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Cost Analyst

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The following article discusses the career of Cost Analyst highlighting what they do, the work environment, how to become, training and certification, education, job and salary outlook.

What We Do

As a cost analyst, you will examine all the available information on expenses and costs, in the attempt to find areas where risks exist and where savings can be made. You will also work strategically and write plans for the benefit of the company. This will enable you to recommend areas of improvement to lower costs. Finally, you will be responsible for the quality of the data on inventory and pricing.

Work Environment

Most of the time, you will work alone, in an office. The hours tend to vary, as cost analysts often work in manufacturing environments. Occasional overtime can be expected, but only minimal travel tend to be included.

How to Become

To become a cost analyst, you should be well versed in relevant software applications. You must also understand databases and have excellent oral and written communication skills. You also need to be a team player and a problem solver.

Training & Certification Requirements

Generally, you will need to hold a business administration bachelor’s degree and be CPA certified. Some experience is also usually required.

Education Requirements

Bachelor’s

Job Outlook

According to the U.S. Bureau of Labor Statistics, there will be a 9% growth in demand for cost estimators between 2014 and 2024, which is faster than the national average.

National Salary

The national average salary estimate for Cost Analyst was $66,291. This number is estimated from over 3,210 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $34.53 and monthly of $5,524.

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$22,000

$134,000

Salary Distribution

Salary by State

The following section lists Cost Analyst salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, DC had the largest quoted salary of $86,478 while New Mexico had the smallest quoted salary of $30,470.

Alaska – $56,000Rank: 49th
The average salary ranks 49th among states in the country. There were no current job openings from employers in this state.

Alabama – $78,000Rank: 12th
The average salary ranks 12th among states in the country. There were no current job openings from employers in this state.

Arkansas – $74,002 (▲11% Above national average)Rank: 13th
The average salary ranks 13th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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$37,000

$112,000

Salary Distribution
Arizona – $60,757 (▼8% Below national average)Rank: 44th
The average salary ranks 44th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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$24,000

$114,000

Salary Distribution
California – $68,155 (●Meets national average)Rank: 8th
The average salary ranks 8th among states in the country. There were also job openings from employers like TargetCW, Robert Half Finance & Accounting, Large Construction Products Company, and CyberCoders.

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$22,000

$138,000

Salary Distribution
Colorado – $65,003 (●Meets national average)Rank: 34th
The average salary ranks 34th among states in the country. There were also job openings from employers like University of Colorado.

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$24,000

$125,000

Salary Distribution
Connecticut – $71,254 (▲7% Above national average)Rank: 4th
The average salary ranks 4th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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$35,000

$120,000

Salary Distribution
DC – $86,478 (▲30% Above national average)Rank: 1st
The average salary ranks 1st among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, MSAG, and Riverbend Development Consulting.

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$36,000

$158,000

Salary Distribution
Delaware – $67,000Rank: 39th
The average salary ranks 39th among states in the country. There were no current job openings from employers in this state.

Florida – $58,757 (▼11% Below national average)Rank: 28th
The average salary ranks 28th among states in the country. There were also job openings from employers like Stephen James Associates, Inc., Creative Financial Staffing, Primary Recruiting Services, and AppleOne.

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$14,000

$147,000

Salary Distribution
Georgia – $61,757 (▼7% Below national average)Rank: 5th
The average salary ranks 5th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting.

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$20,000

$125,000

Salary Distribution
Hawaii – $47,000Rank: 52nd
The average salary ranks 52nd among states in the country. There were no current job openings from employers in this state.

Iowa – $74,286 (▲12% Above national average)Rank: 19th
The average salary ranks 19th among states in the country. There were also job openings from employers like Accounting Career Network.

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$37,000

$117,000

Salary Distribution
Idaho – $50,000Rank: 51st
The average salary ranks 51st among states in the country. There were no current job openings from employers in this state.

Illinois – $70,219 (▲6% Above national average)Rank: 6th
The average salary ranks 6th among states in the country. There were also job openings from employers like Federal Government Jobs, CFS, Inc., Parker and Lynch, and System One.

