Job Duties and Responsibilities
The Cost Estimator's responsibilities include assessing learning curves, as
well as estimating labor hours necessary to produce the correct number of units
to complete the project. They will also prepare time lines and cost estimates for
tool design or fabrication as well as allow for project debugging time and costs.
They are normally responsible for projecting the cost of production as well as the
cost of production over time, as workers learn their new roles.
Work Environment
Cost estimators will normally be in the office environment. They generally work
a 40 hour work week and may smaller companies hold other positions in addition to
Cost Estimator. Larger companies usually have a dedicated cost estimating department
and dedicated staff.
Employment Outlook and Opportunities
As mentioned before, Cost Estimators are most commonly employed by the construction
industry. Some two thirds of all Cost Estimators are employed by construction companies.
15% more of all Cost Estimators are employed by manufacturing companies. The Cost
Estimator will most often find work in a comfortable office environment. Knowledge
of computers and certain complex software programs will also be required. The average
work week is Monday through Friday.
The job growth rate for Cost Estimators is projected to be faster than normal. Because
there is no designated bachelor's degree labeled Cost Estimator, employers often
find difficulty in finding qualified candidates. Cost estimators for manufacturing
are ahead of the game by having degrees in statistics, or mathematic, accounting,
or engineering. Cost estimators for construction industries might look at having
a degree in construction management or building science.
How much does a Cost Estimator make - Cost Estimator Salaries and Wages
Earnings for Cost Estimators with 1 to 4 years experience are reported to
be in the range of $39,123-$53,101 per year.
Earnings for Cost Estimators with 5 to 9 years experience are reported to
be in the range of $42,462 per year to $68,363 per year.
Earnings for Cost Estimators with 10 to 19 years experience are reported
to range from $47,586 per year to $82,583 per year.
How to Become a Cost Estimator
Education for Cost Estimators
A bachelor degree is required by most businesses for a Cost Estimator professional.
However, there are no programs specifically recommended for Cost Estimators. For
the person wishing to specialize in construction than construction science, building
science or construction management degrees are good choices, as well as having hands
on experience in the construction industry.
For the person entering the manufacturing Cost Estimator field and engineering,
physical science, operations research, statistics or an accounting are good choices.
Experience in quantitative techniques is also highly recommended.
A great deal of the Cost Estimator's training after obtaining their degree will
be on the job. Each company has their own method of estimating costs and their own
procedures and the new Cost Estimator can expect to spend some time in a junior
position within the company.
Some employers may require professional certification in order to be employed as
a Cost Estimator. The American Association of Cost Estimators offers some certifications
as well as The Society of Cost Estimating and Analysis. Professional certification
is a benefit to the Cost Estimator as it helps to demonstrate his knowledge and
competence in the field.
Career Advancement
Certification certainly helps a Cost Estimator in securing a position and a better
salary rate. With the proper degree background a Cost Estimator can advance to management
positions within the company and there is even the potential to become a partner
within some firms for the right person. Some Cost Estimators may go on to start
their own businesses. As long as there are construction businesses and manufacturers
there remains a need for Cost Estimators.
More detailed information on coursework and online and traditional schooling for
the Cost Estimator career can be found by using the links provided on this site.
Cost Estimator Resources
The Association for the Advancement of Cost Engineering
Society of Cost Estimating and Analysis