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Job outlook for cost analysts in the United States
Cost analyst job growth summary. After extensive research, interviews, and analysis, Zippia's data science team found that:
The projected cost analyst job growth rate is 3% from 2018-2028.
About 1,400 new jobs for cost analysts are projected over the next decade.
Cost analyst salaries have increased 7% for cost analysts in the last 5 years.
There are over 18,946 cost analysts currently employed in the United States.
There are 60,034 active cost analyst job openings in the US.
The average cost analyst salary is $54,158.
Are cost analyst jobs in demand?
Cost analyst job and salary trends over time
Cost analyst jobs over time
Cost analyst job growth rate over time
| Year | # of jobs | % of population |
|---|---|---|
| 2021 | 18,946 | 0.01% |
| 2020 | 19,527 | 0.01% |
| 2019 | 20,320 | 0.01% |
| 2018 | 20,768 | 0.01% |
| 2017 | 21,359 | 0.01% |
Average cost analyst salary over time
Cost analyst salary by year
| Year | Avg. salary | Hourly rate | % Change |
|---|---|---|---|
| 2026 | $54,158 | $26.04 | +3.2% |
| 2025 | $52,491 | $25.24 | +0.4% |
| 2024 | $52,272 | $25.13 | +1.3% |
| 2023 | $51,600 | $24.81 | +1.9% |
| 2022 | $50,640 | $24.35 | +3.1% |
Cost analyst jobs by state
Most common states for cost analysts
| Rank | State | Population | # of jobs | Employment/ 1000ppl |
|---|---|---|---|---|
| 1 | District of Columbia | 693,972 | 467 | 67% |
| 2 | Oklahoma | 3,930,864 | 969 | 25% |
| 3 | Kansas | 2,913,123 | 684 | 23% |
| 4 | Virginia | 8,470,020 | 1,544 | 18% |
| 5 | North Dakota | 755,393 | 126 | 17% |
| 6 | Maryland | 6,052,177 | 959 | 16% |
| 7 | Delaware | 961,939 | 149 | 15% |
| 8 | Massachusetts | 6,859,819 | 967 | 14% |
| 9 | Minnesota | 5,576,606 | 713 | 13% |
| 10 | Colorado | 5,607,154 | 706 | 13% |
| 11 | Alaska | 739,795 | 78 | 11% |
| 12 | Vermont | 623,657 | 66 | 11% |
| 13 | Illinois | 12,802,023 | 1,334 | 10% |
| 14 | Washington | 7,405,743 | 753 | 10% |
| 15 | Wisconsin | 5,795,483 | 595 | 10% |
| 16 | Rhode Island | 1,059,639 | 101 | 10% |
| 17 | South Dakota | 869,666 | 85 | 10% |
| 18 | New York | 19,849,399 | 1,786 | 9% |
| 19 | New Jersey | 9,005,644 | 787 | 9% |
| 20 | Connecticut | 3,588,184 | 340 | 9% |
Most common cities for cost analysts
| Rank | City | # of jobs | Employment/ 1000ppl | Avg. salary |
|---|---|---|---|---|
| 1 | Huntsville | 15 | 8% | $51,932 |
| 2 | Newark | 2 | 6% | $54,737 |
| 3 | Cambridge | 3 | 3% | $61,217 |
| 4 | Rockville | 2 | 3% | $62,403 |
| 5 | Fort Smith | 2 | 2% | $36,683 |
| 6 | Washington | 6 | 1% | $79,072 |
| 7 | Albuquerque | 4 | 1% | $47,059 |
| 8 | Birmingham | 3 | 1% | $51,620 |
| 9 | Arlington | 2 | 1% | $69,218 |
| 10 | Glendale | 2 | 1% | $54,028 |
| 11 | Orlando | 2 | 1% | $50,966 |
| 12 | Atlanta | 2 | 0% | $43,458 |
| 13 | Los Angeles | 2 | 0% | $52,960 |
| 14 | New York | 2 | 0% | $58,180 |
| 15 | Sacramento | 2 | 0% | $57,318 |
| 16 | San Diego | 2 | 0% | $52,340 |
Cost Analyst job outlook: Expert opinions
Our panel of cost analyst experts
Manhattan College
Fairfield University
University of Akron
University of Oregon
King's College
American University
Pacific Lutheran University
Valdosta State University
Eastern Mennonite University
University of California, Irvine
California State University - Sacramento
Duke Trinity College of Arts & Sciences
Western New Mexico University
Quinnipiac University
What general advice would you give to a Cost Analyst?