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$23,000

$142,000

Salary Distribution
Indiana – $70,498 (▲6% Above national average)Rank: 21st
The average salary ranks 21st among states in the country. There were also job openings from employers like Systematic business consulting, MJ Recruiters, LLC, Professional Recruiting Partners, LLC, and Ploeger Recruiting Services.

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$35,000

$114,000

Salary Distribution
Kansas – $70,000Rank: 31st
The average salary ranks 31st among states in the country. There were no current job openings from employers in this state.

Kentucky – $57,720 (▼13% Below national average)Rank: 42nd
The average salary ranks 42nd among states in the country. There were also job openings from employers like Vaco, LLC.

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$29,000

$89,000

Salary Distribution
Louisiana – $64,375 (●Meets national average)Rank: 33rd
The average salary ranks 33rd among states in the country. There were also job openings from employers like Associated Staffing Consultants,Inc. and Progressive Recruitment.

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$24,000

$124,000

Salary Distribution
Massachusetts – $75,833 (▲14% Above national average)Rank: 3rd
The average salary ranks 3rd among states in the country. There were also job openings from employers like KBW Financial, Stone Staffing, Inc., Robert Half Finance & Accounting, and Granite Telecommunications.

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$23,000

$158,000

Salary Distribution
Maryland – $79,262 (▲19% Above national average)Rank: 10th
The average salary ranks 10th among states in the country. There were also job openings from employers like National Security Agency and ICONMA, LLC..

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$24,000

$165,000

Salary Distribution
Maine – $68,000Rank: 35th
The average salary ranks 35th among states in the country. There were no current job openings from employers in this state.

Michigan – $68,199 (●Meets national average)Rank: 14th
The average salary ranks 14th among states in the country. There were also job openings from employers like Large Construction Products Company, Venteon, Kforce Finance and Accounting, and Robert Half Finance & Accounting.

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$27,000

$128,000

Salary Distribution
Minnesota – $73,950 (▲11% Above national average)Rank: 40th
The average salary ranks 40th among states in the country. There were also job openings from employers like Manpower.

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$37,000

$122,000

Salary Distribution
Missouri – $61,700 (▼7% Below national average)Rank: 20th
The average salary ranks 20th among states in the country. There were also job openings from employers like Monsanto and Robert Half Finance & Accounting.

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$21,000

$122,000

Salary Distribution
Mississippi – $80,000Rank: 9th
The average salary ranks 9th among states in the country. There were no current job openings from employers in this state.

Montana – $64,000Rank: 43rd
The average salary ranks 43rd among states in the country. There were no current job openings from employers in this state.

North Carolina – $73,994 (▲12% Above national average)Rank: 25th
The average salary ranks 25th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Search Solution Group, Aerotek, and Robert Half Management Resources.

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$28,000

$142,000

Salary Distribution
North Dakota – $68,000Rank: 36th
The average salary ranks 36th among states in the country. There were no current job openings from employers in this state.

Nebraska – $57,457 (▼13% Below national average)Rank: 50th
The average salary ranks 50th among states in the country. There were also job openings from employers like NewCareers, JD Cotter Search, Inc., Affinity Executive Search, and Bertram & Associates.

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$28,000

$87,000

Salary Distribution
New Hampshire – $76,000Rank: 16th
The average salary ranks 16th among states in the country. There were no current job openings from employers in this state.

New Jersey – $63,000 (●Meets national average)Rank: 7th
The average salary ranks 7th among states in the country. There were also job openings from employers like Parker and Lynch and Robert Half Finance & Accounting.

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$23,000

$121,000

Salary Distribution
New Mexico – $30,470 (▼47% Below national average)Rank: 41st
The average salary ranks 41st among states in the country. There were also job openings from employers like U.S. Air Force and Staffing Solutions.

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$7.90

$23.85

Salary Distribution
Nevada – $58,000Rank: 47th
The average salary ranks 47th among states in the country. There were no current job openings from employers in this state.

New York – $75,783 (▲14% Above national average)Rank: 2nd
The average salary ranks 2nd among states in the country. There were also job openings from employers like DASNY – Dormitory Authority of the State of New York, Robert Half Finance & Accounting, Hire Resolve, and CyberCoders.

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$26,000

$150,000

Salary Distribution
Ohio – $63,258 (●Meets national average)Rank: 26th
The average salary ranks 26th among states in the country. There were also job openings from employers like fulltimeGiGS, Robert Half Finance & Accounting, Global distrubutor of after market auto parts., and Omni One.

