What You Need to Know About Cost Estimator
Cost Estimator Definition 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.
A Day in the Life of a Cost Estimator
- Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
- Collect historical cost data to estimate costs for current or future products.
- Prepare estimates for use in selecting vendors or subcontractors.
- Prepare and maintain a directory of suppliers, contractors and subcontractors.
- Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
- Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
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Things a Cost Estimator Should Know How to Do
Cost Estimators state the following job skills are important in their day-to-day work.
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.
Types of Cost Estimator Jobs
- Electrical Estimator
- Construction Job Cost Estimator
- Crating and Moving Estimator
- Quantity Surveyor
- Job Cost Estimator
Are There Job Opportunities for Cost Estimators?
In 2016, there was an estimated number of 217,900 jobs in the United States for Cost Estimator. 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. The BLS estimates 24,400 yearly job openings in this field.
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.
Salary for 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.
Below is a list of the median annual salaries for Cost Estimators in different U.S. states.
| 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 & Technology do Cost Estimators Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Cost Estimators:
- 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
Becoming a Cost Estimator
Individuals working as a Cost Estimator have obtained the following education levels:
How many years of work experience do I need?
Cost Estimators Sector
The table below shows some of the most common industries where those employed in this career field work.
Related Careers
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
Career changers with experience as a Cost Estimator sometimes find work in one of the following fields:
References:
Image Credit: Mike Moore via public domain
More about our data sources and methodologies.
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