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The differences between cost engineers and industrial engineers can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a cost engineer, becoming an industrial engineer takes usually requires 2-4 years. Additionally, a cost engineer has an average salary of $87,901, which is higher than the $76,501 average annual salary of an industrial engineer.
The top three skills for a cost engineer include project management, cost analysis and construction management. The most important skills for an industrial engineer are continuous improvement, lean manufacturing, and sigma.
| Cost Engineer | Industrial Engineer | |
| Yearly salary | $87,901 | $76,501 |
| Hourly rate | $42.26 | $36.78 |
| Growth rate | 3% | 10% |
| Number of jobs | 65,278 | 46,756 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 78% |
| Average age | 45 | 42 |
| Years of experience | 6 | 4 |
A cost engineer is responsible for projecting cost and expenses reports for the production process, identify and mitigate risks, and develop strategic techniques to reduce the excessive financial loss for project buildings. Cost engineers conduct data and statistical analysis to measure time deliverables and quality checks to ensure profitability and adherence to business objectives. They research and negotiate materials from trusted suppliers and vendors with high-quality products that would meet construction designs and client specifications.
An industrial engineer specializes in devising various systems to improve the workflow and the workforce in a manufacturing setting. One of their primary responsibilities is to understand all of the procedures in a manufacturing plant and develop strategies to resolve issues or improve production operations, such as designing a cost-efficient machine or system that will enhance the quality of goods and boost the productivity of workers. Moreover, it is also essential to adhere to all the company's policies and safety regulations to maintain a safe and productive work environment for all employees.
Cost engineers and industrial engineers have different pay scales, as shown below.
| Cost Engineer | Industrial Engineer | |
| Average salary | $87,901 | $76,501 |
| Salary range | Between $64,000 And $120,000 | Between $59,000 And $97,000 |
| Highest paying City | San Francisco, CA | Seattle, WA |
| Highest paying state | Rhode Island | Alaska |
| Best paying company | BP America Inc | Apple |
| Best paying industry | Energy | Technology |
There are a few differences between a cost engineer and an industrial engineer in terms of educational background:
| Cost Engineer | Industrial Engineer | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 78% |
| Most common major | Business | Industrial Engineering |
| Most common college | Georgia Institute of Technology | New York University |
Here are the differences between cost engineers' and industrial engineers' demographics:
| Cost Engineer | Industrial Engineer | |
| Average age | 45 | 42 |
| Gender ratio | Male, 74.1% Female, 25.9% | Male, 80.2% Female, 19.8% |
| Race ratio | Black or African American, 4.9% Unknown, 4.7% Hispanic or Latino, 11.3% Asian, 14.4% White, 64.5% American Indian and Alaska Native, 0.2% | Black or African American, 4.8% Unknown, 4.0% Hispanic or Latino, 11.8% Asian, 12.9% White, 66.4% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 4% |