Cost Engineer Salary
The average Cost Engineer in the United States can expect to rake in roughly $76K per year. In the world of Cost Engineers, overall income ranges from $51K near the bottom to $120K at the top; this can include more than $12K from bonuses and more than $8K from profit sharing in exceptional cases. Geographic location is the biggest factor affecting pay for this group, followed by experience level and the particular employer. Making up 72 percent of those who took the survey, male Cost Engineers greatly outnumber their female counterparts. Work is enjoyable for Cost Engineers, who typically claim high levels of job satisfaction. Medical benefits are awarded to a large number, and most earn dental coverage. This report is based on responses to the PayScale salary survey.
Job Description for Cost Engineer
Cost engineers focus on cost management for companies, helping estimate expenses and monitoring projects to ensure resources are maximized. These professionals may work on a specific project or projects for their organization, and they may specialize within a specific field (such as construction cost estimator and software project manager). Cost engineers typically work in an office environment during regular business hours. Their day-to-day tasks include planning new projects, consulting with colleagues on cost-related issues, conducting cost control for existing projects, and ensuring quality control for existing projects. Cost engineers analyze proposals and documents to prepare the time, cost, and labor estimates for their company as well. They are required to report their progress to their supervisor, and they may need to give presentations related to costs for managers in their company; in making presentations and presenting analyses, cost engineers must be capable of explaining technical concepts to a variety of audiences.Read More...
Most cost engineer positions require at least a bachelor's degree in a related field, such as business administration, mechanical engineering, construction management, or accounting. Exceptional math and communication skills are needed, as is previous experience in a similar position. Prior industry experience is commonly preferred. Cost engineers must work well in a team environment, as well as on their own with minimal supervision. They must also have strong multitasking and project-management skills.
Cost Engineer Tasks
- Analyzes maps, blueprints, photos, charts, and other data to estimate costs.
- Reviews raw materials and labor requirements for budget purposes.
- Assesses cost effectiveness of products and projects.
- Confers with other staff to adjust cost estimates.
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Popular Employer Salaries for Cost Engineer
Employees of Bechtel Corporation can expect to make the most, with the company offering a median salary of $101K; however, pay is widely dispersed from bottom to top, ranging from $72K to $151K.
Popular Skills for Cost Engineer
Survey results suggest that Cost Engineers use a fairly large toolkit of professional skills. Most notably, skills in Project Management, Financial Analysis, Cost Accounting, and Data Analysis are correlated to pay that is above average, with boosts between 6 percent and 8 percent. Most people experienced in Data Analysis also know Financial Analysis and Project Management. People who know Microsoft Excel usually also know Project Management and Financial Analysis.
Pay by Experience Level for Cost Engineer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Cost Engineers with a rich background of experience are typically rewarded with larger paychecks. Survey participants with less than five years' experience pocket $65K on average, but those with five to 10 years of experience enjoy a much bigger median of $82K. After working for 10 to 20 years, Cost Engineers make a median salary of $98K. Veterans who have surpassed the 20-year mark may make only slightly more than those who are navigating the mid-career stage; the more senior group reports median earnings of around $99K.
Pay Difference by Location
For Cost Engineers, busy Detroit offers a higher-than-average pay rate, 32 percent above the national average. Cost Engineers will also find cushy salaries in Seattle (+26 percent), Baton Rouge (+25 percent), San Francisco (+22 percent), and Richland (+11 percent). Those in the field find the lowest salaries in Denver, 12 percent below the national average. Not at the bottom but still paying below the median are employers in New York and Atlanta (3 percent lower and 1 percent lower, respectively).
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Key Stats for Cost Engineer
Rated 4 out of 5
based on 27 votes.