How to hire a cost analyst

How to hire a cost analyst, step by step

Here's a step-by-step cost analyst hiring guide:

• Step 1: Identify your hiring needs
• Step 2: Create an ideal candidate profile
• Step 3: Make a budget
• Step 4: Write a cost analyst job description
• Step 5: Post your job
• Step 6: Interview candidates
• Step 7: Send a job offer and onboard your new cost analyst
• Step 8: Go through the hiring process checklist

What does a cost analyst do?

Post a cost analyst job for free, promote it for a fee

Post free

1. Identify your hiring needs

   The cost analyst hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.

   Determine employee vs contractor status

   Is the person you're thinking of hiring a US citizen or green card holder?

   Yes

   No

   You should also consider the ideal background you'd like them a cost analyst to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a cost analyst that fits the bill.

   Here's a comparison of cost analyst salaries for various roles:

   Type of Cost Analyst	Description	Hourly rate
   Cost Analyst	Budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.	$18-35
   Finance Analyst/Accountant	In a company setting, a finance analyst/accountant is in charge of handling and monitoring financial activities, ensuring efficiency and accuracy. Their responsibilities revolve around preparing financial reports, performing audits and risk assessments, and identifying any errors and inconsistencies, resolving them promptly and efficiently... Show more	$22-40
   Cost Accounting Manager	A cost accounting manager is responsible for analyzing and evaluating pricing and costing systems of the goods and services of an organization, ensuring its adherence to the internal guidelines and state regulations. Cost accounting managers review business and financial transactions to generate accounting reports for management reference... Show more	$32-56

   Show more

2. Create an ideal candidate profile

   Common skills:

   • Cost Analysis
   • Financial Analysis
   • Cost Estimates
   • Data Analysis
   • DOD
   • Variance Analysis
   • Project Management
   • Cost Models
   • Cost Data
   • Pivot Tables
   • Project Cost
   • Strong Analytical
   • Journal Entries
   • Reconciliations

   Check all skills

   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.

   More cost analyst duties

3. Make a budget

   Including a salary range in your cost analyst job description is a great way to entice the best and brightest candidates. A cost analyst salary can vary based on several factors:

   • Location. For example, cost analysts' average salary in arkansas is 54% less than in district of columbia.
   • Seniority. Entry-level cost analysts earn 47% less than senior-level cost analysts.
   • Certifications. A cost analyst with a few certifications under their belt will likely demand a higher salary.
   • Company. Working for a prestigious company or an exciting start-up can make a huge difference in a cost analyst's salary.

   Average cost analyst salary

   $54,158yearly

   $26.04 hourly rate

   ---

   Entry-level cost analyst salary

   $39,000 yearly salary

   Updated December 5, 2025

   Average cost analyst salary by state

   Rank	State	Avg. salary	Hourly rate
   1	District of Columbia	$79,072	$38
   2	Virginia	$69,199	$33
   3	Colorado	$63,133	$30
   4	Michigan	$61,344	$29
   5	Massachusetts	$61,235	$29
   6	Washington	$60,667	$29
   7	New York	$58,180	$28
   8	California	$57,358	$28
   9	Missouri	$56,996	$27
   10	Indiana	$55,200	$27
   11	Arizona	$53,957	$26
   12	Illinois	$53,105	$26
   13	Alabama	$51,452	$25
   14	Florida	$50,966	$25
   15	Texas	$49,045	$24
   16	Georgia	$43,458	$21
   17	Oklahoma	$42,965	$21

   Average cost analyst salary by company

   Company

   Rank	Company	Average salary	Hourly rate	Job openings
   1	General Motors	$96,438	$46.36	10
   2	Harley-Davidson	$92,832	$44.63	2
   3	Tesla	$88,631	$42.61	4
   4	Navistar	$88,197	$42.40	5
   5	Dell	$87,296	$41.97
   6	Vishay	$83,221	$40.01	1
   7	Eastman	$82,716	$39.77
   8	AbbVie	$79,722	$38.33	12
   9	International Trucks	$79,001	$37.98
   10	Booz Allen Hamilton	$73,791	$35.48	48
   11	Tech Mahindra	$71,760	$34.50
   12	Praxair	$70,403	$33.85
   13	Jacobs Engineering Group	$70,089	$33.70
   14	Broadridge	$69,283	$33.31	16
   15	Lucid Motors	$68,498	$32.93	6
   16	Schaeffler	$67,306	$32.36
   17	General Electric	$66,642	$32.04	4
   18	Hill International	$66,151	$31.80	2
   19	Clark Construction Group	$66,067	$31.76	15
   20	Splunk	$65,403	$31.44

4. Writing a cost analyst job description

   A good cost analyst job description should include a few things:

   • Summary of the role
   • List of responsibilities
   • Required skills and experience

   Including a salary range and the first name of the hiring manager is also appreciated by candidates. Here's an example of a cost analyst job description:

   Cost analyst job description example

   • Speak and understand English to communicate verbally and in writing with employees and outside personnel regarding assigned job responsibilities
   • Sit for 4 hours at a time
   • Look at a computer screen for 4 hours at a time

   
   What's in it for you?

