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The differences between senior cost analysts and 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 senior cost analyst and an analyst. Additionally, a senior cost analyst has an average salary of $77,845, which is higher than the $73,007 average annual salary of an analyst.
The top three skills for a senior cost analyst include financial analysis, cost analysis and cost estimates. The most important skills for an analyst are customer service, troubleshoot, and data analysis.
| Senior Cost Analyst | Analyst | |
| Yearly salary | $77,845 | $73,007 |
| Hourly rate | $37.43 | $35.10 |
| Growth rate | 3% | 11% |
| Number of jobs | 53,872 | 253,138 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 67% |
| Average age | 47 | 44 |
| Years of experience | 4 | 4 |
Senior cost analysts are lead professionals who collaborate with a variety of departments to gather financial data and perform analysis to uncover inefficiencies. These analysts are required to develop accurate cost estimates that are used in producing pricing quotations on products and programs. They must utilize the enterprise resource planning (ERP) business system to track the quotation process and maintain standard costs through cost roll activities. Senior cost analysts must also collaborate with managers to facilitate initiatives and projects that are cost-saving.
Analysts are employees or individual contributors with a vast experience in a particular field that help the organization address challenges. They help the organization improve processes, policies, and other operations protocol by studying the current processes in place and determining the effectiveness of those processes. They also research industry trends and data to make sound inferences and recommendations on what the company should do to improve their numbers. Analysts recommend business solutions and often help the organization roll out these solutions. They ensure that the proposed action plans are effective and produce the desired results.
Senior cost analysts and analysts have different pay scales, as shown below.
| Senior Cost Analyst | Analyst | |
| Average salary | $77,845 | $73,007 |
| Salary range | Between $57,000 And $105,000 | Between $53,000 And $99,000 |
| Highest paying City | Washington, DC | Jersey City, NJ |
| Highest paying state | California | New Jersey |
| Best paying company | Apple | The Citadel |
| Best paying industry | Automotive | Technology |
There are a few differences between a senior cost analyst and an analyst in terms of educational background:
| Senior Cost Analyst | Analyst | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 67% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | Northwestern University |
Here are the differences between senior cost analysts' and analysts' demographics:
| Senior Cost Analyst | Analyst | |
| Average age | 47 | 44 |
| Gender ratio | Male, 63.5% Female, 36.5% | Male, 52.4% Female, 47.6% |
| Race ratio | Black or African American, 10.1% Unknown, 4.5% Hispanic or Latino, 15.6% Asian, 7.9% White, 60.8% American Indian and Alaska Native, 1.0% | Black or African American, 7.4% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.3% White, 65.2% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 13% | 12% |