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The differences between senior cost analysts and cost 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 a cost analyst. Additionally, a senior cost analyst has an average salary of $77,845, which is higher than the $54,158 average annual salary of a cost analyst.
The top three skills for a senior cost analyst include financial analysis, cost analysis and cost estimates. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.
| Senior Cost Analyst | Cost Analyst | |
| Yearly salary | $77,845 | $54,158 |
| Hourly rate | $37.43 | $26.04 |
| Growth rate | 3% | 3% |
| Number of jobs | 53,872 | 60,034 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 74% |
| Average age | 47 | 47 |
| 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.
Cost Analysts are employees with a strong background in finance or accounting. They are in charge of collecting financial data and analyzing the entries. They study the company's expenses and prepare pertinent reports. Cost Analysts look for inconsistencies in the financial data. This way, they can assist in auditing the company's spending. Cost Analysts also look for inefficiencies. They do so by tracking item costs and department budgets and monitoring department expenses. They are also involved in budget-setting activities.
Senior cost analysts and cost analysts have different pay scales, as shown below.
| Senior Cost Analyst | Cost Analyst | |
| Average salary | $77,845 | $54,158 |
| Salary range | Between $57,000 And $105,000 | Between $39,000 And $73,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | California | Virginia |
| Best paying company | Apple | General Motors |
| Best paying industry | Automotive | Automotive |
There are a few differences between a senior cost analyst and a cost analyst in terms of educational background:
| Senior Cost Analyst | Cost Analyst | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 74% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior cost analysts' and cost analysts' demographics:
| Senior Cost Analyst | Cost Analyst | |
| Average age | 47 | 47 |
| Gender ratio | Male, 63.5% Female, 36.5% | Male, 54.2% Female, 45.8% |
| 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, 10.1% Unknown, 4.7% Hispanic or Latino, 16.1% Asian, 8.6% White, 59.5% American Indian and Alaska Native, 1.0% |
| LGBT Percentage | 13% | 13% |