   Phoenix Contact offers a generous benefits package that includes medical, dental, and vision coverage, 401k matching, and a generous time off package. There are also a wide variety of additional benefits available including 14 weeks fully paid maternity leave & 6 weeks fully paid paternity leave, life insurance, short & long-term disability, on-site gym access, health & wellbeing center, on-site café, walking trails, tuition assistance, and more!

   #LI-DZ1

   Notice to Staffing Agencies, Placement Services, and Professional Recruiters:

   Phoenix Contact has an internal Staffing Department. Recruiters are hereby specifically directed NOT to contact Phoenix Contact employees directly in an attempt to present candidates. Phoenix Contact will not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to Phoenix Contact, including unsolicited resumes sent to a Phoenix Contact mailing address, fax machine or email address, directly to Phoenix Contact employees, or to Phoenix Contact's resume database will be considered Phoenix Contact property. Phoenix Contact will NOT pay a fee for any placement resulting from the receipt of an unsolicited resume. Phoenix Contact will consider any candidate for whom a Recruiter has submitted an unsolicited resume to have been referred by the Recruiter free of any charges or fees. Phoenix Contact will not pay a fee to any Recruiter that does not have a signed Phoenix Contact contract in place specific to the position for which the resume was submitted. Recruiting vendor agreements will only be valid if in writing and signed by Phoenix Contact's Director of Organization Development and Talent Acquisition or his or her designee. No other Phoenix Contact employee is authorized to bind Phoenix Contact to any agreement regarding the placement of candidates by Recruiters. By submitting a candidate to Phoenix Contact, recruiters agree to be bound and comply with this policy.

   Phoenix Contact is committed to the diversity of our employees. We are an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to age, color, disability, gender identity or expression, marital status, national or ethnic origin, political affiliation, race, religion, sex (including pregnancy), sexual orientation, veteran status, and family medical or genetic information.

   Copy this example

   

5. Post your job

   There are a few common ways to find cost analysts for your business:

   • Promoting internally or recruiting from your existing workforce.
   • Ask for referrals from friends, family members, and current employees.
   • Attend job fairs at local colleges to meet candidates with the right educational background.
   • Use social media platforms like LinkedIn, Facebook, and Twitter to recruit passive job-seekers.

   Post your job online:

   • Post your cost analyst job on Zippia to find and recruit cost analyst candidates who meet your exact specifications.
   • Use field-specific websites such as efinancialcareers, financialjobsweb.com, careerbank, financial job bank.
   • Post a job on free websites.

6. Interview candidates

   To successfully recruit cost analysts, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.

   It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you can move on to the technical interview.

   The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.

7. Send a job offer and onboard your new cost analyst

   Once you've decided on a perfect cost analyst candidate, it's time to write an offer letter. In addition to salary, it should include benefits and perks available to the employee. Qualified candidates may be considered for other positions, so make sure your offer is competitive. Candidates may wish to negotiate. Once you've settled on the details, formalize your agreement with a contract.

   It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.

   To prepare for the new employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.

8. Go through the hiring process checklist

   • Determine employee type (full-time, part-time, contractor, etc.)
   • Submit a job requisition form to the HR department
   • Define job responsibilities and requirements
   • Establish budget and timeline
   • Determine hiring decision makers for the role
   • Write job description
   • Post job on job boards, company website, etc.
   • Promote the job internally
   • Process applications through applicant tracking system
   • Review resumes and cover letters
   • Shortlist candidates for screening
   • Hold phone/virtual interview screening with first round of candidates
   • Conduct in-person interviews with top candidates from first round
   • Score candidates based on weighted criteria (e.g., experience, education, background, cultural fit, skill set, etc.)
   • Conduct background checks on top candidates
   • Check references of top candidates
   • Consult with HR and hiring decision makers on job offer specifics
   • Extend offer to top candidate(s)
   • Receive formal job offer acceptance and signed employment contract
   • Inform other candidates that the position has been filled
   • Set and communicate onboarding schedule to new hire(s)
   • Complete new hire paperwork (i9, benefits enrollment, tax forms, etc.)

   Sign up to download full list

   Sign up

How much does it cost to hire a cost analyst?