Cost Analysts are hired to examine and manage the expenditure of the company. Their work also includes tracking the project budget, estimating the product cost, and making changes in the cost according to the budget.

Cost Analyst Job Description

The job description of a Cost Analyst is to estimate the money and resources which are needed to complete the projects. They are required to break down the cost summary and cut the excess investment. Additional skill is needed to determine the benefits and profits from the invested costs. Some of the main qualities which are required in a Cost Analyst are the ability to solve the problem and predict any type of financial issue that can come while completing the project.

Roles and responsibilities

• Responsible to gather information and analyze financial data.
• Manage and create the budgets and work according to them to control the expense.
• Work with other staff members to make different plans and strategies to reduce costs.
• Work according to the legal rules and regulations related to finances.
• Make plans for development and growth according to market trends.
• Assist senior management to solve any type of financial-related issues.
• The cost Analyst is also responsible to give the analytical support for the departmental project.
• Make different plans and strategies and provide suggestions for several money-saving processes.
• Stay updated with the budget of the project and then invests according to it.
• Prepare the reports for the management department to keep them updated about the factors which affect the cost in terms of profit and loss.

Cost Analyst Key skills required

• Able to solve problems and take quick decisions.
• Good analytical and mathematical skills.
• Good knowledge of computers, Information systems, and other related software.
• Good communication and interpersonal skills to make a cordial relationship with the clients.
• The candidate should work with good time management.
• Behave with good ethics and a professional manner.

Education, training, and Certifications

• Bachelor’s Degree in Business, Finance, Economics, and another relevant field from a recognized university.
• At least 3-5 years of experience of working in a similar role.