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$28,000

$112,000

Salary Distribution
Oklahoma – $71,000Rank: 29th
The average salary ranks 29th among states in the country. There were no current job openings from employers in this state.

Oregon – $64,248 (●Meets national average)Rank: 22nd
The average salary ranks 22nd among states in the country. There were also job openings from employers like Apex Systems.

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$25,000

$120,000

Salary Distribution
Pennsylvania – $64,531 (▲12% Above national average)Rank: 23rd
The average salary ranks 23rd among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, System One, The Judge Group, and Robert Half Management Resources.

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$8.25

$76.10

Salary Distribution
Rhode Island – $70,000Rank: 32nd
The average salary ranks 32nd among states in the country. There were no current job openings from employers in this state.

South Carolina – $65,242 (●Meets national average)Rank: 17th
The average salary ranks 17th among states in the country. There were also job openings from employers like PrincetonOne, FGP International, and Robert Half Finance & Accounting.

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$32,000

$110,000

Salary Distribution
South Dakota – $58,000Rank: 48th
The average salary ranks 48th among states in the country. There were no current job openings from employers in this state.

Tennessee – $71,000Rank: 30th
The average salary ranks 30th among states in the country. There were no current job openings from employers in this state.

Texas – $65,325 (●Meets national average)Rank: 24th
The average salary ranks 24th among states in the country. There were also job openings from employers like Large Construction Products Company, Vaco, LLC, Robert Half Finance & Accounting, and Parker and Lynch.

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$18,000

$141,000

Salary Distribution
Utah – $64,979 (●Meets national average)Rank: 46th
The average salary ranks 46th among states in the country. There were also job openings from employers like U.S. Air Force.

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$20,000

$134,000

Salary Distribution
Virginia – $74,275 (▲12% Above national average)Rank: 15th
The average salary ranks 15th among states in the country. There were also job openings from employers like Federal Government Jobs, Northrop Grumman, Robert Half Finance & Accounting, and Residential REIT.

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$21,000

$160,000

Salary Distribution
Vermont – $68,000Rank: 37th
The average salary ranks 37th among states in the country. There were no current job openings from employers in this state.

Washington – $49,812 (●Meets national average)Rank: 11th
The average salary ranks 11th among states in the country. There were also job openings from employers like Parker and Lynch, Washington State Department of Corrections, State of Washington, and Washington State Health Care Authority.

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$1,700

$7,500

Salary Distribution
Wisconsin – $61,058 (▼8% Below national average)Rank: 38th
The average salary ranks 38th among states in the country. There were also job openings from employers like Robert Half Finance & Accounting, Kforce Finance and Accounting, Kforce, and Epcot Technologies.

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$28,000

$106,000

Salary Distribution
West Virginia – $72,000Rank: 27th
The average salary ranks 27th among states in the country. There were no current job openings from employers in this state.

Wyoming – $63,000Rank: 45th
The average salary ranks 45th among states in the country. There were no current job openings from employers in this state.

Top 20 National Employers

According to Indeed.com, the following states had employers looking to hire a Cost Analyst. The quoted salary figure represents the average salary from all job postings by this employer.

Employer NameLocationAverage Salary
CyberCoders$96,187
Federal Government JobsIllinois$95,181
KBW FinancialMassachusetts$94,694
Robert Half Finance & AccountingDC$93,754
National Security Agency$92,908
National Security AgencyMaryland$92,908
Federal Government Jobs$89,130
Stone Staffing, Inc.Massachusetts$88,324
CFS, Inc.Illinois$88,092
Boeing$87,977
TargetCWCalifornia$87,110
Federal Government JobsVirginia$87,087
Robert Half Finance & AccountingCalifornia$85,731
Large Construction Products Company$84,853
Large Construction Products CompanyMichigan$84,853
Large Construction Products CompanyCalifornia$84,853
Large Construction Products CompanyTexas$84,853
Vaco, LLCTexas$82,707
CyberCodersCalifornia$82,636
DASNY – Dormitory Authority of the State of New YorkNew York$82,548

References

*Indicates number of job postings as of June, 2017.

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