How much does a Cost Analyst make?
A Cost Analyst studies and reports on costs. They help companies make decisions to save money and improve profits. Cost Analysts earn a decent income. The average yearly salary for Cost Analysts is about $88,619. This number can change based on factors like experience, location, and the industry.
Salaries for Cost Analysts can vary quite a bit. The lowest-paid Cost Analysts earn around $45,550 a year. The highest-paid Cost Analysts earn more than $158,000 annually. Here is a list of how the salaries break down:
- 10% make $45,550 or less
- 20% make between $45,550 and $66,037
- 30% make between $66,037 and $76,281
- 40% make between $76,281 and $86,525
- 50% make between $86,525 and $96,768
- 60% make between $96,768 and $107,012
- 70% make between $107,012 and $117,255
- 80% make between $117,255 and $127,499
- 90% make between $127,499 and $137,743
- 95% make between $137,743 and $147,986
- 99% make between $147,986 and $158,230
What are the highest paying cities for a Cost Analyst?
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Chicago, IL
Average Salary: $113,294
Chicago offers a vibrant job market for cost professionals. Companies like Boeing and Boeing Defense, Space & Security lead the way. These firms value expertise in managing budgets and ensuring cost efficiency.
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Los Angeles, CA
Average Salary: $107,244
In Los Angeles, the aerospace and defense sectors present great opportunities. With giants like Lockheed Martin and Northrop Grumman, cost analysts play a key role in optimizing project budgets.
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Colorado Springs, CO
Average Salary: $105,979
Colorado Springs has a strong defense and aerospace industry. Firms like Lockheed Martin and Northrop Grumman need skilled cost analysts. They focus on managing and reducing operational costs effectively.
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San Diego, CA
Average Salary: $102,308
San Diego's economy benefits from its robust defense sector. Companies such as General Atomics offer excellent opportunities. Here, cost analysts contribute significantly to project cost management.
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Washington, DC
Average Salary: $100,114
Washington, DC is a hub for government and defense jobs. Agencies and firms like the Department of Defense depend on cost analysts. They ensure that projects stay within budget while meeting objectives.
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Huntsville, AL
Average Salary: $96,994
Huntsville boasts a strong aerospace presence with companies like Lockheed Martin. Cost analysts here help in controlling costs and improving efficiency. The city values professionals who can manage budgets effectively.
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Sacramento, CA
Average Salary: $90,884
Sacramento offers a dynamic job market for cost professionals. Companies in the aerospace sector, such as Northrop Grumman, seek skilled analysts. They play a vital role in managing project finances.
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Houston, TX
Average Salary: $89,521
Houston's energy sector creates many job opportunities. Firms like Boeing and General Dynamics have openings for cost analysts. They focus on ensuring projects are financially viable.
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Philadelphia, PA
Average Salary: $81,858
Philadelphia offers diverse job opportunities with companies like Lockheed Martin. Cost analysts here manage budgets and optimize costs. Their work is vital for project success.
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Orlando, FL
Average Salary: $80,004
Orlando has a growing job market for cost professionals. Companies in the aerospace sector, like Lockheed Martin, seek experts. They ensure projects remain cost-effective.
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What are the best companies a Cost Analyst can work for?
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Sargent & Lundy
Average Salary: $145,279
Sargent & Lundy, a Chicago-based company, offers robust opportunities for Cost Analysts. They work in the energy sector, helping clients build and manage power plants. They have offices in several states, including Illinois and Texas, providing diverse roles.
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Booz Allen Hamilton
Average Salary: $110,864
Booz Allen Hamilton, located in McLean, Virginia, specializes in consulting for government and business clients. Cost Analysts at this firm work on various projects, from healthcare to defense. They provide valuable insights that help their clients make informed decisions.
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Northrop Grumman
Average Salary: $105,426
Northrop Grumman, based in Falls Church, Virginia, offers exciting roles for Cost Analysts. They work on complex projects in aerospace and technology. The company has multiple locations across the U.S., giving analysts diverse experiences.
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Eversource Energy
Average Salary: $98,241
Eversource Energy, operating in Hartford, Connecticut, provides opportunities for Cost Analysts in the utility sector. They focus on energy delivery and cost management. This company serves customers in Connecticut, New Hampshire, and Massachusetts.
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American Electric Power
Average Salary: $84,096
American Electric Power, headquartered in Columbus, Ohio, is a major player in the energy industry. Cost Analysts here manage the financial aspects of energy projects. The company operates in several states, offering a wide range of experiences.
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Power Home Remodeling
Average Salary: $59,037
Power Home Remodeling, based in Portland, Oregon, offers opportunities for Cost Analysts in the home improvement sector. They focus on cost management for home remodeling projects. With operations in multiple states, analysts gain diverse industry insights.
How to earn more as a Cost Analyst?
A Cost Analyst plays a crucial role in helping businesses understand their expenses. To earn more in this role, consider these key factors. Building a strong foundation in finance and accounting is important. This knowledge helps in analyzing costs more effectively. Gaining experience in various industries also broadens a Cost Analyst's skill set. Experience makes a professional more valuable to employers.
Specializing in certain areas can lead to higher earnings. For example, becoming an expert in construction cost analysis or pharmaceuticals can command higher pay. Networking with industry professionals opens doors to better job opportunities. Joining professional organizations and attending conferences helps build these connections. Certifications in cost management or financial analysis can also increase earning potential. These credentials show dedication and competence in the field.
Continuing education and staying updated on industry trends keep a Cost Analyst competitive. Advanced degrees or additional certifications can lead to higher salaries. Working with advanced tools and software also enhances a professional's capabilities. Here are some key factors to consider:
- Build a strong foundation in finance and accounting.
- Gain experience in various industries.
- Specialize in certain areas like construction or pharmaceuticals.
- Network with industry professionals.
- Obtain relevant certifications.
