The average salary for a Cost Analyst is $61,151.
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What Do Cost Analysts Do?
Cost analysts are responsible for analyzing and controlling a company's expenses. Their main tasks include developing standard costs, determining product costs, creating a budget, and analyzing differences in company costs and standard costs. They are also in charge of preparing statements and reports, sharing information with colleagues as needed, supervising audit files, attending meetings and projects requiring financial input, and training certain managers in cost management. Cost analysts s…Read more
Cost Analyst Tasks
- Perform cost-benefit analyses, and recommend process improvements and unit changes to reduce costs.
- Maintain pricing and inventory system data quality.
- Analyze actual compared to standard costs for ongoing expenses, and identify opportunities and risks.
- Assist in developing annual operations plan and estimating new product costs, including economic analysis.
Job Satisfaction for Cost Analyst
Popular Employer Salaries for Cost Analyst
The top respondents for the job title Cost Analyst are from the companies Northrop Grumman Corporation, Tecolote Research, Inc. and Booz, Allen, and Hamilton. Reported salaries are highest at Chevron Corporation where the average pay is $102,244. Other companies that offer high salaries for this role include Booz, Allen, and Hamilton and Monsanto Company, earning around $73,698 and $73,141, respectively. Tecolote Research, Inc. pays the lowest at around $49,480. Docler Holding and Whirlpool Corporation also pay on the lower end of the scale, paying $59,352 and $61,935, respectively.
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Somewhat common (8 - 20%)
Cost Analyst Job Listings
What Are Popular Skills for Cost Analysts?
Skills in Financial Analysis, Cost Accounting and Forecasting are correlated to pay that is above average. Skills that pay less than market rate include Data Analysis and Microsoft Excel.
What is the Pay by Experience Level for Cost Analysts?
An entry-level Cost Analyst with less than 1 year experience can expect to earn an average total compensation (includes tips, bonus, and overtime pay) of $53,477 based on 85 salaries. An early career Cost Analyst with 1-4 years of experience earns an average total compensation of $59,000 based on 458 salaries. A mid-career Cost Analyst with 5-9 years of experience earns an average total compensation of $69,881 based on 195 salaries. An experienced Cost Analyst with 10-19 years of experience earns an average total compensation of $76,463 based on 122 salaries. In their late career (20 years and higher), employees earn an average total compensation of $81,599.
Pay Difference by Location
Employees with Cost Analyst in their job title in Columbus, Ohio earn an average of 20.1% more than the national average. These job titles also find higher than average salaries in St. Louis, Missouri (18.2% more) and Houston, Texas (16.6% more). The lowest salaries can be found in Huntsville, Alabama (8.7% less) and Los Angeles, California (2.8% less).
Years of Experience
This data is based on 930 survey responses.