Life As a Cost Estimator
Cost Estimator Job Description Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
Daily Life Of a Cost Estimator
- Prepare and maintain a directory of suppliers, contractors and subcontractors.
- Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
- Establish and maintain tendering process, and conduct negotiations.
- Conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.
- Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
- Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
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What Skills Do You Need to Work as a Cost Estimator?
When polled, Cost Estimators say the following skills are most frequently used in their jobs:
Mathematics: Using mathematics to solve problems.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Speaking: Talking to others to convey information effectively.
Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Related Job Titles for this Occupation:
- Crating and Moving Estimator
- Cost and Risk Analysis Manager
- Procurement Technician
- Service Advisor
- Chief Estimator
Job Outlook for Cost Estimators
In the United States, there were 217,900 jobs for Cost Estimator in 2016. New jobs are being produced at a rate of 10.5% which is above the national average. The Bureau of Labor Statistics predicts 22,900 new jobs for Cost Estimator by 2026. There will be an estimated 24,400 positions for Cost Estimator per year.
The states with the most job growth for Cost Estimator are Utah, Arizona, and Nevada. Watch out if you plan on working in Maine, Vermont, or Alaska. These states have the worst job growth for this type of profession.
What is the Average Salary of a Cost Estimator
The average yearly salary of a Cost Estimator ranges between $38,060 and $107,940.
Cost Estimators who work in District of Columbia, Hawaii, or Alaska, make the highest salaries.
How much do Cost Estimators make in each U.S. state?
| State | Annual Mean Salary |
|---|---|
| Alabama | $59,870 |
| Alaska | $83,450 |
| Arizona | $66,410 |
| Arkansas | $61,500 |
| California | $78,190 |
| Colorado | $73,110 |
| Connecticut | $74,910 |
| Delaware | $68,690 |
| District of Columbia | $93,880 |
| Florida | $62,370 |
| Georgia | $67,190 |
| Hawaii | $82,390 |
| Idaho | $60,400 |
| Illinois | $66,480 |
| Indiana | $65,790 |
| Iowa | $62,410 |
| Kansas | $66,500 |
| Kentucky | $65,460 |
| Louisiana | $67,650 |
| Maine | $61,960 |
| Maryland | $71,650 |
| Massachusetts | $77,670 |
| Michigan | $63,810 |
| Minnesota | $65,520 |
| Mississippi | $60,360 |
| Missouri | $67,620 |
| Montana | $58,960 |
| Nebraska | $59,160 |
| Nevada | $66,650 |
| New Hampshire | $67,610 |
| New Jersey | $75,340 |
| New Mexico | $59,580 |
| New York | $75,730 |
| North Carolina | $62,590 |
| North Dakota | $69,010 |
| Ohio | $64,700 |
| Oklahoma | $64,300 |
| Oregon | $71,490 |
| Pennsylvania | $67,330 |
| Rhode Island | $67,470 |
| South Carolina | $63,520 |
| South Dakota | $54,860 |
| Tennessee | $63,770 |
| Texas | $73,950 |
| Utah | $65,940 |
| Vermont | $65,790 |
| Virginia | $74,160 |
| Washington | $77,510 |
| West Virginia | $63,890 |
| Wisconsin | $57,990 |
| Wyoming | $76,670 |
What Tools do Cost Estimators Use?
Below is a list of the types of tools and technologies that Cost Estimators may use on a daily basis:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Microsoft Access
- SAP
- Microsoft Project
- Autodesk AutoCAD
- Adobe Systems Adobe Acrobat
- Microsoft Visio
- Microsoft Dynamics
- Intuit QuickBooks
- Oracle JD Edwards EnterpriseOne
- Dassault Systemes CATIA
- Oracle Primavera Enterprise Project Portfolio Management
- Oracle Hyperion
- Sage 50 Accounting
- Autodesk Revit
- Trimble SketchUp Pro
How to Become a Cost Estimator
Learn what Cost Estimator education requirements there are.
How many years of work experience do I need?
Where do Cost Estimators Work?
Below are examples of industries where Cost Estimators work:
Other Jobs You May be Interested In
Those thinking about becoming a Cost Estimator might also be interested in the following careers:
- Tax Preparers
- Sales Representatives, Wholesale and Manufacturing, Technical and Scientific Products
- Buyers and Purchasing Agents, Farm Products
Are you already one of the many Cost Estimator in the United States? If you’re thinking about changing careers, these fields are worth exploring:
References:
Image Credit: Mike Moore via public domain
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