Dr. Natalia Boliari PhD: First, learn everything about the company you just started working for - its historical path, management, the way it's dealt with crises, etc. Second, learn everything about the specific industry the company belongs to and see how the company has developed relative to the development of the industry domestically and internationally. Third, always be extremely alert to notice new opportunities and be prepared to take calculated risks. That is, actively look for opportunities to complete as many and diverse tasks as possible, and volunteer to complete any type of work regardless of whether it seems relevant to your assigned job or not. Opportunities to learn, grow, and improve and thus to maximize your income, will only come up if you are exposed to diverse situations.
What Cost Analyst skills would you recommend for someone trying to advance their career?
Dr. Natalia Boliari PhD: Be open minded. Finance is the broad definition of an industry which provides opportunities for careers in financial consultancy, financial analysis, stock brokerage, foreign investment, modeling, exchange rate forecasts, and many more. While most of those careers are attributed to the banking industry, you can find those and others in other sectors of the economy, such as insurance, technology, health care/medical, government, and so on. So, be open and look beyond the banking sector, examine the current and predicted trends in the economy to hunt for exciting career options.
What general advice would you give to a Cost Analyst?
John McDermott Ph.D.: To maximize your salary potential, keep learning, investing in your human capital, and expanding your capabilities. Learn as much as you can about your new position and industry, work with a variety of people at your firm, and seek opportunities outside your comfort zone. Your salary potential will increase as you are recognized as a capable and hard working colleague.
What will help Cost Analysts increase their earning potential?
Clemens Kownatzki PhD, MBA: As a beginner in any field, it pays to listen more than to talk. Be humble, pay attention, be nice to folks and probably most helpful is having a mentor who can guide you along and show you some best practices for navigating your career. You should take advantage of your education, not just to show a piece of paper that says you graduated but think of every single project, essay or paper that you write as part of a portfolio that demonstrates your skill sets. Especially in finance where we can sometimes be enamored with the beauty of a mathematical model, think about how any model should be applied in the real world. In some cases that might mean that you have to “get your hands on the wheel and learn how to drive.” I am not suggesting that you should put all your savings at risk and buy the next iteration of the latest cryptocurrency, but If you’re interested in a career in investing, put a small amount of money at risk and trade a stock, or if you must trade a few dollars’ worth of Bitcoin or Ether – as much as you would risk for a movie ticket seems reasonable. There are lots of virtual trading apps where you can trade with paper money, but there’s nothing like understanding risk when your own dollars are at stake, even if it’s just a few dollars. You should also absorb all the workshops, seminars and resources available out there. Follow Prof. Aswath Damodaran who has a YouTube Channel and hundreds of spreadsheets with financial models, all for free! Also follow some good content providers on various channels to get additional insights – in the field of finance, you need to be up-to-date on all events because those influence markets and the economy. Be ready to continue learning and update your skills and understanding while you’re working. Education doesn’t end after you finish your degree. All successful people are life-long learners.
What will help Cost Analysts increase their earning potential?
Eric Brisker Ph.D.: Focusing on developing skills in communication, networking, social skills, analytical skills, financial knowledge, and obtaining professional certifications can help maximize salary potential in the finance industry. Developing these skills and following the advice provided can lead to opportunities for higher salaries.
Z. Jay Wang
Department Head, Associate Professor of FinanceUniversity of Oregon
Finance And Financial Management Services
What will help Cost Analysts increase their earning potential?
Z. Jay Wang: Students who have a history of doing work in the field outside the classroom either through internships, industry projects, or school-sponsored clubs managing financial decisions are better poised to maximize starting salary potential. Starting early to secure internships with top companies will also position students well for higher earning potential. Most top banks and firms will post internships from April/May to August, and close by the end of September for the following summer. They are also rolling, so may fill the roles by as early as June of the sophomore year for the following summer after junior year. Finally, networking with industry and alumni professionals in the companies, firms, banks prior to applying for an internship or full-time position will have an impact. The candidate will learn more about the opportunity and company culture for their resume and potential interview, and most top companies in finance will have a referral program. If the candidate impresses the internal connection with excellent questions and strategic answers, they may get a referral that moves them up in the stacks of applicants.
