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The differences between project 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 project finance analyst and a cost analyst. Additionally, a project finance analyst has an average salary of $77,005, which is higher than the $54,158 average annual salary of a cost analyst.
The top three skills for a project finance analyst include financial analysis, project management and financial data. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.
| Project Finance Analyst | Cost Analyst | |
| Yearly salary | $77,005 | $54,158 |
| Hourly rate | $37.02 | $26.04 |
| Growth rate | 9% | 3% |
| Number of jobs | 106,230 | 60,034 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 74% |
| Average age | 40 | 47 |
| Years of experience | 4 | 4 |
A project finance analyst is responsible for analyzing the financial needs and reports of an organization's project management system. Project finance analysts review project terms and expense forecasting and identify strategies to minimize financial loss. They also resolve account discrepancies and file accurate financial statements upon the assessment of project plans, resources, and timetables. A project finance analyst must have excellent communication and analytical skills to determine potential risks and enhance the company's portfolio for business proposals.
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.
Project finance analysts and cost analysts have different pay scales, as shown below.
| Project Finance Analyst | Cost Analyst | |
| Average salary | $77,005 | $54,158 |
| Salary range | Between $54,000 And $108,000 | Between $39,000 And $73,000 |
| Highest paying City | San Francisco, CA | Washington, DC |
| Highest paying state | Pennsylvania | Virginia |
| Best paying company | General Motors | |
| Best paying industry | Manufacturing | Automotive |
There are a few differences between a project finance analyst and a cost analyst in terms of educational background:
| Project Finance Analyst | Cost Analyst | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between project finance analysts' and cost analysts' demographics:
| Project Finance Analyst | Cost Analyst | |
| Average age | 40 | 47 |
| Gender ratio | Male, 48.8% Female, 51.2% | 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% |