How to Become a Cost Analyst
Step 1: Understand the job description and responsibilities of a Cost Analyst
What does a Cost Analyst do?
A Cost Analyst provides cost analysis results to assist management in decision making or other financial initiatives. Performs variance analysis between actual and standard costs. Being a Cost Analyst monitors, analyzes, and reports on inventory valuation, production, and various other costs. Typically requires a bachelor's degree or its equivalent. Additionally, Cost Analyst typically reports to a Manager. The Cost Analyst has exposure to some of the more complex tasks within the job function. Some supervision in several aspects of the work required. To be a Cost Analyst typically requires 2 to 4 years of related experience.
A cost analyst is a person who analyzes a business’s spending habits and graphs the cost of projects.
A bachelor’s degree in business, finance or accounting is the common educational requirement of the job, which requires the person filling it to be able to work with cost-analysis software, spreadsheets and databases.
This is typically sectioned off by quarterly costs, annual costs, project costs and other similar divisions.
Aside from figuring out past and present costs, a cost analyst figures out future costs.
Decreasing costs is another part of the cost analyst’s job.
Step 2: Learn best tips to become a Cost Analyst
Best tips for those who want to become a Cost Analyst
Here are some tips to become a Cost Analyst.
Step 3: View best colleges and universities for Cost Analyst
Best colleges and universities for Cost Analyst
- 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 Analyst
Is being a Cost Analyst Worth it?
The role reports into the Ops CoE Cost Accountant, and is part of the Pall Finance organisation.
Senior Managing Consultant - Healthcare - Cost of Clinical Care Jan 09 Full-Time, Partial Remote Job.
3+ years of cost accounting experience in a manufacturing environment providing Cost Accounting oversight and experience in a large manufacturing plant settings.
Complete monthly cost center analysis and forecasting for all Canada Business Operations (CBO) cost centers working closely with cost center cross-functional….
Benchmark station catering costs down to ingredient level by referencing to costs at comparable stations and global food price trends.
Step 5: Prepare relevant skills for being a Cost Analyst
What skills do you need to be a Cost Analyst?
Management often looks to professional level roles for execution on their visions and goals, as such some specific skills are required. The workload of this role requires knowledge of: Profitability Analysis, Project Scoping, Variance Reporting. Sometimes for this role, knowledge of the following is helpful: Financial Analysis Software. If you highlight these skills during your interview process, you will be more likely to land the job!
As the Cost Analyst, you will possess an in-depth knowledge of accounting and cost-management systems, as well as basic computer software.
Life Cycle Cost Analysis or Cost Modelling Experience.
We ranked the top skills based on the percentage of Cost Analyst resumes they appeared on.
Let's find out what skills a Cost Analyst actually needs in order to be successful in the workplace.
Ensured adequate funding availability by performing cost analysis and directing preparation of expenditure projections.
Step 6: View average salary for Cost Analyst
How much does a Cost Analyst make?
The average salary range for a Cost Analyst is from $68,023 to $87,350. The salary will change depending on your location, job level, experience, education, and skills.
- View average salary for the United States
Adjust salary by state