What does a senior cost analyst do?
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.
Senior cost analyst responsibilities
Here are examples of responsibilities from real senior cost analyst resumes:
- Lead HFM and Essbase implementation efforts, including training of field and headquarters personnel.
- Prepare and post journal entries, prepare balance sheet reconciliations and analysis of plant performance for presentation to internal management.
- Work also include preliminary stages of SOX compliance and implementation at the plant level.
- Run the entire tests for the SOX quarterly audit and check for any issue for the audit.
- Finance representative on ERP system implementation team.
- Prepare month-end accruals and perform month-end/year-end close.
- Review expense accounts to determine necessary accruals.
- Assist management with interpretation of production performance including ERP data extraction.
- Develop and analyze the reporting metrics for accounts receivable and treasury processes.
- Maintain and monitor divisional inventory system to ensure inventory levels are accurately report through monthly reconciliations.
- Spearhead and coordinate comprehensive analysis of parking needs for patients and employees in line with current availability.
- Document work flow and EAC process steps in a desk reference manual for training purposes.
- Used MPM for EVM tracking and reporting.
- Plan, coordinate, process and reconcile the quarterly physical inventory in accordance with GAAP.
- Assist in AFE submissions and cost tracking to help rig teams stay within approve value.
Senior cost analyst skills and personality traits
We calculated that 9% of Senior Cost Analysts are proficient in Financial Analysis, Cost Analysis, and Cost Estimates. They’re also known for soft skills such as Writing skills, Analytical skills, and Communication skills.
We break down the percentage of Senior Cost Analysts that have these skills listed on their resume here:
- Financial Analysis, 9%
Maintained operations budget and forecast records, financial metrics and performed financial analysis of actual results versus forecasts and budgets.
- Cost Analysis, 6%
Created automated information extraction, analysis and interface systems to produced detailed budgets and perform monthly cost analysis and projections.
- Cost Estimates, 5%
Generated cost estimates using various techniques, including cost estimating relationships, algorithms, expenditures, or historical data.
- Reconciliations, 5%
Prepared and posted journal entries, prepared balance sheet reconciliations and analysis of plant performance for presentation to internal management.
- DOD, 4%
Provided front-end requirements generation and system design for DOD database and integrated web application CADE (Cost Assessment Data Enterprise).
- Variance Analysis, 4%
Performed functions in manufacturing operations including budgeting, forecasting, journal entries, variance analysis, and cost savings analysis.
Most senior cost analysts use their skills in "financial analysis," "cost analysis," and "cost estimates" to do their jobs. You can find more detail on essential senior cost analyst responsibilities here:
Writing skills. One of the key soft skills for a senior cost analyst to have is writing skills. You can see how this relates to what senior cost analysts do because "budget analysts must present written technical information in a way that is understandable to the intended audience." Additionally, a senior cost analyst resume shows how senior cost analysts use writing skills: "report writing and financial/cost analysis. "
Analytical skills. Many senior cost analyst duties rely on analytical skills. "budget analysts must be able to process a variety of information, evaluate costs and benefits, and solve complex problems.," so a senior cost analyst will need this skill often in their role. This resume example is just one of many ways senior cost analyst responsibilities rely on analytical skills: "analyzed gross margin, standard costs, pricing, and inventory valuation. "
Communication skills. Another skill that relates to the job responsibilities of senior cost analysts is communication skills. This skill is critical to many everyday senior cost analyst duties, as "budget analysts must be able to explain and defend their analyses and recommendations in meetings and legislative committee hearings." This example from a resume shows how this skill is used: "frequent communication with production planners and plant managers to understand manufacturing process and initiate possible cost reductions. "
Detail oriented. For certain senior cost analyst responsibilities to be completed, the job requires competence in "detail oriented." The day-to-day duties of a senior cost analyst rely on this skill, as "creating an efficient budget requires careful analysis of each budget item." For example, this snippet was taken directly from a resume about how this skill applies to what senior cost analysts do: "prepared detailed analysis with regards to current and past financial history as well as new project feasibility and financial analysis. "
Math skills. Another common skill required for senior cost analyst responsibilities is "math skills." This skill comes up in the duties of senior cost analysts all the time, as "budget analysts need math skills and the ability to use financial-management software and programs." An excerpt from a real senior cost analyst resume shows how this skill is central to what a senior cost analyst does: "develop complex quantitative cost models to provide effective and insightful analysis. "
The three companies that hire the most senior cost analysts are:
- Oracle45 senior cost analysts jobs
- Koch Industries14 senior cost analysts jobs
- Northrop Grumman10 senior cost analysts jobs
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Compare different senior cost analysts
Senior cost analyst vs. Account leader
Account leaders are assigned to work on specific client accounts and assist these clients with their needs. They should treat their clients as partners. This would help them forge a better working relationship with clients. Account leaders should have high business acumen and a strong grasp of the current industry landscape. They should be familiar with the company's products and services and which product or service best fits the clients' needs. Account leaders should also know how to retain clients and maintain the client base. They may do this by regularly checking up on clients, making clients feel valued, and mitigating any challenges that may arise.
