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Become A Senior Cost Analyst

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Working As A Senior Cost Analyst

  • Interacting With Computers
  • Getting Information
  • Analyzing Data or Information
  • Processing Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Mostly Sitting

  • Repetitive

  • $77,487

    Average Salary

What Does A Senior Cost Analyst Do

Budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.

Duties

Budget analysts typically do the following:

  • Work with program and project managers to develop the organization's budget
  • Review managers' budget proposals for completeness, accuracy, and compliance with laws and other regulations
  • Combine all the program and department budgets together into a consolidated organizational budget and review all funding requests for merit
  • Explain their recommendations for funding requests to others in the organization, legislators, and the public
  • Help the chief operations officer, agency head, or other top managers analyze proposed plans and find alternatives if the projected results are unsatisfactory
  • Monitor organizational spending to ensure that it is within budget
  • Inform program managers of the status and availability of funds
  • Estimate future financial needs

Budget analysts advise various institutions—including governments, universities, and businesses—on how to organize their finances. They prepare annual and special reports and evaluate budget proposals. They analyze data to determine the costs and benefits of various programs and recommend funding levels based on their findings. Although elected officials (in government) or top executives (in a private company) usually make the final decision on an organization's budget, they rely on the work of budget analysts to prepare the information for that decision.

Sometimes, budget analysts use cost-benefit analyses to review financial requests, assess program tradeoffs, and explore alternative funding methods. Budget analysts also may examine past budgets and research economic and financial developments that affect the organization's income and expenditures. Budget analysts may recommend program spending cuts or redistributing extra funds.

Throughout the year, budget analysts oversee spending to ensure compliance with the budget and determine whether changes to funding levels are needed for certain programs. Analysts also evaluate programs to determine whether they are producing the desired results.

In addition to providing technical analysis, budget analysts must effectively communicate their recommendations to officials within the organization. For example, if there is a difference between the approved budget and actual spending, budget analysts may write a report explaining the variations and recommend changes to reconcile the differences.

Budget analysts working in government attend committee hearings to explain their recommendations to legislators. Occasionally, budget analysts may evaluate how well a program is doing, provide policy analysis, and draft budget-related legislation.

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How To Become A Senior Cost Analyst

A bachelor’s degree is typically required to become a budget analyst, although some employers prefer candidates with a master’s degree.

Education

Employers generally require budget analysts to have at least a bachelor's degree. However, some employers may require candidates to have a master’s degree. Because developing a budget requires strong numerical and analytical skills, courses in statistics or accounting are helpful. Federal, state, and local governments have varying requirements, but usually require a bachelor's degree in one of many areas, such as accounting, finance, business, public administration, economics, statistics, political science, or sociology.

Sometimes, budget-related or finance-related work experience can be substituted for formal education.

Licenses, Certifications, and Registrations

Government budget analysts may earn the Certified Government Financial Manager credential from the Association of Government Accountants. To earn this certification, candidates must have a minimum of a bachelor's degree, 24 credit hours of study in financial management, 2 years of professional-level experience in governmental financial management, and they must pass a series of exams. To keep the certification, budget analysts must take 80 hours of continuing education every 2 years.

Advancement

Entry-level budget analysts begin with limited responsibilities, but advancement is common. As analysts gain experience, they have the opportunity to advance to intermediate and senior budget analyst positions.

Important Qualities

Analytical skills. Budget analysts must be able to process a variety of information, evaluate costs and benefits, and solve complex problems.

Communication skills. Budget analysts need strong communication skills because they often have to explain and defend their analyses and recommendations in meetings and legislative committee hearings.

Detail oriented. Creating an efficient budget requires careful analysis of each budget item.

Math skills. Most budget analysts need math skills and should be able to use certain software, including spreadsheets, database functions, and financial analysis programs.

Writing skills. Budget analysts must present technical information in writing that is understandable for the intended audience.

