How to Become a Cost Accountant
Step 1: Understand the job description and responsibilities of a Cost Accountant
What does a Cost Accountant do?
A Cost Accountant determines and implements cost accounting procedures and methods. Responsible for the preparation and analysis of cost reports and costing audits. Being a Cost Accountant examines and reviews unusual cost records and ensures cost data is allocated correctly. May require a bachelor's degree. Additionally, Cost Accountant typically reports to a supervisor or manager. To be a Cost Accountant typically requires 0-2 years of related experience. Works on projects/matters of limited complexity in a support role. Work is closely managed.
Cost accountants help organizations identify the products, services, processes or even departments that are the most or least profitable.
Establishing the standard costs of products and services and updating them as appropriate based on the associated expenses.
Cost accountants are generally expected to hold a minimum of a bachelor’s degree in accounting, business administration or another closely related field.
In this position, you will report directly to the Staff Accountant and provide your services in end-of-month and end-of-year accounting resolution tasks.
Cost accounting jobs also can carry the expectation that the person creates a system for recording and storing the information related to expenditures.
Step 2: Learn best tips to become a Cost Accountant
Best tips for those who want to become a Cost Accountant
Here are some tips to become a Cost Accountant.
Must have working knowledge of MS Word & Excel.
Step 3: View best colleges and universities for Cost Accountant
Best colleges and universities for Cost Accountant
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Cost Accountant
Is being a Cost Accountant Worth it?
The course covers various topics like cost concepts and classification, materials, labour costs, overheads analysis, job order costing, single costing, marginal costing and cost volume profit analysis.
Plan, study, and collect data to determine costs of business activity such as raw material purchases, inventory consumption, production loss etc.
Minimum of 3 years proven experience as a Cost Accountant, Cost Analyst or similar role.
This role is responsible for the plant financial analytics to include plant analytics, dashboards and plant KPI s and internal control procedures.Looking for candidates in the 3+ years range of experience working for larger companies in a manufacturing plant setting with plant financial cost accounting analyst responsibilities.
3+ years of cost accounting experience in a manufacturing environment providing Cost Accounting oversight and experience in a large manufacturing plant settings.
Step 5: Prepare relevant skills for being a Cost Accountant
What skills do you need to be a Cost Accountant?
When looking into a role like this one, you need to take account of your skills and abilities. The ability to succeed in this role depends upon the possession of the following skills: Activity-Based Costing, Cost Accounting, Cost Control, Cost Estimation, Cost Management, Product Costing, Project Costing, GAAP Standards. Although not always necessary, a grasp of these skills can help: Accounting Software. During an interview, try to convey your knowledge of these skills.
A cost accountant must have analytical, communication, organizational, and collaborative skills.
Further, the person must also be familiar with the Generally Accepted Accounting Principles and Cost Accounting Standards.
Experienced in performing cost analysis and implementing systems for savings.
To become a Cost Accountant, a Bachelor's degree in Accounting is standard for an entry-level position and a master's degree or a Master of Business Administration (MBA) with a focus in accounting is required for advanced positions.
A bachelor’s degree is typically required to become a Cost Accountant, as well as strong math skills.
Step 6: View average salary for Cost Accountant
How much does a Cost Accountant make?
The average salary range for a Cost Accountant is from $61,885 to $76,124. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Cost Accountant jobs
Step 7: Find relevant Cost Accountant jobs, and apply.
Looking for Cost Accountant jobs?
Here are some Cost Accountant jobs in the United States.