Should I Consider Becoming a Cost Estimator?

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Cost estimators are a unique mix of financial advisor, accountant, and operations manager. They are called upon by business owners to analyze data, project risk factors regarding future costs, and find the best solutions to complete a variety of projects with minimal costs. Their advice and suggestions can often mean the difference between a multi-million dollar project going over or staying under budget and finishing on time.

Job Duties

A typical task list for a cost estimator includes things like identifying and justifying cost factors (time, material, and labor expenses), reading & understanding documents such as blueprints to prepare accurate cost estimates, and consulting industry experts to resolve problems. Of course, these are only a few of the many responsibilities associated with cost estimator duties. Suffice it to say, cost estimators must be able to effectively assess a project using technology and experience, in order to help project managers get the best bang for their buck.

Skills, Education, and Certifications

Anyone considering a career as a cost estimator should possess strong analytical and technical skills. He or she needs to have the ability to effectively read, understand, and respond to complex documents and financial statements as well. Communication skills (both verbal and written) are crucial and estimators must be able to handle the constant travel involved in on-site cost estimates. Cost estimators also have to be punctual and consistently meet deadlines.

Potential employers prefer candidates with a Bachelor’s degree in an industry-related field as well as a solid understanding of advanced mathematical concepts. Professional certifications are recommended and required by some employers. However, cost estimators must have at least 2 years experience before being given the opportunity to take the exams necessary for certification.

Work Environment

The US Department of Labor recently stated 16% of cost estimator positions currently exist in the construction industry. Manufacturing comes in second with 14% and foundation, structure, and building exterior contractors take third place with 8%. Most estimators work in an office environment, but extensive travel to job sites for consultations are necessary. Cost estimators must be able to handle minimal physical activity due to on-site job tasks in a variety of semi-dangerous situations.

Job Outlook & Salary

According to the Bureau of Labor Statistics, cost estimators should expect a 26% increase in available positions through the year 2022 with over 53,000 new jobs added. Additionally, the Bureau of Labor Statistics stated the median salary for cost estimators is roughly $58,860. Solid growth and a decent salary are two very good reasons to consider a career as a cost estimator.

Who Should Become a Cost Estimator?

Becoming a cost estimator isn’t a good choice for everyone. Only individuals with a solid passion and understanding of advanced mathematical concepts should pursue a career in this field. The constant travel requirements are another consideration. If traveling isn’t appealing, this is not the right career choice.

However, if travel and consistent mathematical and analytical challenges sound appealing, this is the perfect career choice. Since extensive education and industry knowledge is required to become a successful cost estimator, only individuals with the proper skill set and knowledge should pursue a career as a cost estimator. For those individuals, cost estimation is a lifelong passion and provides an opportunity to meet complex mathematical challenges by showing off their analytical chops.