Senior cost analysts are professionals who manage the finances and budget for various construction projects. For example, a senior cost analyst who works for a construction company is responsible for estimating the cost, time, materials, equipment, and labor needed for a particular construction project.
They manage other analysts to conduct cost analyses, determine the duration of a project, hire vendors and contractors, and make sure that the project deadlines are met promptly. These professionals also manage groups who prepare estimates to meet project goals, set staff work hours, and research project documents, and analyze specifications.
A senior cost analyst typically works in an office environment during normal work hours and has excellent management, communication, analytical and organizational skills. These individuals are adept at negotiating with vendors, staff, upper management and contractors, and can coordinate projects and make accurate time and cost estimates. Senior cost analysts also formulate contingency plans in the event of construction issues and effectively manages risks that may impact cost and time estimates.
Depending on the industry, many senior cost analysts have a bachelor's or an advanced degree in finance, marketing, or a comparable field. However, an advanced degree is not a critical requirement if the individual has comparable knowledge and experience. Most senior cost analysts can make up to $78,000 per year, and the job market for this field is estimated to grow 9% in the US by 2029.
There is more than meets the eye when it comes to being a senior cost analyst. For example, did you know that they make an average of $36.34 an hour? That's $75,577 a year!
Between 2018 and 2028, the career is expected to grow 4% and produce 2,400 job opportunities across the U.S.
There are certain skills that many senior cost analysts 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 writing skills, analytical skills and communication skills.
When it comes to the most important skills required to be a senior cost analyst, we found that a lot of resumes listed 17.8% of senior cost analysts included financial statements, while 6.5% of resumes included cost analysis, and 5.0% of resumes included cost estimates. 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 analyst job title. But what industry to start with? Most senior cost analysts actually find jobs in the manufacturing and technology industries.
If you're interested in becoming a senior cost analyst, one of the first things to consider is how much education you need. We've determined that 75.4% of senior cost analysts have a bachelor's degree. In terms of higher education levels, we found that 15.0% of senior cost analysts have master's degrees. Even though most senior cost analysts 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 analyst. When we researched the most common majors for a senior cost analyst, 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 analyst resumes include associate degree degrees or diploma degrees.
You may find that experience in other jobs will help you become a senior cost analyst. In fact, many senior cost analyst jobs require experience in a role such as cost accountant. Meanwhile, many senior cost analysts also have previous career experience in roles such as cost analyst or senior finance analyst.