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The differences between finance analysts and cost analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a finance analyst and a cost analyst. Additionally, a finance analyst has an average salary of $69,887, which is higher than the $54,158 average annual salary of a cost analyst.
The top three skills for a finance analyst include financial analysis, financial models and financial data. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.
| Finance Analyst | Cost Analyst | |
| Yearly salary | $69,887 | $54,158 |
| Hourly rate | $33.60 | $26.04 |
| Growth rate | 9% | 3% |
| Number of jobs | 138,600 | 60,034 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 74% |
| Average age | 40 | 47 |
| Years of experience | 4 | 4 |
A finance analyst is responsible for evaluating a company's financial data and historical reports to assess investment opportunities and provide accurate financial statements in support of business strategies and company performance prediction. A financial analyst's duties also include suggesting recommendations to boost operations efficiency and grow revenues, researching the current market performance and economic trends to adjust budget goals as needed, and managing client portfolios. Finance analysts must have excellent critical and analytical thinking skills to identify the best actions for the company's profitability.
Cost Analysts are employees with a strong background in finance or accounting. They are in charge of collecting financial data and analyzing the entries. They study the company's expenses and prepare pertinent reports. Cost Analysts look for inconsistencies in the financial data. This way, they can assist in auditing the company's spending. Cost Analysts also look for inefficiencies. They do so by tracking item costs and department budgets and monitoring department expenses. They are also involved in budget-setting activities.
Finance analysts and cost analysts have different pay scales, as shown below.
| Finance Analyst | Cost Analyst | |
| Average salary | $69,887 | $54,158 |
| Salary range | Between $46,000 And $104,000 | Between $39,000 And $73,000 |
| Highest paying City | San Francisco, CA | Washington, DC |
| Highest paying state | Connecticut | Virginia |
| Best paying company | The Citadel | General Motors |
| Best paying industry | Finance | Automotive |
There are a few differences between a finance analyst and a cost analyst in terms of educational background:
| Finance Analyst | Cost Analyst | |
| Most common degree | Bachelor's Degree, 76% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between finance analysts' and cost analysts' demographics:
| Finance Analyst | Cost Analyst | |
| Average age | 40 | 47 |
| Gender ratio | Male, 56.2% Female, 43.8% | Male, 54.2% Female, 45.8% |
| Race ratio | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% | Black or African American, 10.1% Unknown, 4.7% Hispanic or Latino, 16.1% Asian, 8.6% White, 59.5% American Indian and Alaska Native, 1.0% |
| LGBT Percentage | 7% | 13% |