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6-10 years of experience
Responsible for development of final cost for all manufactured products, actual to standard cost analysis, inventory management, and providing support for corporate initiatives.
- Developed accounting methods and system procedures for international shipments, resulting in streamlined operations and annual savings over $600,000.
- Compiled data and generated reports needed to conduct product planning during plant closure, ensuring accuracy and appropriate inventory management.
- Participated on process improvement team to audit AS400 transactions, providing recommendations that expedited issue resolution and reduced costs.
- Designed spreadsheet to balance accounts payable data, eliminating discrepancies and liability risk.
0-5 years of experience
Supervised, trained and developed 7 Cost Auditors and 3 Documentation Clerks. Analyzed actual versus estimated cost variances for accessories, apparel, and jewelry and performed standard costing for cosmetics. Resolved and analyzed items on monthly aging report.
- Prepared and provided documentation to internal and external audits.
- Evaluated cost standards on newly created inventory items and Purchase Price Variance reporting.
- Ensured standard cost accuracy and completeness by performing root cause analysis, item master, bill of material and labor routing audits.
- Identified and recovered approximately $200K annually through cost analysis and audit.
- Collaborated with internal partners (Production & Finance) on cost variance analysis ensuring forecasting was on target.
0-5 years of experience
Performed procurement audits of Subcontractors and Sub-tier proposals exceeding $700K.
- Conducted cost analysis in accordance with FAR Parts 15 and 31 for all elements of cost.
- Contributed to 87% reduction of proposal backlog in 2013.
- Assisted in 70% reduction of cycle time of proposal submittal including communication with DCAA and DCMA Assist Audits with Government Contracting Officer.
0-5 years of experience
Created cost analysis and cost avoidance analysis of vendor bids for purchase agents
- Improved processes in order to increase time efficiency by creating Excel worksheets with formulas to automatically calculate cost analysis
- Audited rebate audits and database system audits to ensure accuracy of information
- Performed business intelligence by querying databases, such as Access, SQL, and data warehouse to our Enterprise Resource Planning system
- Saved the company $2 million on a project after creating a highly detailed cost analysis
- Updated the budget forecast for cost of sales of the top 100 items on a monthly basis
10+ years of experience
Analyzed and evaluated design data to provide cost estimates for product material, labor and tooling impacts
- Created training modules and facilitated training sessions for new and current employees
- Guided engineering and suppliers to achieve most efficient part cost and lowest tooling cost
- Provided cost reduction ideas and identified contract cost errors worth in excess of $760,000
- Provided on average 180 cost studies per year
0-5 years of experience
Leading multi-national developer and manufacturer of life-enhancing medical technologies for vascular, urology and oncology fields with 11,000 employees worldwide.
- Prepared annual budget of manufacturing costs for 11 product lines in the Electrophysiology
- Analyzed variances in manufacturing costs on a weekly basis and reported monthly cost forecasts and variances for 11 product lines to plant controller, division controller and operations team.
- Managed annual audit of fixed assets for 25% of total plant assets.
- Led continuous improvement for two cost reporting processes to increase accuracy and save time.
- Performed quarterly Sarbanes Oxley tests to ensure effectiveness of internal controls.
0-5 years of experience
Coordinated and managed the company’s global annual physical inventory process, including policy developing, tag management, scheduling, and training in 12 locations with a value of over $150 million. Identified warehouse layout improvements to increase efficiencies. Reorganized processes to cut back the physical inventory time from five days to two days.
- Consolidated and reported monthly total company manufacture spending of $250 million for senior management reporting. Designed new format and automated this reporting using Hyperion Retrieve.
- Consolidated and reported the monthly forecast and actual spending/variances by manufacturing facility for the company’s 10 manufacturing facilities.
- Performed timely comprehensive month/quarter/year end closing activities including journal entries, accruals, allocation of labor and expenses, review and analysis of absorption, and reconcile inventory at multiple foreign and domestic warehouses.
- Led and co-ordinate inventory reserve analysis by working closely with all manufacturing locations and distribution warehouses. Created monthly inventory reserve report at part level details. Played a major role in reserve process improvement.
- Maintained standard cost and led annual standard cost roll process.
- Provided support to the internal and external auditors as needed.
0-5 years of experience
Setting and reviewing of standard material, labor and overhead rates for all chassis products. Variance reports are prepared and analyzed monthly
- Estimating the cost impact of customer design changes to chassis products and updating cost information in AX ERP system
- Created specific metrics in management reports that track direct labor spend for 771 hourly employees.
