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The differences between cost engineers and product development engineers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a cost engineer and a product development engineer. Additionally, a cost engineer has an average salary of $87,901, which is higher than the $86,075 average annual salary of a product development engineer.
The top three skills for a cost engineer include project management, cost analysis and construction management. The most important skills for a product development engineer are CAD, solidworks, and product development.
| Cost Engineer | Product Development Engineer | |
| Yearly salary | $87,901 | $86,075 |
| Hourly rate | $42.26 | $41.38 |
| Growth rate | 3% | 2% |
| Number of jobs | 65,278 | 202,155 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 75% |
| Average age | 45 | 41 |
| Years of experience | 6 | 6 |
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.
A Product Development Engineer is responsible for creating and testing new product designs. They collaborate with market researchers to evaluate market needs, existing competition, and potential costs.
Cost engineers and product development engineers have different pay scales, as shown below.
| Cost Engineer | Product Development Engineer | |
| Average salary | $87,901 | $86,075 |
| Salary range | Between $64,000 And $120,000 | Between $64,000 And $113,000 |
| Highest paying City | San Francisco, CA | Sunnyvale, CA |
| Highest paying state | Rhode Island | California |
| Best paying company | BP America Inc | Amazon |
| Best paying industry | Energy | Technology |
There are a few differences between a cost engineer and a product development engineer in terms of educational background:
| Cost Engineer | Product Development Engineer | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 75% |
| Most common major | Business | Mechanical Engineering |
| Most common college | Georgia Institute of Technology | Michigan Technological University |
Here are the differences between cost engineers' and product development engineers' demographics:
| Cost Engineer | Product Development Engineer | |
| Average age | 45 | 41 |
| Gender ratio | Male, 74.1% Female, 25.9% | Male, 86.8% Female, 13.2% |
| 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, 3.1% Unknown, 4.5% Hispanic or Latino, 7.8% Asian, 16.7% White, 67.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |