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The differences between senior cost analysts and cost accountants 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 a cost accountant. Additionally, a senior cost analyst has an average salary of $77,845, which is higher than the $60,528 average annual salary of a cost accountant.
The top three skills for a senior cost analyst include financial analysis, cost analysis and cost estimates. The most important skills for a cost accountant are reconciliations, variance analysis, and GAAP.
| Senior Cost Analyst | Cost Accountant | |
| Yearly salary | $77,845 | $60,528 |
| Hourly rate | $37.43 | $29.10 |
| Growth rate | 3% | 6% |
| Number of jobs | 53,872 | 39,925 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 77% |
| 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.
A cost accountant specializes in determining the total cost incurred by a company from producing goods and services. Through the various financial data they collect, the cost accountant will devise plans and strategies that will be a vital factor in the next budget and marketing preparations of a company. Aside from this, a cost accountant is responsible for various tasks such as conducting research and analysis in different areas, keeping financial records and inventory, producing financial reports involving profitability and expenditures, and proposing a budget and other financial plans.
Senior cost analysts and cost accountants have different pay scales, as shown below.
| Senior Cost Analyst | Cost Accountant | |
| Average salary | $77,845 | $60,528 |
| Salary range | Between $57,000 And $105,000 | Between $45,000 And $81,000 |
| Highest paying City | Washington, DC | Edison, NJ |
| Highest paying state | California | New Jersey |
| Best paying company | Apple | |
| Best paying industry | Automotive | Energy |
There are a few differences between a senior cost analyst and a cost accountant in terms of educational background:
| Senior Cost Analyst | Cost Accountant | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 77% |
| Most common major | Accounting | Accounting |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior cost analysts' and cost accountants' demographics:
| Senior Cost Analyst | Cost Accountant | |
| Average age | 47 | 44 |
| Gender ratio | Male, 63.5% Female, 36.5% | Male, 52.6% Female, 47.4% |
| 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, 8.7% Unknown, 4.0% Hispanic or Latino, 11.0% Asian, 12.2% White, 63.7% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 13% | 7% |