How Do I Become a Cost Estimator?

---

Prior to committing to a project, whether the project entails manufacturing or construction, a large number of entities want to know just how much it is going to cost and how long it would take for the project to be completed. This is the part where cost estimators come in; they are trained to determine approximately what it would cost to complete a project. Cost estimators consider resources and production time; this includes raw materials, equipment, and labor.

Employment Facts

In 2010, the number of cost estimators was 185,000. Over a third of this number provided their services to specialty trade contractors. The others provided their services to manufacturers, building construction companies, civil and heavy engineering construction companies, maintenance and repair companies. According to the Bureau of Labor Statistics (BLS), the median salary for cost estimators as of May 2012 was $58,860 per annum (at $28.30 per hour).

Educational Requirements

You do not need to earn a Bachelor’s Degree in order to work in this particular field. However, a lot of employers are choosing to hire the services of applicants who have a degree. This means, earning a degree increases your chances of being employed. You can earn a degree in a field that is related to the field in which you choose to work in. For instance, if your objective is to be a construction cost estimator, then it makes sense to earn a degree in construction management. If you choose to work in the manufacturing field, then you should obtain a degree in statistics, physical sciences or engineering. On the other hand, you may want to, instead, obtain a degree in a business related field such as accounting, economics or finance. Having a strong background in mathematics is also essential.

Having a degree might not land you a job, but you should not expect to work independently until your employer teaches and trains you how to estimate projects the way the company does it. Each company has its very own procedure for getting things done and they want their employees to learn it. This is what is known as on-the-job training, which may take a few months or even a couple of years.

Any Other Requirements?

Cost estimators require the following skills:

•Great communication skills
•Detail oriented
•Analytical skills
•Must be able to reason critically
•Must have good time management skills

Most employers will be more comfortable hiring applicants who have already worked in the field in which they are applying for a position as a cost estimator. Getting experience will require you to take part in internship programs.

Job Outlook

There is no doubt that the future is bright for those who choose to work in this field. The United States’ Bureau of Labor Statistics has predicted that the job growth will become faster, all through to 2020, than the average professions. Cost estimation is thought to be one of the quickest growing occupations that will require a bachelor’s degree.