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Career and Education Opportunities for Cost Analysts in Hartford, Connecticut

For those living in the Hartford, Connecticut area, there are many career and education opportunities for cost analysts. About 2,760 people are currently employed as cost analysts in Connecticut. By 2016, this is expected to grow by 14% to about 3,140 people employed. This is not quite as good as the nation as a whole, where employment opportunities for cost analysts are expected to grow by about 25.3%. In general, cost analysts prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service.

Cost analysts earn about $31 per hour or $65,000 annually on average in Connecticut and about $27 hourly or $56,510 per year on average nationally. Compared with people working in the overall category of Adjustment and Analysis, people working as cost analysts in Connecticut earn more. They earn more than people working in the overall category of Adjustment and Analysis nationally. Cost analysts work in a variety of jobs, including: construction estimator, estimator project manager, and design consultant.

There are sixty-two schools of higher education in the Hartford area, including fourteen within twenty-five miles of Hartford where you can get a degree to start your career as a cost analyst. Cost analysts usually hold a Bachelor's degree, so you can expect to spend about four years studying to be a cost analyst if you already have a high school diploma.

CAREER DESCRIPTION: Cost Analyst

Cost Analyst video from the State of New Jersey Dept. of Labor and Workforce Development

In general, cost analysts prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. They also may specialize according to particular service performed or type of product manufactured.

Cost analysts confer with clients, vendors, personnel in other departments or construction foremen to consider and formulate estimates and resolve issues. They also talk with engineers, architects, owners, and contractors on changes and adjustments to cost estimates. Equally important, cost analysts have to analyze blueprints and other documentation to ready time and labor estimates. They are often called upon to ready estimates for use in selecting vendors or subcontractors. They are expected to ready estimates used by management for purposes such as planning, organizing, and scheduling work. Finally, cost analysts ready cost and expenditure statements and other needed documentation at regular intervals for the duration of projects.

Every day, cost analysts are expected to be able to articulate ideas and problems. They need to deal with basic arithmetic problems. It is also important that they listen to and understand others in meetings.

It is important for cost analysts to ready and maintain a directory of suppliers, contractors and subcontractors. They are often called upon to establish and maintain tendering process, and conduct negotiations. Somewhat less frequently, cost analysts are also expected to visit site and record data related to access, drainage and topography, and availability of services such as water and electricity.

Cost analysts sometimes are asked to visit site and record data related to access, drainage and topography, and availability of services such as water and electricity. And finally, they sometimes have to prepare cost monitoring and reporting systems and procedures.

Like many other jobs, cost analysts must be thorough and dependable and be able to absorb the factors involved and a problem and provide a well thought out solution.

Similar jobs with educational opportunities in Hartford include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Business Management Analyst. Conduct organizational studies and evaluations, design systems and procedures, conduct work simplifications and measurement studies, and prepare operations and procedures manuals to assist management in operating more efficiently and effectively. Includes program analysts and management consultants.
  • Coroner. Direct activities such as autopsies, pathological and toxicological analyses, and inquests relating to the investigation of deaths occurring within a legal jurisdiction to determine cause of death or to fix responsibility for accidental, violent, or unexplained deaths.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Emergency Management Coordinator. Coordinate disaster response or crisis management activities, provide disaster preparedness training, and prepare emergency plans and procedures for natural, wartime, or technological disasters or hostage situations.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Insurance Adjuster. Investigate, analyze, and determine the extent of insurance company's liability concerning personal, casualty, or property loss or damages, and attempt to effect settlement with claimants. Correspond with or interview medical specialists, agents, or claimants to compile information. Calculate benefit payments and approve payment of claims within a certain monetary limit.
  • Insurance Appraiser. Appraise automobile or other vehicle damage to determine cost of repair for insurance claim settlement and seek agreement with automotive repair shop on cost of repair. Prepare insurance forms to indicate repair cost or cost estimates and recommendations.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • License Examiner. Examine, evaluate, and investigate eligibility for, conformity with, or liability under licenses or permits.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.

