What does a cost engineer do?
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.
Cost engineer responsibilities
Here are examples of responsibilities from real cost engineer resumes:
- Manage and monitor SharePoint activities and update daily tasks to ensure information is documented, remains accurate and up-to-date.
- Manage Jenkins security by providing specific access to authorize developers/testers using project base matrix authorization strategy.
- Create BOM for each project assuring special procedures, materials requirements and reinforcements.
- Research and analyze various commodities for function to price and price to cost evaluation.
- Design and install a complete integrate information management system on IBM equipment and ERP software.
- Document all corporate procedures and policies instruction to establish constancy within GAAP rules and regulation.
- Review proposals and estimates and create account structures for tracking detail breakdowns of projects (WBS).
- Report list of approve changes, incorporating cost impact into the master cost report on WBS level.
- Coordinate and execute all aspects of accounting process including AR, AP, payroll and general ledger.
- Review with the product engineers the BOM and routing of new products prior to release them to production.
- Train all employees as the implementation are completed and ensure a smooth transition for the current payroll team.
- Contribute and assist in the planning, development, management and maintenance of master project schedule utilizing Primavera P3.
- Task form and data need for producing CPM networks, schedules and monitoring progress charts (primavera software application).
- Provide support in the development of cost breakdown, accruals, and forecasts for the timely submission into the intended portfolio.
- Provide oversight for construction scheduling.
Cost engineer skills and personality traits
We calculated that 9% of Cost Engineers are proficient in Project Management, Cost Analysis, and Construction Management. They’re also known for soft skills such as Speaking skills, Initiative, and Math skills.
We break down the percentage of Cost Engineers that have these skills listed on their resume here:
- Project Management, 9%
Participated in monthly Project Management meetings with Project Managers and Cost Engineers providing any necessary support and documentation as needed.
- Cost Analysis, 7%
Validated cost information submitted by different departments for customers quotations then performed cost analysis to ensure the most accurate cost projection.
- Construction Management, 7%
Advanced level of knowledge in engineering and construction management customarily acquired over time through specialized instruction or practical experience.
- Project Controls, 7%
Worked closely with Eastman Project Controls on multiple divisions in developing accurate estimates to complete.
- Cost Data, 5%
Ensured the collected cost data was meticulously analyzed from all facets of collections before presenting to Project Manager for daily presentations.
- Cost Models, 4%
Developed cost models using activity based and other costing methods to ensure accurate cost estimates.
Most cost engineers use their skills in "project management," "cost analysis," and "construction management" to do their jobs. You can find more detail on essential cost engineer responsibilities here:
Speaking skills. One of the key soft skills for a cost engineer to have is speaking skills. You can see how this relates to what cost engineers do because "electrical and electronics engineers work closely with other engineers and technicians." Additionally, a cost engineer resume shows how cost engineers use speaking skills: "prepared and presented to management project cost/schedule status indicators and findings. "
Initiative. Another soft skill that's essential for fulfilling cost engineer duties is initiative. The role rewards competence in this skill because "electrical and electronics engineers must apply their knowledge to new tasks in every project they undertake." According to a cost engineer resume, here's how cost engineers can utilize initiative in their job responsibilities: "managed staff of project control specialists and contractors responsible for cost control on individual initiatives. "
Math skills. This is an important skill for cost engineers to perform their duties. For an example of how cost engineer responsibilities depend on this skill, consider that "electrical and electronics engineers must use the principles of calculus and other advanced math in order to analyze, design, and troubleshoot equipment." This excerpt from a resume also shows how vital it is to everyday roles and responsibilities of a cost engineer: "research and development of quantitative metrics for validation of cost models for forecasting plant labor, material and equipment requirements. ".
