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The differences between senior cost analysts and finance 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 finance analyst. Additionally, a senior cost analyst has an average salary of $77,845, which is higher than the $69,887 average annual salary of a finance analyst.
The top three skills for a senior cost analyst include financial analysis, cost analysis and cost estimates. The most important skills for a finance analyst are financial analysis, financial models, and financial data.
| Senior Cost Analyst | Finance Analyst | |
| Yearly salary | $77,845 | $69,887 |
| Hourly rate | $37.43 | $33.60 |
| Growth rate | 3% | 9% |
| Number of jobs | 53,872 | 138,600 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 76% |
| Average age | 47 | 40 |
| 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 finance analyst is responsible for evaluating a company's financial data and historical reports to assess investment opportunities and provide accurate financial statements in support of business strategies and company performance prediction. A financial analyst's duties also include suggesting recommendations to boost operations efficiency and grow revenues, researching the current market performance and economic trends to adjust budget goals as needed, and managing client portfolios. Finance analysts must have excellent critical and analytical thinking skills to identify the best actions for the company's profitability.
Senior cost analysts and finance analysts have different pay scales, as shown below.
| Senior Cost Analyst | Finance Analyst | |
| Average salary | $77,845 | $69,887 |
| Salary range | Between $57,000 And $105,000 | Between $46,000 And $104,000 |
| Highest paying City | Washington, DC | San Francisco, CA |
| Highest paying state | California | Connecticut |
| Best paying company | Apple | The Citadel |
| Best paying industry | Automotive | Finance |
There are a few differences between a senior cost analyst and a finance analyst in terms of educational background:
| Senior Cost Analyst | Finance Analyst | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 76% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior cost analysts' and finance analysts' demographics:
| Senior Cost Analyst | Finance Analyst | |
| Average age | 47 | 40 |
| Gender ratio | Male, 63.5% Female, 36.5% | Male, 56.2% Female, 43.8% |
| 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, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 13% | 7% |