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The differences between resource 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 resource analyst and a cost analyst. Additionally, a resource analyst has an average salary of $68,662, which is higher than the $54,158 average annual salary of a cost analyst.
The top three skills for a resource analyst include resource management, customer satisfaction and financial analysis. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.
| Resource Analyst | Cost Analyst | |
| Yearly salary | $68,662 | $54,158 |
| Hourly rate | $33.01 | $26.04 |
| Growth rate | 11% | 3% |
| Number of jobs | 90,118 | 60,034 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 74% |
| Average age | 44 | 47 |
| Years of experience | 4 | 4 |
A resource analyst is responsible for conducting data and statistical analysis, analyzing trends research, and identifying cost-reduction opportunities that would generate revenues and increase profits. Resource analysts evaluate budgeting and financial transactions and implement strategical methodologies to improve business operations, project management, and customer relationships. They also monitor the resource management of the business by coordinating with third-party providers and the senior management to facilitate operational concerns and requests for collaborative partnerships with the clients.
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.
Resource analysts and cost analysts have different pay scales, as shown below.
| Resource Analyst | Cost Analyst | |
| Average salary | $68,662 | $54,158 |
| Salary range | Between $48,000 And $97,000 | Between $39,000 And $73,000 |
| Highest paying City | Bethesda, MD | Washington, DC |
| Highest paying state | New Jersey | Virginia |
| Best paying company | Mayo Clinic | General Motors |
| Best paying industry | - | Automotive |
There are a few differences between a resource analyst and a cost analyst in terms of educational background:
| Resource Analyst | Cost Analyst | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 74% |
| Most common major | Business | Business |
| Most common college | Northwestern University | University of Pennsylvania |
Here are the differences between resource analysts' and cost analysts' demographics:
| Resource Analyst | Cost Analyst | |
| Average age | 44 | 47 |
| Gender ratio | Male, 46.3% Female, 53.7% | Male, 54.2% Female, 45.8% |
| Race ratio | Black or African American, 8.6% Unknown, 4.5% Hispanic or Latino, 9.3% Asian, 11.6% White, 65.9% American Indian and Alaska Native, 0.2% | 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 | 12% | 13% |