What does a Cost Analyst do?

Cost analysts examine corporate expenses to create reports for management. They often work in manufacturing, where their skills come in handy for auditing production costs. Cost analysts gather financial data including inventory purchases or labor costs and analyze it to uncover any deficiencies. They often estimate production costs and track regular expenses, which may be related to a new process or a new product, and collect and analyze financial data.

Cost analysts estimate costs, compare a budget to the actual expenses, and monitor costs while following significant product or process changes. They prepare reports which help shape management decisions and must be well-versed in data and financial analysis. They determine standard costs and investigate variances in expenses and may be called upon to prepare detailed reports both periodically and on the spot. They create and manage budgets, monitor spending, and conduct audits on financial processes and transaction cost analysts who need a degree in finance, accounting, or related fields. Certified public accountant designation is often preferred.

Work/Life Balance
3.7 ★
Salary Range--
Career Opportunity
3.5 ★
Avg. Experience2-4 years

Cost Analyst Salaries

Average Base Pay

$75,096 /yr
Same as national average
Not including cash compensation
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Median: $75K
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Glassdoor Estimated Salary

Cost Analyst Career Path

Learn how to become a Cost Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.

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Cost Analyst Insights

Read what Cost Analyst professionals have to say about their job experiences and view top companies for this career.
Cost Analyst
Jul. 5, 2019

“Not much training provided outside the exact requirements to do well in your current role.”

Okland ConstructionOkland Construction
Cost Engineer
Mar. 27, 2021

“Dont mind pulling 70 hours a week to get deadlines done for bids when that situation arises because my boss is awesome.”

UK Ministry of DefenceUK Ministry of Defence
Cost Estimator
Sep. 19, 2020

“Good salary and flexitime good”

Cost Engineer
Oct. 31, 2021

“Good and competitive salary.”

Okland ConstructionOkland Construction
Cost Engineer
Mar. 27, 2021

“Really engaged in my training and development.”

Seattle Community CollegesSeattle Community Colleges
Fiscal Analyst
Sep. 21, 2021

“I've met great people and enjoy working with them.”

Cost Engineer
Oct. 7, 2020

“Benefits aren't the best and not for growing families.”

Cost Estimator
Mar. 15, 2021

“not a good work life balance”

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Cost Analyst Interviews

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