Cost analyst
Also known as: cost recovery estimator, cost accounting clerk, cost accounting officer, cost estimator, cost accountant, cost and budget analyst
About this occupation
Cost analysts prepare regular costs, budgeting analyses and reports in order to contribute to the overall cost planning and forecasting activities of a business. They review and reconcile key balance sheets and identify new opportunities to save costs.
A specialisation of accountant.
Essential skills and knowledge
- control of expenses
- company policies
- evaluate budgets
- assess financial viability
- liquidity management
- interpret financial statements
- financial department processes
- prepare cost-plus pricing models
- synthesise financial information
- cost management
- provide cost benefit analysis reports
- perform cost accounting activities
Typical tasks and preparation
From the related US occupation profile Cost Estimators (O*NET 13-1051.00). Linked by an official crosswalk: related, not identical; details vary by country.
- Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
- Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
- Collect historical cost data to estimate costs for current or future products.
- Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
- Consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
- Establish and maintain tendering process, and conduct negotiations.
- Typical education (US)
- Bachelor's Degree
- Preparation
- Job Zone 4 of 5
- Interests
- Conventional, Enterprising, Investigative
Top skills: Reading Comprehension, Mathematics, Speaking, Active Listening, Critical Thinking, Judgment and Decision Making
US median pay: US$78,740 a year (2025), 224,220 employed. Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics.
Subjects this work relies on
How important each subject's knowledge is in the job itself, rated by people doing it (1 to 5).
- Mathematics or StatisticsO*NET: MathematicsVery important (4.4)
- Economics or AccountingO*NET: Economics and AccountingVery important (4.0)
- Computer StudiesO*NET: Computers and ElectronicsVery important (3.5)
- WoodworkO*NET: Building and ConstructionImportant (3.3)
- Design and TechnologyO*NET: Design + Engineering and TechnologyImportant (3.3)
- English or Literature in EnglishO*NET: English LanguageImportant (3.2)
- Business Studies or EntrepreneurshipO*NET: Administration and ManagementImportant (3.2)
- Technical DrawingO*NET: DesignImportant (3.1)
O*NET data describe work in the United States; requirements differ by country. This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET is a trademark of USDOL/ETA. CareerProof Global has modified all or some of this information; USDOL/ETA has not approved, endorsed, or tested these modifications.
Preparation needed
Job Zone Four: Considerable Preparation Needed
- Most common education (US)
- Bachelor's Degree
- Education
- Most of these occupations require a four-year bachelor's degree, but some do not.
- Experience
- A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
- Training
- Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
O*NET data describe work in the United States; requirements differ by country. This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET is a trademark of USDOL/ETA. CareerProof Global has modified all or some of this information; USDOL/ETA has not approved, endorsed, or tested these modifications.
Related occupations
Occupations O*NET links to this one by similar work, skills and knowledge.
- Logistics Engineers
- Civil Engineering Technologists and Technicians
- Construction Managers
- Industrial Engineers
- Architectural and Engineering Managers
- Production, Planning, and Expediting Clerks
- Architectural and Civil Drafters
- Civil Engineers
- Project Management Specialists
- Purchasing Agents, Except Wholesale, Retail, and Farm Products
O*NET data describe work in the United States; requirements differ by country. This page includes information from the O*NET 31.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET is a trademark of USDOL/ETA. CareerProof Global has modified all or some of this information; USDOL/ETA has not approved, endorsed, or tested these modifications.