These skill sets are where the common ground ends though. The responsibilities of a senior cost analyst are more likely to require skills like "cost analysis," "cost estimates," "dod," and "sr." On the other hand, a job as an account leader requires skills like "account management," "customer service," "client facing," and "project management." As you can see, what employees do in each career varies considerably.
Account leaders really shine in the professional industry with an average salary of $124,638. Comparatively, senior cost analysts tend to make the most money in the automotive industry with an average salary of $87,357.account leaders tend to reach similar levels of education than senior cost analysts. In fact, account leaders are 3.9% less likely to graduate with a Master's Degree and 0.1% less likely to have a Doctoral Degree.Senior cost analyst vs. Accounting supervisor
Account supervisors are in charge of the accounting and financial operations within an organization's accounting department. They supervise the account team and provide feedback about their performance and recommend improvements when necessary. It is their responsibility to review the company's financial statements for accuracy. They even reconcile the enterprise's general ledger accounts and oversee the communications and marketing plans of the clients. Also, they maintain profitable and long-term customer relationships to keep the trust of the clients.
Each career also uses different skills, according to real senior cost analyst resumes. While senior cost analyst responsibilities can utilize skills like "cost analysis," "cost estimates," "dod," and "sr," accounting supervisors use skills like "cpa," "customer service," "general ledger accounts," and "balance sheet accounts."
Accounting supervisors may earn a lower salary than senior cost analysts, but accounting supervisors earn the most pay in the finance industry with an average salary of $86,930. On the other hand, senior cost analysts receive higher pay in the automotive industry, where they earn an average salary of $87,357.accounting supervisors earn similar levels of education than senior cost analysts in general. They're 4.6% less likely to graduate with a Master's Degree and 0.1% more likely to earn a Doctoral Degree.What technology do you think will become more important and prevalent for senior cost analysts in the next 3-5 years?
Heather Antanavica
Adjunct Instructor, Bay Path University
Senior cost analyst vs. Accounting manager/controller
An accounting manager/controller is responsible for spearheading and overseeing the daily operations in a company's accounting department. They monitor the company's budgets, including its costs and expenditures, and produce financial reports. It is also their duty to establish objectives and guidelines, manage accounting staff, monitor financial activities, review and assess financial statements, approve expenditures, and resolve issues promptly and efficiently. Furthermore, as an accounting manager/controller, it is essential to lead and encourage the workforce to reach goals, all while implementing the company's policies and regulations.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a senior cost analyst is likely to be skilled in "cost analysis," "cost estimates," "dod," and "sr," while a typical accounting manager/controller is skilled in "cpa," "cash management," "payroll taxes," and "general ledger accounts."
Accounting managers/controller make a very good living in the technology industry with an average annual salary of $89,839. On the other hand, senior cost analysts are paid the highest salary in the automotive industry, with average annual pay of $87,357.accounting managers/controller typically earn similar educational levels compared to senior cost analysts. Specifically, they're 1.9% less likely to graduate with a Master's Degree, and 0.1% less likely to earn a Doctoral Degree.Senior cost analyst vs. Finance analyst-operations finance
Financial analysts are professionals who are in charge of the financial operations of businesses. The analysts analyze results, monitor variances, determine trends, and suggest management-related actions to improve corporate finances. They reconcile transactions through data comparison and correction. It is their duty to maintain the database through data input, verification, and backup. They produce presentations restating fiscal information used by supervisors, administrators, and others. This position requires skills in financial reporting, management, communications skills, and accounting qualification.
Even though a few skill sets overlap between senior cost analysts and finances analyst-operations finances, there are some differences that are important to note. For one, a senior cost analyst might have more use for skills like "cost estimates," "dod," "sr," and "cost models." Meanwhile, some responsibilities of finances analyst-operations finances require skills like "financial operations," "data analysis," "customer service," and "project management. "
Finances analyst-operations finances enjoy the best pay in the pharmaceutical industry, with an average salary of $93,042. For comparison, senior cost analysts earn the highest salary in the automotive industry.In general, finances analyst-operations finances hold similar degree levels compared to senior cost analysts. Finances analyst-operations finances are 0.6% less likely to earn their Master's Degree and 0.0% more likely to graduate with a Doctoral Degree.Types of senior cost analyst
Updated January 8, 2025
