Cost analyst education requirements

Updated January 8, 2025

4 min read

There are several educational requirements to become a cost analyst. Cost analysts usually study business, accounting, or finance. 74% of cost analysts hold a bachelor's degree, and 12% hold an master's degree. We analyzed 5,698 real cost analyst resumes to see exactly what cost analyst education sections show.

The most common colleges for cost analysts are the University of Phoenix and the University of Phoenix.

There are also many online cost analyst courses to help get the education required to be a cost analyst.

There are certain cost analyst certifications that you should consider. These cost analyst certifications include Certified Management Accountant (CMA) and Project Management Professional (PMP).

What education do you need to become a cost analyst?

What degree do you need to be a cost analyst?

The most common degree for cost analysts is bachelor's degree, with 74% of cost analysts earning that degree. The second and third most common degree levels are master's degree degree at 12% and master's degree degree at 10%.

Bachelor's, 74%

Master's, 12%

Associate, 10%

High School Diploma, 2%

Other Degrees, 2%

What should I major in to become a cost analyst?

You should major in business to become a cost analyst. 31% of cost analysts major in business. Other common majors for a cost analyst include accounting and finance.

Business, 31%

Accounting, 29%

Finance, 14%

Economics, 5%

Other Majors, 21%

Most common colleges for cost analysts

Cost analysts often get their degrees at University of Phoenix, Purdue University, and University of Houston. Here are the most common colleges for cost analysts in the US based on their resumes.

Cost analyst common college	Percentages
University of Phoenix	13.02%
Purdue University	8.09%
University of Houston	8.09%
Pennsylvania State University	7.30%
University of Maryland - College Park	5.92%

Show more common cost analyst colleges

Best majors for cost analysts

Rank	Major	Percentages
1	Business	31.4%
2	Accounting	29.5%
3	Finance	14.4%
4	Economics	4.8%
5	Management	3.1%

Show more common cost analyst majors

Best colleges for cost analysts

The best colleges for cost analysts are Northwestern University, University of Pennsylvania, and University of Southern California.

A cost analyst with advanced education typically earns a higher salary and has access to better jobs. That's why Zippia looked into the best colleges for cost analysts. We based this list on several metrics: admissions rate, retention rate, mean earnings of graduates, the ratio of working vs. non-working students ten years after admission, the average cost of attendance, and median debt for graduates who become cost analysts.

1. University of Pennsylvania

Philadelphia, PA • Private

In-state tuition

$55,584

Enrollment

10,764

2. Northwestern University

Evanston, IL • Private

In-state tuition

$54,568

Enrollment

8,451

3. University of Southern California

Los Angeles, CA • Private

In-state tuition

$56,225

Enrollment

19,548

4. SUNY at Binghamton

Vestal, NY • Private

In-state tuition

$9,808

Enrollment

13,990

5. Villanova University

Villanova, PA • Private

In-state tuition

$53,308

Enrollment

6,819

6. San Diego State University

San Diego, CA • Private

In-state tuition

$7,488

Enrollment

30,018

7. Bentley University

Waltham, MA • Private

In-state tuition

$49,880

Enrollment

4,177

8. Boston University

Boston, MA • Private

In-state tuition

$53,948

Enrollment

17,238

9. SUNY Stony Brook

Stony Brook, NY • Private

In-state tuition

$9,625

Enrollment

17,407

10. New York University

New York, NY • Private

In-state tuition

$51,828

Enrollment

26,339

20 best online courses for cost analysts

Advertising disclosure

1. Basics of Cost Accounting: Product Costing

The core of the first course is to learn how companies record total costs and calculate unit costs for their individual products or services. For example, how can a car manufacturer figure out the costs of an individual car series? During the first weeks, participants learn what costs are and how to distinguish them from expenses or cash flows. Participants will understand how companies record total costs and distinguish important cost types such as material costs, personnel costs, or...

2. Cost Accounting

View the Specialization trailer: https://www.youtube.com/watch?v=XE5Rx91bdYw\n\nMany corporate decisions need cost accounting information. When you know the costs of your products, you will make better pricing decisions and you can better choose which products to offer. When you know the costs of your departments, you can better detect inefficiencies and you can better incentivize your employees.\n\nIn this Specialization, you will learn the fundamentals of cost accounting. Three courses cover...

