Explore the critical requirements, core duties, primary responsibilities, and key skills that should be included in a comprehensive Cost Analyst job description.
What does a Cost Analyst do?
A cost analyst is an important role in a company that manages and examines expenses. They carefully study the costs of a company and provide reports to management. Their main responsibilities include keeping track of project budgets, determining product costs, and analyzing changes in company expenses.
Job Description
We are looking for a highly analytical and detail-oriented cost analyst to join our finance department. Your main duties will include preparing financial statements and reports, overseeing audit files, providing financial feedback in meetings, and training employees on cost management methods.
To be successful in this role, you must have a strong understanding of accounting and cost management systems, as well as basic computer skills. Excellent communication, presentation, and problem-solving skills are also necessary.
Job Duties and Responsibilities
- Suggest and implement changes to improve payment and procurement processes.
- Provide analytical support for departmental projects when needed.
- Work with management to ensure accurate and consistent cost forecasting reports.
- Track and document actual and estimated expenses.
- Stay informed on project budgets and spending.
- Analyze data to find opportunities for cost reduction in all operations.
- Research the market and identify potential growth opportunities and risks.
- Contribute to developing yearly operation plans, budgets, and new product cost estimates.
- Offer suggestions for cost-saving strategies.
Requirements and Qualifications
- Bachelor's degree in finance, business, or a relevant field.
- 3-5 years of experience as an analyst in supply chain or finance.
- Strong analytical, mathematical, and problem-solving skills.
- Excellent communication and presentation abilities.
- Able to work well under pressure and meet deadlines.
- Proficient in Information Systems and MS Excel.
Cost Analyst Salary
The earning potential of a Cost Analyst can vary significantly based on factors such as geographic location, industry, professional experience, educational background, and the specific employer. On average, the annual salary for an Cost Analyst in the United States is approximately $82507.