Senior cost accountants maintain detailed costs in the company's system and provide cost analysis, supporting operations and sales. They review inventory and deal with the manufacturing personnel to control and analyze standard costs. They also assist in developing cost accounting procedures while running analyses of cost reports and monthly closing documents. Senior cost accountants earn a median sum of $72,000 annually or $34 per hour.
Senior cost accountants are responsible for an accurate and timely completion of the monthly financial close of assigned activities and assistance with developing the budget and other corporate/business financial requirements. They monitor and analyze inventory and related reserves as well as perform analyses of assigned activities and develop new reporting and analytical tools.
Senior cost accountants mostly hold a bachelor's or master's degree in accounting, business, or other related fields from an accredited university. They are expected to have some years of experience in a similar role and possess excellent analytical, interpersonal, and communication skills, which may prove advantageous in the long run. A substantial level of accounting knowledge is required in addition to some essential skills, which include micro-managing, valid data entry, and data management.
There is more than meets the eye when it comes to being a senior cost accountant. For example, did you know that they make an average of $34.43 an hour? That's $71,610 a year!
Between 2018 and 2028, the career is expected to grow 6% and produce 90,700 job opportunities across the U.S.
There are certain skills that many senior cost accountants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed organizational skills, analytical skills and communication skills.
When it comes to the most important skills required to be a senior cost accountant, we found that a lot of resumes listed 10.9% of senior cost accountants included financial statements, while 7.7% of resumes included general ledger accounts, and 6.8% of resumes included variance analysis. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.
When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the senior cost accountant job title. But what industry to start with? Most senior cost accountants actually find jobs in the manufacturing and technology industries.
If you're interested in becoming a senior cost accountant, one of the first things to consider is how much education you need. We've determined that 77.1% of senior cost accountants have a bachelor's degree. In terms of higher education levels, we found that 13.8% of senior cost accountants have master's degrees. Even though most senior cost accountants have a college degree, it's impossible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a senior cost accountant. When we researched the most common majors for a senior cost accountant, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on senior cost accountant resumes include associate degree degrees or diploma degrees.
You may find that experience in other jobs will help you become a senior cost accountant. In fact, many senior cost accountant jobs require experience in a role such as cost accountant. Meanwhile, many senior cost accountants also have previous career experience in roles such as senior accountant or staff accountant.