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Senior Cost Analyst Videos

Career Advice on becoming a Management Accountant by Matthew R (Full Version)

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Senior Cost Analyst Jobs

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Senior Cost Analyst Career Paths

Senior Cost Analyst
Senior Consultant Senior Management Consultant Senior Finance Analyst
Budget Manager
7 Yearsyrs
Accounting Supervisor Finance Analyst Accounting Manager
Corporate Accounting Manager
9 Yearsyrs
Accounting Manager Assistant Controller Senior Finance Analyst
Cost Accounting Manager
7 Yearsyrs
Plant Controller Division Controller Controller
Director Of Accounting & Finance
11 Yearsyrs
Cost Accounting Manager Plant Controller
Division Controller
9 Yearsyrs
Senior Consultant Chief Operating Officer Finance Consultant
Finance Leader
8 Yearsyrs
Cost Accounting Manager Accounting Manager Senior Finance Analyst
Finance Planning Manager
8 Yearsyrs
Senior Analyst Senior Operations Analyst Senior Finance Analyst
Finance Project Manager
8 Yearsyrs
Senior Finance Analyst Finance Manager Controller
Finance Vice President
10 Yearsyrs
Finance Manager Controller
Interim Controller
15 Yearsyrs
Accounting Manager Senior Finance Analyst
Manager, Finance Analysis
8 Yearsyrs
Accounting Supervisor Accounting Manager
Manager/Finance Accounting
8 Yearsyrs
Controller Accounting Consultant Accounting Manager
Plant Controller
10 Yearsyrs
Senior Finance Analyst Controller
Regional Controller
10 Yearsyrs
Plant Controller Finance Manager
Regional Finance Manager
9 Yearsyrs
Senior Analyst Senior Finance Analyst
Reporting Manager
8 Yearsyrs
Finance Manager Finance Director
Senior Director Of Finance
14 Yearsyrs
Controller Finance Consultant Senior Finance Analyst
Senior Finance Manager
11 Yearsyrs
Senior Finance Manager Director Of Operations And Finance Corporate Controller
Unit Controller
8 Yearsyrs
Senior Finance Manager Finance Vice President Operations Vice President
Vice President, Business Operations
13 Yearsyrs
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Do you work as a Senior Cost Analyst?

Senior Cost Analyst Demographics

Gender

Male

58.8%

Female

39.1%

Unknown

2.0%
Ethnicity

White

61.6%

Hispanic or Latino

13.7%

Black or African American

12.0%

Asian

9.3%

Unknown

3.5%
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Foreign Languages Spoken

Spanish

47.1%

Portuguese

11.8%

Chinese

5.9%

German

5.9%

Mandarin

5.9%

French

2.9%

Amharic

2.9%

Gujarati

2.9%

Carrier

2.9%

Hindi

2.9%

Polish

2.9%

Korean

2.9%

Italian

2.9%
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Senior Cost Analyst Education

Schools

University of Phoenix

10.1%

George Washington University

6.2%

Wayne State University

5.4%

Auburn University

5.4%

Webster University

5.4%

Georgia State University

5.4%

George Mason University

5.4%

Southern New Hampshire University

5.4%

Johns Hopkins University

5.4%

University of Texas at Arlington

4.7%

Arizona State University

4.7%

State University of New York Buffalo

4.7%

Indiana Wesleyan University

4.7%

Syracuse University

3.9%

Fairleigh Dickinson University

3.9%

University of Maryland - College Park

3.9%

Texas Tech University

3.9%

Santa Clara University

3.9%

Johnson & Wales University

3.9%

Northern Illinois University

3.9%
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Majors

Business

34.8%

Accounting

30.2%

Finance

15.4%

Management

3.2%

Economics

2.5%

Marketing

1.5%

Project Management

1.5%

Political Science

1.1%

Operations Management

1.1%

Supply Chain Management

1.1%

Public Administration

1.0%

Education

1.0%

Mathematics

0.8%

Criminal Justice

0.8%

Engineering And Industrial Management

0.8%

International Business

0.7%

General Education, Specific Areas

0.7%

Human Resources Management

0.7%

Communication

0.7%

Psychology

0.5%
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Degrees

Bachelors

44.3%

Masters

40.7%

Other

9.0%

Certificate

2.4%

Associate

1.8%

Doctorate

1.3%

Diploma

0.4%

License

0.1%
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Senior Cost Analyst Videos