- Working with engineering, purchasing and operations teams to standardize & consolidate SKUs in bills of materials (BOMs). Realized over $200,000 of cost savings in 2012
- Led a project to create a Value Stream Map (VSM) for the manufacturing process. Our Kaizen event eliminated a major bottleneck resulting in an 8% increase in output valued at $80,000 monthly and improved visibility of high cost centers in the $450M a year RV chassis division
- Supporting the inventory team as necessary with quarterly closings and journal postings
0-5 years of experience
Direct Assistant to Senior Project Manager, duties included executing daily administrative tasks and end of day progress updates
- Identified cost trends for management by updating and evaluating actual cost reports and man hours for a $5.1 million dollar project
- Communicative liaison between Project Management, Senior Project Controller and Site Personnel
- Monitored estimated and actual project costs by conducting variance analysis in multiple excel spreadsheets
- Managed cost controls for multiple budgets during a nuclear refueling outage
0-5 years of experience
Negotiated and disputed accounts payable with vendors
- Built and maintained relationships with vendors
- Part of 4 person team responsible for large invoice dispute wins and thousands of dollars in company savings per year
- Performed rate processes (increases, decreases, volume discounts, etc.) and coding
- Led efforts for the weekly payment schedule to pay vendors
- Conducted training as part of an program to gain Enhanced Management Reporting regarding disputes, finding more transparent methods to achieve the resolution sought by the company
0-5 years of experience
Initiated and managed the bid quotation activities for new business opportunities, periodic re-pricing and ECO implementation. Interfaced with a multi-function team responsible for: retrieving customer bid documentation; material cost analysis; assembly and test estimates; and identifying program support requirements. Compiled the material costs, A&T estimates and site financial rates into profit/loss statement and sets price for bids. Performed profit/loss analysis to determine most cost effective solution to customer while ensuring profitability. Drove bid pricing through site and corporate approval process. Trained site quote and support teams on quote process, cost models and P&Ls.
- Compiled cost and pricing data for bids with US Government TINA (Truth In Negotiation Act) requirements
- Conducted labor analysis of project quoted labor times vs actual reported labor times
- Generated quotes totaling over $70 million of new revenue for CATC
- Revised quote cost models to support CAS/TINA requirements
- Initiated and drove annual bid rate development with site Finance
0-5 years of experience
Serves as primary on-site cost policy representative for Cognizant Federal Agency Official (CFAO) at L-3 facility, reviewing, analyzing and monitoring Contractor Forward Pricing Rates (FPR), Contractor Business Systems, Labor and Material Pricing policies and Cost Accounting Standard (CAS) compliance.
- Developed and maintained Government Cost Models for all CFAO covered business segments for CFAO use in developing negotiating positions
- Designed and maintained numerous price and rate variance tracking models to be used in Government analysis of labor rates, material allocation factors and overhead rates
- Responsible for business segment(s) with annual sales in excess of $3 billion.
6-10 years of experience
- Controlled and managed government contracts of $8 million and $20 million.
- Analyzed and implemented changes to improve company profitability on each contract.
- Developed and delivered weekly and monthly reports for customer, program managers, and team leaders to track labor and material costs.
- Advised program managers and directors on financial implications of specific decisions and plans. Developed weekly, monthly, quarterly and yearly forecasts.
- Lead Business Analyst for ITAC/MDSE, AMCOM Express, EXACTO, NHRC, Schearer and associates, LSID, and Radiance project. Associate Business analyst on GMD program.
0-5 years of experience
Collected, maintained, interpreted and analyzed data; created summary and reported model cost change activity for different model
- Analyzed cost and confirmed BOM accuracy and consistency
- Provided PL cost change information within established deadline
- Confirmed cost change reasons (Raw Material Cost Change, Labor Cost Change, Design Change, Exchange Rate Change, etc.) by part for summarization and reporting
- Calculated Cost; determined Sales Price vs. Purchasing Price
- Prepared New Model Evaluation document
0-5 years of experience
Perform Monthly close operations for costing of plant products for an accurate close.
- Prepared journal entries, account reconciliations, capital write up of projects.
- Forecasted and analyzed manufacturing costs for defining business units.
- Performed variance analysis between actual and standard costs.
- Monitored daily inventory valuation, usage, production and various other costs.
0-5 years of experience
- Served in Iraq as the Theater Cost Analyst in support of the multi-billion dollar Logistics Civil Augmentation Program (LOGCAP) contract.
- Monitored bi-weekly cost reports, investigated deviations from the period of performance spend plan, and ensured the integrity of Estimate to Complete and Estimate at Completion (ETC/EAC) calculations.
- Participated in the retooling of the contractor’s cost control and cost reporting policies and procedures.
- Initiated and chaired weekly cost performance meetings attended by senior program management and contracting staff.
- Provided support for US law enforcement and audit agency enquiries.
- Invited to participate in Government Task Force (Fall 2009) commissioned in response to a Congressional inquiry. Task Force findings supported the recovery of over $25M in Government funds.
0-5 years of experience
- Assisted the Director of Cost Department to pay for completion of progressive stages of a six year, $70 million project in the Industrial Expansion Project of Nanjing Iron & Steel United Co., Ltd.