3. Cost Accounting: Introduction to Management Accounting

4.6

(1,071)

Learn Cost Accounting for Management. Includes Process Costing, ABC Systems, Variance Analysis, Cash Budgets and more...

4. Projects Cost Management, Estimating, Budgeting and Control.

4.1

(1,381)

Learn how to estimate costs for any project, how to determine budget and how to use Earned Value Management tools. 3 PDU...

5. Cost Accounting: Decision Making

In the third course, you will learn how to use information from cost accounting to improve managerial decision-making. We discuss business decisions and suggest how cost information can support them best. For example, how will costs change if managers adjust cost drivers? How many units do companies need to sell in order to avoid losses or to achieve a targeted profit? How can managers improve pricing or product programs with information from cost accounting?...

6. Cost Reduction: Cut Costs and Maximise Profits

4.8

(656)

Cost cutting & cost reduction for a profit focused business...

7. Cost Accounting and Financial Management - A Complete Study

4.8

(268)

Learn theory and practical concepts in Cost Accounting and Financial Management with loads of video lectures...

8. Managerial and Cost Accounting: A Comprehensive Guide

4.6

(1,763)

Unlock Financial Insights, Make Informed Decisions: Optimize Business Performance, Maximize Profitability...

9. IT Project Budget & Cost Management

4.4

(290)

Project Management tips to manage a million dollar IT Project budget from start to finish...

10. Managerial (Cost) Accounting For Beginners

4.4

(1,732)

Management accounting for managers and students. Learn managerial and cost accounting. #1 accounting course online...

11. Financial Accounting - Inventory Costs

4.3

(254)

Mastering Inventory Costs & Flows: An In-Depth Guide to Accounting for Inventory in Business Operations...

12. Cost Accounting - A Comprehensive Study for CA/CMA/CS /ACCA/

4.7

(363)

Learn basic to advanced concepts in Cost Accounting comprehensively...

13. Flexible Budgets, Standard Costs, & Variance Analysis

4.4

(289)

Maximizing Financial Insight: Mastering Variance Analysis and Budgeting for Strategic Decision-Making...

14. Project Management: Cost & Schedule Monitoring using EVM

4.3

(1,114)

Earned Value Management, Project Management, Cost Control & Monitor, Budget, Schedule & Cost Variance, Performance Index...

15. AWS Cost Management Tools (Cost Explorer) Crash Course

4.6

(459)

Learn everything about AWS Cost Explorer, Cloud Financial Management and Reserved Instance/Savings Plan...

16. Learn Estimating & Cost Control

(345)

Develop a good practical understanding of best practice estimating and cost control on building & construction Projects...

17. Construction Cost Estimating and Management

4.6

(642)

Learn the tools used by construction management professionals to ensure their projects finish under budget...

18. Cost of Quality Analysis and Reporting using Microsoft Excel

4.4

(533)

Expertly collect, analyze and present quality cost data (using Microsoft Excel) to help drive continual improvement...

19. Cost Reduction for Managers & Management Consultants

4.6

(261)

A practical guide on how to cut costs in business & private life. Learn how efficiently to conduct cost-cutting projects...

20. Quantity Surveying Templates for Effective Cost Management

4.5

(345)

Quantity Surveying, Payment Application, Payment Tracker, Variation, Claim, Material Claim, Guarantees, Price Comparison...

Top 10 most affordable universities for cost analysts

The most affordable schools for cost analysts are Baruch College of the City University of New York, usf sarasota-manatee, and suny farmingdale.

If the best universities for cost analysts are out of your price range, check out these affordable schools. After factoring in in-state tuition and fees, the average cost of attendance, admissions rate, average net price, and mean earnings after six years, we found that these are the most affordable schools for cost analysts.