Peter Ibbott
Associate Professor of EconomicsKing's College
Economics
What Cost Analyst skills would you recommend for someone trying to advance their career?
Peter Ibbott: Optimizing your LinkedIn profile and CV are the most basic steps to increase salary potential at the start of your career. For students who do not have the grades to pursue graduate or professional studies, there is another path for post-graduate acquisition of valuable career focussed skills. Most universities offer post-graduate diploma programs through their schools of continuing studies. Community colleges also offer similar post-graduate diploma programs aimed at providing industry certification and essential career oriented skill development. These programs can open doors to more specialized and lucrative careers in business and finance.
Octavian Ionici PhD
Sr. Lecturer in FinanceAmerican University
Finance And Financial Management Services
What Cost Analyst skills would you recommend for someone trying to advance their career?
Octavian Ionici PhD: The finance profession is lucrative, rewarding and very competitive. Graduates should do their research about the organization they are interviewing with and be able to discuss how their skills can contribute to the business. They should also know if they would rather interact with people and clients or if they are drawn to intellectual pursuits such as analysis. Do they value power, prestige status, risk, or something else? Ultimately our core values, personal goals, interests, aptitudes, and personality will shape our career paths.
Being able to articulate what sparked their interest in the financial field and why they are interested in a chosen role will be an advantage during the hiring process. While still in college, students should join a professional association like the Financial Management Association to give them more access to that broad network, as well as access to career development resources that can set them apart from the crowd.
It's also critical to get an internship (paid or unpaid) in order to show some real-life experience. They can do this while they are still in college, during the summers, or even afterwards, to get a foot in the door.
Reading the WSJ and FT daily, and listening to Bloomberg, or other financial programs as a regular practice will help them to have fluency in the language of our profession. Because the finance sector is heavily regulated and changes occur due to changing economic and political conditions, they will need to stay updated with those changes. Financial media sources will help bring them that context to stay up to date on all of these moving parts.
What will help Cost Analysts increase their earning potential?
Dr. Kimberly Gaither: Maximize your salary potential by asking questions and learning as quickly as possible. Be a good communicator with those above and below you as well as your peers. Be dependable. Persons who show up early and work hard will be valued and rewarded.
Fang Lin
Assistant Professor of FinancePacific Lutheran University
Finance And Financial Management Services
What Cost Analyst skills would you recommend for someone trying to advance their career?
Fang Lin: Don't be afraid to negotiate your starting salary. Young journalists have a lot to offer newsrooms through social media skills and a willingness to adapt to new technologies such as artificial intelligence. Technology skills have value and should not be undersold. Also, young journalism students should not discount the value of their student media and internship experiences. Young journalists must use everything on their resumes to show how they bring value to their position and ask to be compensated fairly for the work they will contribute to the newsroom's success.
Dhruba Banjade
Assistant Professor in Finance & Department Chair of Business AnalysisWhat general advice would you give to a Cost Analyst?
Dhruba Banjade: i. The industry technology is changing fast. Specific skills will be more critical in the finance field in the next 3-5 years. Some of these are:
ii. Data analysis/ data mining skills. Knowledge of Excel, R, Python, data visualization, Tableau, RapidMiner, machine learning, and financial modeling skills are essential in finance and business.
iii. Skills and knowledge of artificial intelligence and machine learning will give more opportunities and help career development.
iv. Network security and cybersecurity are essential to protect financial transactions and digital data.
v. Knowledge of financial regulations and risk management will be in high demand in the next 3-5 years.
vi. Soft skills such as politeness, ability to work in a diverse group, good communication, learning attitude, etc, are also necessary.
vii. Many industry and business companies today focus on sustainable development and environmental, social, and governance activities. Knowledge of sustainability and ESG measures is also helpful.
viii. Broad knowledge of global financial markets, international finance, global economy, etc., will be valuable in the next 3-5 years.
Shaun Van Ault Ph.D.
Professor and Department HeadValdosta State University
Department of Mathematics
What skills stand out on Cost Analyst resumes?