Career Advice on becoming a Management Accountant by Matthew R (Full Version)

CAREERS IN IT MANAGEMENT- BBM,MBA,Executive Recruiter,Business,Job Opportunities,Salary Package

Career Advice on becoming an Applications Manager by Vanessa W (Full Version)

Job type you want
Full Time
Part Time
Internship
Temporary

Real Senior Cost Analyst Salaries

Job Title Company Location Start Date Salary
Senior Cost Analyst SK E and C USA, Inc. Houston, TX Jul 10, 2015 $102,003 -
$134,820
Senior Cost Financial Analyst Nimble Storage, Inc. San Jose, CA Jan 13, 2015 $100,000
Senior Cost Analyst Technip USA, Inc. Houston, TX Dec 07, 2012 $94,554
Senior Analyst, Budget & Cost Analytics Engineer's Associates, Inc. Newark, CA Sep 19, 2016 $90,000
Senior Cost Analyst Technip USA, Inc. Houston, TX Jul 09, 2010 $90,000
Senior Cost Financial Analyst Nimble Storage, Inc. San Jose, CA Nov 04, 2013 $85,000 -
$105,000
Senior Analyst Global Cost Estimating American Axle & Manufacturing, Inc. Detroit, MI Apr 17, 2015 $82,500
Senior Cost Estimating Analyst American Axle & Manufacturing, Inc. Detroit, MI May 03, 2014 $77,149
Senior Analyst, Costing Analytics The Gap, Inc. San Francisco, CA Sep 04, 2013 $75,000 -
$90,000
Senior Analyst, Costing Analytics The Gap, Inc. San Francisco, CA Oct 08, 2012 $75,000 -
$90,000
Senior Cost Analyst Sampco, Inc. Chicago, IL Oct 01, 2012 $60,258 -
$63,000
Senior Cost Analyst App Pharmaceuticals, LLC Schaumburg, IL Oct 01, 2011 $59,883 -
$90,915

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Top Skills for A Senior Cost Analyst

  1. Financial Statements
  2. Variance Analysis
  3. Cost Savings
You can check out examples of real life uses of top skills on resumes here:
  • Consolidate and present financial statements for six entities and prepare expense and project profitability variance analysis and presentation.
  • Executed performance measurement techniques to include cost and schedule performance, variance analysis and recommendations for corrective plan of actions.
  • Improved budget preparation process between plant personnel and supporting departments resulting in increased efficiency, redundancy elimination and measurable cost savings.
  • Provided and analyzed total cost of sales by product line; heavy concentration on manufacturing variances.
  • Audit support: Gathered and staged journal procedures and journal supporting documentation details.

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Top 10 Best States for Senior Cost Analysts

  1. Virginia
  2. District of Columbia
  3. Maryland
  4. Massachusetts
  5. Connecticut
  6. Rhode Island
  7. Alabama
  8. California
  9. Minnesota
  10. Michigan
  • (969 jobs)
  • (353 jobs)
  • (566 jobs)
  • (596 jobs)
  • (223 jobs)
  • (54 jobs)
  • (168 jobs)
  • (2,471 jobs)
  • (436 jobs)
  • (374 jobs)

Top Senior Cost Analyst Employers

Jobs From Top Senior Cost Analyst Employers

Senior Cost Analyst Videos

Career Advice on becoming a Management Accountant by Matthew R (Full Version)

CAREERS IN IT MANAGEMENT- BBM,MBA,Executive Recruiter,Business,Job Opportunities,Salary Package

Career Advice on becoming an Applications Manager by Vanessa W (Full Version)

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