1. Baruch College of the City University of New York

New York, NY • Private

In-state tuition

$7,262

Cost of attendance

14,046

2. USF Sarasota-Manatee

Sarasota, FL • Private

In-state tuition

$5,587

Cost of attendance

13,043

3. SUNY Farmingdale

Farmingdale, NY • Private

In-state tuition

$8,306

Cost of attendance

16,091

4. Brooklyn College of the City University of New York

Brooklyn, NY • Private

In-state tuition

$7,240

Cost of attendance

13,991

5. California State University - Dominguez Hills

Carson, CA • Private

In-state tuition

$6,942

Cost of attendance

14,469

6. University of Florida

Gainesville, FL • Private

In-state tuition

$6,381

Cost of attendance

21,034

7. Brigham Young University

Provo, UT • Private

In-state tuition

$5,620

Cost of attendance

18,136

8. California State University - Long Beach

Long Beach, CA • Private

In-state tuition

$6,798

Cost of attendance

18,306

9. University of Puerto Rico - Mayaguez

Mayaguez, PR • Private

In-state tuition

$4,094

Cost of attendance

14,302

10. Florida International University

Miami, FL • Private

In-state tuition

$6,556

Cost of attendance

19,434

Top 10 hardest universities to get into for cost analysts

The hardest universities for cost analysts to get into are Northwestern University, University of Pennsylvania, and University of Southern California.

Some great schools for cost analysts are hard to get into, but they also set your career up for greater success. The list below shows the most challenging universities to get into for cost analysts based on an institution's admissions rates, average SAT scores accepted, median ACT scores accepted, and mean earnings of students six years after admission.

1. Northwestern University

Evanston, IL • Private

Admissions rate

SAT average

1,508

2. University of Pennsylvania

Philadelphia, PA • Private

Admissions rate

SAT average

1,492

3. University of Southern California

Los Angeles, CA • Private

Admissions rate

13%

SAT average

1,445

4. Boston University

Boston, MA • Private

Admissions rate

22%

SAT average

1,420

5. New York University

New York, NY • Private

Admissions rate

20%

SAT average

1,419

6. Villanova University

Villanova, PA • Private

Admissions rate

29%

SAT average

1,407

7. Vanderbilt University

Nashville, TN • Private

Admissions rate

10%

SAT average

1,514

8. Bentley University

Waltham, MA • Private

Admissions rate

43%

SAT average

1,338

9. George Washington University, The

Washington, DC • Private

Admissions rate

42%

SAT average

1,380

10. University of Rochester

Rochester, NY • Private

Admissions rate

29%

SAT average

1,422

Top 10 easy-to-apply-to universities for cost analysts

The easiest schools for cost analysts to get into are Oklahoma Wesleyan University, holy names university, and barry university.

Some schools are much easier to get into. If you want to start your career as a cost analyst without much hassle, check out the list of schools where you will be accepted in no time. We compiled admissions rates, average SAT scores, average ACT scores, and average salary of students six years after graduation to uncover which were the easiest schools to get into for cost analysts.

1. Oklahoma Wesleyan University

Bartlesville, OK • Private

Admissions rate

68%

SAT average

964

2. Holy Names University

Oakland, CA • Private

Admissions rate

70%

SAT average

849

3. Barry University

Miami, FL • Private

Admissions rate

91%

SAT average

1,006

4. Notre Dame College

Cleveland, OH • Private

Admissions rate

90%

SAT average

994

5. University of North Texas at Dallas

Dallas, TX • Private

Admissions rate

83%

SAT average

992

6. La Roche College

Pittsburgh, PA • Private

Admissions rate

99%

SAT average

1,008

7. Ottawa University

Ottawa, KS • Private

Admissions rate

78%

SAT average

1,024

8. Holy Family University

Philadelphia, PA • Private

Admissions rate

72%

SAT average

1,017

9. Saint Joseph's College of Maine

Standish, ME • Private

Admissions rate

84%

SAT average

1,069

10. Kean University

Union, NJ • Private

Admissions rate

86%

SAT average

991

Average cost analyst salary by education level

According to our data, cost analysts with a Master's degree earn the highest average salary, at $59,874 annually. Cost analysts with a Bachelor's degree earn an average annual salary of $55,387.

Cost analyst education level	Cost analyst salary
Master's Degree	$59,874
Bachelor's Degree	$55,387

Cost analyst education FAQs

What is the best college for Cost Analysts?

Have more questions? See all answers to common business and financial questions.

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Updated January 8, 2025

Zippia Team

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

Updated January 8, 2025

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