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The differences between cost engineers and product 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 engineer. Additionally, a product engineer has an average salary of $89,645, which is higher than the $87,901 average annual salary of a cost engineer.
The top three skills for a cost engineer include project management, cost analysis and construction management. The most important skills for a product engineer are CAD, product design, and project management.
| Cost Engineer | Product Engineer | |
| Yearly salary | $87,901 | $89,645 |
| Hourly rate | $42.26 | $43.10 |
| Growth rate | 3% | 2% |
| Number of jobs | 65,278 | 157,888 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 74% |
| 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 engineer specializes in designing and developing commercial materials and services. They are primarily responsible for conducting thorough research and analysis of the latest trends and marketing conditions to come up with new ideas and products for the public. Moreover, they are also responsible for producing reports and presentations, coordinating with the development team of their company. Product engineers also reach out to vendors and suppliers for the raw materials, set regulations and standards for the product, and even conduct a rigorous and regular quality check.
Cost engineers and product engineers have different pay scales, as shown below.
| Cost Engineer | Product Engineer | |
| Average salary | $87,901 | $89,645 |
| Salary range | Between $64,000 And $120,000 | Between $68,000 And $118,000 |
| Highest paying City | San Francisco, CA | San Francisco, CA |
| Highest paying state | Rhode Island | California |
| Best paying company | BP America Inc | Meta |
| Best paying industry | Energy | Technology |
There are a few differences between a cost engineer and a product engineer in terms of educational background:
| Cost Engineer | Product Engineer | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 74% |
| 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 engineers' demographics:
| Cost Engineer | Product Engineer | |
| Average age | 45 | 41 |
| Gender ratio | Male, 74.1% Female, 25.9% | Male, 87.8% Female, 12.2% |
| 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, 7.9% Asian, 17.0% White, 67.4% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |