Tax Analyst | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 70% |
| Most common major | Business | Accounting |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between cost analysts' and tax analysts' demographics:
| Cost Analyst | Tax Analyst | |
| Average age | 47 | 48 |
| Gender ratio | Male, 54.2% Female, 45.8% | Male, 42.9% Female, 57.1% |
| 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, 13.1% Unknown, 3.4% Hispanic or Latino, 15.6% Asian, 11.1% White, 56.6% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 13% | 8% |