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.
Cost Analyst Salaries
Average Base Pay
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.