Shaun Van Ault Ph.D.: Above all, a budget analyst needs to demonstrate attention to detail and the ability to focus for long periods on a large set of data. Experience working with spreadsheets is a must. All of these skills are developed as part of a mathematics degree.
Stefano Colafranceschi Ph.D.
Assistant ProfessorEastern Mennonite University
Mathematics and Computer Science Department
What skills will help Cost Analysts earn the most?
Stefano Colafranceschi Ph.D.: Being flexible and adaptive to learn new things is probably the most versatile/good thing to have. Every job has its requirements but being proactive, and with a can-do attitude, ready to attack pending problems is an efficient way that will boost your career.
What hard/technical skills are most important for Cost Analysts?
Stefano Colafranceschi Ph.D.: Quantitative and technical skills like coding, knowledge of complex hardware and/or software systems, and the ability to perform quick and dirty calculations are of utmost importance. Depending on the context, specific skills might be required by the job, however, handling any type of computer language/framework plus a math-oriented mindset often is a winning mix.
David Feldman Ph.D.
Professor of Urban Planning and Public Policy and Political Science, Director, Water UCI, Director, MPP ProgramUniversity of California, Irvine
Urban Planning and Public Policy
What skills stand out on Cost Analyst resumes?
David Feldman Ph.D.: Succinct writing, critical thinking, strong quantitative analytical skills.
What Cost Analyst skills would you recommend for someone trying to advance their career?
David M. Lang: The job market will reward people that require as little supervision and training as possible. Our pandemic times and likely, our post-pandemic times will involve a fair amount of remote working. As such, employers will want to make sure that the individuals they hire are self-motivated, quick learners who can hit the ground running without a lot of hand-holding. If taking a year off, I would make sure that job applicants devote some time to learning about the industry standards in which they plan to work. Does the industry use a particular software? Start learning about how to use that. Does the occupation use specific data or require coding? Devote some time to learning the basics of that as well. As always, don't forget the soft skills of communication (orally and written) and interpersonal relationships.
How do you envision technology impacting Cost Analysts in the next 5 years?
Connel Fullenkamp Ph.D.: Technology will be doing more and more of the routine analytical work in economics and business-related fields, which means that employees will have to keep pushing their analytical skills--especially quantitative analysis--to more advanced levels. People will also need to work and communicate across business lines more than ever, because companies will focus even harder on keeping staffing levels low. There will be better opportunities for people who can crunch numbers and explain their significance and understand where the new options are.
Miguel Vicens
Associate Dean of School of Business, Associate Professor of FinanceWestern New Mexico University
Finance
What technology do you think will become more important and prevalent for Cost Analysts in the next 3-5 years?
Miguel Vicens: You might already be an expert in social media, but most importantly, you want to differentiate yourself from the mass movement of social media. Find your expertise, the tools you will use that are unique to your profession, and be the best you can in doing what you do. Technology in the financial sector is regulated and overseen by many institutions to safeguard the system's financial stability and secure the funds from your investors. That is your primary goal as a finance major; to be ethical, technologically savvy, and a professional in your field.
What general advice would you give to a Cost Analyst?
Christopher Ball Ph.D.: Economics is a broad, analytical, and generally more quantitative significant. Because it's a social science, that helps students understand nearly any field because they know all fundamental interactions between people in markets (supply and demand) or inside workplaces (incentives, optimal production, etc.). And because much of economics focuses on the market place (supply and demand), our majors have an understanding of the core principles involved in all business disciplines. As a result, I recommend our students aim for more quantitative jobs and those using more analysis. The specific field is less important, and I always recommend people seek employment in areas they like. When you enjoy something, you work harder, and you are more likely to succeed. Because economics forms the basis of so many things in business, from the marketing to production to the management, economics majors tend to start similarly to other majors and then change trajectories and rise faster than other majors. A few years out and they are ideal for management because they can apply economic concepts to any area and learn the basics quickly.
However, if someone is quantitatively oriented and added a technical minor to the econ major like data science or something, then those students are in super high demand, COVID crisis or not. We still see them graduating with some of the highest starting salaries and having much higher wage,s just five years out, than most other graduates. All the benefits of economics being analytical and quantitative combines well with those hardcore data skills to form a compelling combination.