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The differences between lead 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 lead finance analyst and a cost analyst. Additionally, a lead finance analyst has an average salary of $85,672, which is higher than the $54,158 average annual salary of a cost analyst.
The top three skills for a lead finance analyst include financial analysis, hyperion and financial planning analysis. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.
| Lead Finance Analyst | Cost Analyst | |
| Yearly salary | $85,672 | $54,158 |
| Hourly rate | $41.19 | $26.04 |
| Growth rate | 9% | 3% |
| Number of jobs | 89,105 | 60,034 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 74% |
| Average age | 40 | 47 |
| Years of experience | 4 | 4 |
A lead finance analyst is responsible for monitoring the company's financial conditions, analyzing account statements, and resolving payment discrepancies. Lead finance analysts create expense reports and budget forecasting, as well as identifying business opportunities that would minimize loss and generate revenues for the business. They also oversee financial and business transactions, perform bank reconciliations, and manage outstanding payments. A lead finance analyst must have excellent analytical and communication skills, especially in discussing financial results to the management and recommending strategic techniques for cost-reduction activities.
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.
Lead finance analysts and cost analysts have different pay scales, as shown below.
| Lead Finance Analyst | Cost Analyst | |
| Average salary | $85,672 | $54,158 |
| Salary range | Between $64,000 And $114,000 | Between $39,000 And $73,000 |
| Highest paying City | San Francisco, CA | Washington, DC |
| Highest paying state | California | Virginia |
| Best paying company | Pacific Investment Management Company LLC | General Motors |
| Best paying industry | Telecommunication | Automotive |
There are a few differences between a lead finance analyst and a cost analyst in terms of educational background:
| Lead Finance Analyst | Cost Analyst | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between lead finance analysts' and cost analysts' demographics:
| Lead Finance Analyst | Cost Analyst | |
| Average age | 40 | 47 |
| Gender ratio | Male, 57.0% Female, 43.0% | 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% |