Cost Analyst Job Responsibilities

Cost analyst is that person who takes care of budget and the cost which a project in a company may incur. Person looking for the job of cost analyst must be good in accounting and finance, he or she must have a bachelor’s degree in business finance or management. Some companies may specify additional courses necessary for a person who wants to be a cost analyst.

A cost analyst plays an important role in gaining profit for a company or incurring loss in a company. There are various responsibilities which a cost analyst needs to perform. Such duties are listed below.

Cost Analyst Job Responsibilities:

  • Cost analyst’s main duty is to analyze the whole cost of a project and to point out the profit margins in that project.
  • A cost analyst needs to make a complete record of the costing of resources used in the project such as, cost of transportation, cost of the raw material, labor costing and cost of the machinery used. Further he or she may also show the cost of the land used for that project.
  • A cost analyst needs to be aware of the changing trends of the market which may affect in the costing of the project.
  • A cost analyst may have to consult with the people involved in the construction of the project, so as to discuss the possible areas where money can be saved by the company.
  • A cost analyst may also advice the seniors about the areas where the project may incur loss and the ways to reduce this loss.
  • Cost analyst may also do research about the financial conditions of the other companies acting as their competitors and give advice about what bid a company should make when in competition with the others.
  • A cost analyst may use computers in order to keep accounts of the company.

Category: Analyst Job Responsibilities

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