- Audited the industrial budget of four subcontract companies in the project
- Reconciled general ledger of industrial accounts with Director of Cost Department on a monthly basis
- Provided support for collating the external reports from subcontractors, preparing the internal reports for other departments, and detailing project changes as they arose
Cost Analyst Duties and Responsibilities
Cost analysts work in a variety of industries and organizations. Specific duties and responsibilities may vary, but there are several core tasks associated with the job, including:
Cost Analysis & Testing Cost analysts are responsible for running a large number of tests on company data. They analyze these tests to offer specific answers to problems, such as the most profitable plan for a building project or the cost-effectiveness of current operational activities. They perform deep data analysis to complete a wide variety of math solutions. Their cost analysis includes potential pricing model changes, new business models, and more.
Market Analysis and Research Cost analysts do market research, keeping their eyes on the entire market, studying it deeply. They use financial software to analyze and track organizational expenses. They research the costs of fellow competitors. Leaders expect cost analysts to be aware of the latest industry developments in order to give their company a competitive edge.
Creating Cost Reduction Plans and Reports Every day, cost analysts crunch numbers, write reports, and provide suggestions for money-saving strategies, documenting their findings in written plans. Their reports are essential to creating more cost-efficient processes within businesses. The data they provide can determine whether a business’s new undertaking is a yes or a no from a cost perspective.
Lead Cost Management Policy Cost analysts act as a liaison between the accounting department, customers, project engineers, managers, and whoever else might be involved in the finances of an endeavor. They prepare various charts and graphs to help others understand the company’s financial status. They provide reviews and comments to ensure the accuracy of expense related documents. Cost analysts also support a business’s success by giving senior managers recommendations concerning financial policy and expense management.
Oversee Daily Expenses Many cost analysts perform daily accounting or bookkeeping duties. They may approve and administer invoice payments to outside vendors and suppliers. Costs analysts tabulate daily performance reports, often reviewing these assessments with project stakeholders to monitor costs and keep them in line with the original budget. Depending on the size of the organization, a single analyst can be in charge of all expense monitoring for a company, or conduct analysis for a single project or department.
Cost Analysis Skills and Qualifications
People who are self-motivated and enjoy scrutinizing numbers succeed as cost analysts. Employers typically seek out candidates with a finance or business-related bachelor’s degree or an industry-specific degree and the following skills:
- Statistical data analysis – to interpret company performance data in light of industry statistics
- Operational analysis – reducing operational costs, including inventory valuation, product costs, overhead and direct labor costs, etc. is a cost analyst’s primary responsibility
- Costing methodology – to determine whether or not a company is properly using its resources
- Mathematical problem-solving – cost analysts need proven analytical, mathematical, and problem-solving skills to accomplish their job successfully
- Accounting – basic knowledge of accounting and financial analysis is needed to make cost-benefit analysis decisions
- Writing skills – analysts must translate complex financial information into simple reports that managers and non-technical employees can easily understand
- Communication skills – sharing difficult information and shedding light on harsh realities with clarity and tact is a significant part of a cost analysts’ job
- Organizational skills – cost analysts must be able to effectively prioritize many different tasks and sources of data to complete their job
Cost Analyst Education and Training
There are no bachelor’s degrees specific to cost analysts. However, employers prefer candidates to have a bachelor’s degree with a strong business or financial training, such as finance, accounting, or business administration. Employers in fields such as construction and manufacturing often take candidates with degrees relevant to their industry, such as engineering, construction management, mathematics, or statistics. Employers consider candidates who have familiarity with SAP software and cost methodologies attractive.
Cost Analyst Salary and Outlook
The Bureau of Labor Statistics (BLS) lists the annual median wage for cost estimators as $63,110. The lowest ten percent of workers make less than $37,000. The highest ten percent of workers in this field earn more than $106,060. Employment of cost analysts is expected grow 11 percent through 2026, which is faster than average for all occupations. Business and organizations will continue to need accurate cost predictions to make sure that their operations are profitable.
Helpful Resources
We have provided the list below of career resources, networking events, tools, and tips to help you become more effective in cost analysis regardless of whether you want to work in the public or private sector:
International Cost Estimating and Analysis Association – Join a chapter, learn more, and earn a professional cost analysis certification that provides a strong foundation for your future career.
Cost Analyst: A Clear and Concise Reference – This all-inclusive guide features questions that help strengthen your skills in business process design and identifying where cost analysis improvements can happen.
Strategic Cost Analysis – Learn everything you need to know from this book that answers the four key questions of business analysis.
Financial Management (Barron’s Business Library Series) – Discover what you need to master for cost analysis, such as reading financial statements, the time-value of money, making strategic budgeting decisions, etc.
The Cost Analyst’s Companion – This book is a convenient go-to guide for practicing cost analysts that will help you approach costing analysis from an economics, physics, technology, math, and statistics standpoint.
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Cost Analyst
Last edited by: Gabriela Barcenas, CONTENT STRATEGIST -
Gabriela Barcenas
CONTENT STRATEGISTGabriela is a Certified Professional Resume Writer (CPRW) and career adviser. With 10 years of digital media experience and five years of resume writing expertise, her publication history includes fashion, education, travel, social justice, equitable design and career advice.