EDUCATIONAL OPPORTUNITIES: Cost Analyst Training

Springfield Technical Community College - Springfield, MA

Springfield Technical Community College, 1 Armory Sq, Springfield, MA 01105-1296. Springfield Technical Community College is a medium sized college located in Springfield, Massachusetts. It is a public school with primarily 2-year programs and has 6,331 students. Springfield Technical Community College has 2 areas of study related to Cost Analyst. They are:

  • Business/Commerce, associate's degree which graduated 51 students in 2008.
  • Business Administration and Management, associate's degree which graduated 7 students in 2008.

Goodwin College - East Hartford, CT

Goodwin College, 745 Burnside Ave, East Hartford, CT 06108. Goodwin College is a small college located in East Hartford, Connecticut. It is a private not-for-profit school with primarily 2-year programs and has 1,589 students. Goodwin College has 2 areas of study related to Cost Analyst. They are:

  • Business/Commerce, less than one year and associate's degree which graduated one and three students respectively in 2008.
  • Business Administration and Management, less than one year.

Central Connecticut State University - New Britain, CT

Central Connecticut State University, 1615 Stanley St, New Britain, CT 06050. Central Connecticut State University is a large university located in New Britain, Connecticut. It is a public school with primarily 4-year or above programs. It has 12,233 students and an admission rate of 60%. Central Connecticut State University has 2 areas of study related to Cost Analyst. They are:

  • Mechanical Engineering, bachelor's degree.
  • Business Administration and Management, bachelor's degree which graduated 112 students in 2008.

Westfield State College - Westfield, MA

Westfield State College, 577 Western Ave, Westfield, MA 01086-1630. Westfield State College is a medium sized college located in Westfield, Massachusetts. It is a public school with primarily 4-year or above programs. It has 5,562 students and an admission rate of 62%. Westfield State College has a bachelor's degree program in Business/Commerce which graduated two students in 2008.

Saint Joseph College - West Hartford, CT

Saint Joseph College, 1678 Asylum Avenue, West Hartford, CT 06117-2764. Saint Joseph College is a small college located in West Hartford, Connecticut. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,926 students and an admission rate of 82%. Saint Joseph College has a bachelor's degree program in Business Administration and Management which graduated six students in 2008.

University of Hartford - West Hartford, CT

University of Hartford, 200 Bloomfield Ave, West Hartford, CT 06117-1599. University of Hartford is a medium sized university located in West Hartford, Connecticut. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,366 students and an admission rate of 60%. University of Hartford has 2 areas of study related to Cost Analyst. They are:

  • Mechanical Engineering, bachelor's degree and master's degree which graduated twenty-two and eight students respectively in 2008.
  • Business Administration and Management, bachelor's degree and master's degree which graduated one and 104 students respectively in 2008.

Quinnipiac University - Hamden, CT

Quinnipiac University, Mt Carmel Ave, Hamden, CT 06518. Quinnipiac University is a medium sized university located in Hamden, Connecticut. It is a private not-for-profit school with primarily 4-year or above programs. It has 7,413 students and an admission rate of 45%. Quinnipiac University has a bachelor's degree and a master's degree program in Business Administration and Management which graduated forty-eight and eighty-one students respectively in 2008.

Rensselaer Hartford Graduate Center Inc - Hartford, CT

Rensselaer Hartford Graduate Center Inc, 275 Windsor St, Hartford, CT 06120. Rensselaer Hartford Graduate Center Inc is a small school located in Hartford, Connecticut. It is a private not-for-profit school with primarily 4-year or above programs and has 723 students. Rensselaer Hartford Graduate Center Inc has 2 areas of study related to Cost Analyst. They are:

  • Mechanical Engineering, master's degree which graduated 22 students in 2008.
  • Business Administration and Management, master's degree which graduated 47 students in 2008.

Holyoke Community College - Holyoke, MA

Holyoke Community College, 303 Homestead Ave, Holyoke, MA 01040. Holyoke Community College is a medium sized college located in Holyoke, Massachusetts. It is a public school with primarily 2-year programs and has 6,592 students. Holyoke Community College has an associate's degree program in Business Administration and Management which graduated 131 students in 2008.

Bay Path College - Longmeadow, MA

Bay Path College, 588 Longmeadow Street, Longmeadow, MA 01106. Bay Path College is a small college located in Longmeadow, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,727 students and an admission rate of 83%. Bay Path College has 2 areas of study related to Cost Analyst. They are:

  • Business/Commerce, associate's degree which graduated 14 students in 2008.
  • Business Administration and Management, bachelor's degree which graduated 65 students in 2008.