Writing skills. For certain cost engineer responsibilities to be completed, the job requires competence in "writing skills." The day-to-day duties of a cost engineer rely on this skill, as "electrical and electronics engineers develop technical publications related to equipment they develop, including maintenance manuals, operation manuals, parts lists, product proposals, and design methods documents." For example, this snippet was taken directly from a resume about how this skill applies to what cost engineers do: "maintained cost data bases, collecting data for economic and cost studies, obtaining quotations and writing technical reports. "
The three companies that hire the most cost engineers are:
- General Dynamics292 cost engineers jobs
- Pearson51 cost engineers jobs
- Pacific Northwest National Laboratory50 cost engineers jobs
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Compare different cost engineers
Cost engineer vs. Research and development engineer
Research and development engineers generally execute research and tests on product ideas, develop new products, and perform redesigns. They are employed in many industries, including manufacturing, electrical, and science-based companies. Their duties vary and depend on the industries they work in. Responsibilities of these engineers include developing new technologies, designing products, and managing the projects until they are completed. Additionally, they lead the project team members to manage their schedules, design the project plans, and collaborate with key departments in developing new products.
These skill sets are where the common ground ends though. The responsibilities of a cost engineer are more likely to require skills like "cost analysis," "construction management," "project controls," and "cost data." On the other hand, a job as a research and development engineer requires skills like "python," "r," "c #," and "solidworks." As you can see, what employees do in each career varies considerably.
Research and development engineers tend to make the most money working in the technology industry, where they earn an average salary of $107,654. In contrast, cost engineers make the biggest average salary, $101,020, in the energy industry.The education levels that research and development engineers earn slightly differ from cost engineers. In particular, research and development engineers are 4.5% more likely to graduate with a Master's Degree than a cost engineer. Additionally, they're 3.7% more likely to earn a Doctoral Degree.Cost engineer vs. Product development engineer
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.
In addition to the difference in salary, there are some other key differences worth noting. For example, cost engineer responsibilities are more likely to require skills like "construction management," "project controls," "cost data," and "cost models." Meanwhile, a product development engineer has duties that require skills in areas such as "cad," "solidworks," "product development," and "data analysis." These differences highlight just how different the day-to-day in each role looks.
Product development engineers may earn a lower salary than cost engineers, but product development engineers earn the most pay in the technology industry with an average salary of $86,062. On the other hand, cost engineers receive higher pay in the energy industry, where they earn an average salary of $101,020.In general, product development engineers achieve similar levels of education than cost engineers. They're 1.6% more likely to obtain a Master's Degree while being 3.7% more likely to earn a Doctoral Degree.Cost engineer vs. Radio frequency engineer
A radio frequency engineer, also known as RF engineer, specializes in designing and developing communication systems using radio waves. One of their primary responsibilities revolves around creating networks and systems and testing equipment. They make sure that equipment is up to high standards by traveling to different areas as needed, troubleshooting issues to identify the root of problems and performing corrective measures required. Furthermore, a radio frequency engineer must continuously optimize equipment quality and ensure efficiency while adhering to the laws and regulations.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a cost engineer is likely to be skilled in "project management," "cost analysis," "construction management," and "project controls," while a typical radio frequency engineer is skilled in "test equipment," "antenna," "system performance," and "system design."
Radio frequency engineers earn the best pay in the technology industry, where they command an average salary of $94,522. Cost engineers earn the highest pay from the energy industry, with an average salary of $101,020.radio frequency engineers typically earn higher educational levels compared to cost engineers. Specifically, they're 6.0% more likely to graduate with a Master's Degree, and 1.0% more likely to earn a Doctoral Degree.Cost engineer vs. Mechanical engineer
Mechanical Engineers oversee the development of various mechanical devices in different industries. Most of the responsibilities will revolve around crafting, improving, or designing technologies by utilizing extensive expertise in the subject; they identify and detect errors, provide in-depth analysis, and resolve issues. They are often in designated offices, but they can also work on-site and travel if necessary. Furthermore, Mechanical Engineers usually function in a group or team setting, often supervised by personnel in higher positions.
Types of cost engineer
Updated January 8, 2025
