Cost estimators are professionals responsible for predicting the expenditures of a project or operation. Their job description typically includes: 1. Analyzing project requirements and specifications. 2. Estimating the cost of materials, labor, equipment, and subcontractors. 3. Evaluating bid proposals and preparing cost data for planning. 4. Collaborating with engineers, architects, and contractors to ensure accuracy. 5. Identifying factors affecting costs like market conditions or project changes. 6. Updating cost databases and estimating software. 7. Presenting and justifying cost estimates to management. 8. Monitoring actual costs against estimates during project execution. 9. Providing cost-related advice and recommendations. Overall, cost estimators play a crucial role in ensuring projects stay within budget and helping organizations make informed financial decisions.
This income data is sourced from the May 2023 Occupational Employment and Wage Statistics (OEWS) survey. The dataset is updated annually.
Annual Pay Distribution | Salary |
|---|---|
10th percentile | $37,650.00 |
25th percentile | $43,040.00 |
median (50th percentile) | $60,490.00 |
75th percentile | $72,830.00 |
90th percentile | $94,050.00 |
Hourly Pay Distribution | Hourly Rate |
|---|---|
10th percentile | $18.10 |
25th percentile | $20.69 |
median (50th percentile) | $29.08 |
75th percentile | $35.01 |
90th percentile | $45.22 |
Cost estimators typically need a bachelor’s degree in construction management, engineering, business, or a related field. Courses in mathematics, statistics, accounting, and finance are valuable for developing the necessary analytical skills. While a high school diploma may be sufficient for some entry-level positions, most cost estimator roles require at least a college education to gain the essential knowledge and skills for the job. Specialized certifications such as the Certified Cost Professional (CCP) designation can also enhance job prospects and demonstrate proficiency in the field. Training for cost estimators often involves on-the-job learning combined with formal training programs. This could include apprenticeships, internships, or entry-level positions where individuals work under the supervision of more experienced estimators to learn the intricacies of the job. Additionally, attending workshops, seminars, and pursuing continuing education opportunities can help cost estimators stay updated on industry best practices, new technologies, and evolving methodologies within the field. Continuous learning is crucial for advancing one's career and staying competitive in the dynamic construction and project management industry.