Springfield College - Springfield, MA

Springfield College, 263 Alden St, Springfield, MA 01109-3797. Springfield College is a small college located in Springfield, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,849 students and an admission rate of 68%. Springfield College has a bachelor's degree program in Business Administration and Management which graduated thirty-seven students in 2008.

University of Connecticut - Storrs, CT

University of Connecticut, , Storrs, CT 06269. University of Connecticut is a large university located in Storrs, Connecticut. It is a public school with primarily 4-year or above programs. It has 24,273 students and an admission rate of 54%. University of Connecticut has 4 areas of study related to Cost Analyst. They are:

  • Materials Engineering, bachelor's degree which graduated 1 student in 2008.
  • Mechanical Engineering, bachelor's degree, master's degree, and doctor's degree which graduated eighty-five, fourteen, and ten students respectively in 2008.
  • Business/Commerce, bachelor's degree, master's degree, and doctor's degree which graduated zero, 310, and eleven students respectively in 2008.
  • Business Administration and Management, bachelor's degree and postbaccalaureate certificate which graduated sixty-four and zero students respectively in 2008.

Western New England College - Springfield, MA

Western New England College, 1215 Wilbraham Rd, Springfield, MA 01119-2684. Western New England College is a small college located in Springfield, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,215 students and an admission rate of 73%. Western New England College has 3 areas of study related to Cost Analyst. They are:

  • Mechanical Engineering, bachelor's degree and master's degree which graduated twenty-nine and one students respectively in 2008.
  • Business/Commerce, bachelor's degree which graduated 36 students in 2008.
  • Business Administration and Management, bachelor's degree and master's degree which graduated forty-two and twenty-six students respectively in 2008.

American International College - Springfield, MA

American International College, 1000 State Street, Springfield, MA 01109. American International College is a small college located in Springfield, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,167 students and an admission rate of 78%. American International College has associate's degree, bachelor's degree, and master's degree programs in Business Administration and Management which graduated zero, fifteen, and twenty-five students respectively in 2008.

CERTIFICATIONS

Certified Professional Estimator: The American Society of Professional Estimators (ASPE) has been certifying construction estimators for over thirty years.

For more information, see the American Society of Professional Estimators website.

Certified Anti-Money Laundering Specialist: CAMS certification is rrecognized by employers in both private industry and government.

For more information, see the Association of Certified Anti-Money Laundering Specialists website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

Certified Cost Estimator/Analyst : The Society's Certified Cost Estimator/Analyst (CCE/A) program provides a professional credential to SCEA members and nonmembers who demonstrate mastery of basic concepts and methods.

For more information, see the Society of Cost Estimating and Analysis website.

LOCATION INFORMATION: Hartford, Connecticut

Hartford, Connecticut
Hartford, Connecticut photo by Contimm

Hartford is situated in Hartford County, Connecticut. It has a population of over 124,062, which has grown by 2.0% in the past ten years. The cost of living index in Hartford, 104, is above the national average. New single-family homes in Hartford cost $82,500 on average, which is far less than the state average. In 2008, eight new homes were constructed in Hartford, down from twelve the previous year.

The three big industries for women in Hartford are health care, finance and insurance, and educational services. For men, it is administrative and support and waste management services, construction, and accommodation and food services. The average commute to work is about 24 minutes. More than 12.4% of Hartford residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 5.2%, is lower than the state average.

The unemployment rate in Hartford is 14.4%, which is greater than Connecticut's average of 8.3%.

The percentage of Hartford residents that are affiliated with a religious congregation, 57.4%, is more than both the national and state average. Our Lady of Sorrows Church, All Saints Orthodox Church and Sacred Heart Church are all churches located in Hartford. The largest religious groups are the Catholic Church, the United Church of Christ and the Episcopal Church.

Hartford is home to the Albany Avenue Branch Hartford Public Library and the North Meadows Industrial Park as well as Little Hollywood Historic District and West End North Historic District. Shopping malls in the area include Park Plaza Shopping Center, Pavillion at State House Shopping Center and Civic Center Mall Shopping Center.