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Career and Education Opportunities for Cost Analysts in Rockford, Illinois

There is a wide variety of career and education opportunities for cost analysts in the Rockford, Illinois area. There are currently 8,940 working cost analysts in Illinois; this should grow by 17% to about 10,480 working cost analysts in the state by 2016. This is not quite as good as the national trend for cost analysts, which sees this job pool growing by about 25.3% over the next eight years. 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 approximately $29 per hour or $61,760 annually on average in Illinois. Nationally they average about $27 per hour or $56,510 per year. Earnings for cost analysts are better than earnings in the general category of Adjustment and Analysis in Illinois and better than general Adjustment and Analysis category earnings nationally. People working as cost analysts can fill a number of jobs, such as: project manager, quantity surveyor, and construction estimator.

There are seven schools within twenty-five miles of Rockford where you can study to be a cost analyst, among twelve schools of higher education total in the Rockford area. Given that the most common education level for cost analysts is a Bachelor's degree, it will take about four years to learn 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 Rockford 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.
  • 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.
  • 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.

EDUCATIONAL OPPORTUNITIES: Cost Analyst Training

Rasmussen College-Rockford - Rockford, IL

Rasmussen College-Rockford, 6000 E. State St., Fourth Floor, Rockford, IL 61108-2513. Rasmussen College-Rockford is a small college located in Rockford, Illinois. It is a private for-profit school with primarily 2-year programs and has 622 students. Rasmussen College-Rockford has an associate's degree program in Business Administration and Management.

Rockford Career College - Rockford, IL

Rockford Career College, 1130 South Alpine Road, Rockford, IL 61108. Rockford Career College is a small college located in Rockford, Illinois. It is a private for-profit school with primarily 2-year programs and has 616 students. Rockford Career College has a one to two year and an associate's degree program in Business Administration and Management.

Highland Community College - Freeport, IL

Highland Community College, 2998 W Pearl City Rd, Freeport, IL 61032-9341. Highland Community College is a small college located in Freeport, Illinois. It is a public school with primarily 2-year programs and has 1,876 students. Highland Community College has an associate's degree program in Business Administration and Management which graduated two students in 2008.

Kishwaukee College - Malta, IL

Kishwaukee College, 21193 Malta Rd, Malta, IL 60150-9699. Kishwaukee College is a small college located in Malta, Illinois. It is a public school with primarily 2-year programs and has 4,134 students. Kishwaukee College has an associate's degree program in Business Administration and Management which graduated five students in 2008.

Rockford College - Rockford, IL

Rockford College, 5050 E State St, Rockford, IL 61108-2393. Rockford College is a small college located in Rockford, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,390 students and an admission rate of 67%. Rockford College has a bachelor's degree and a master's degree program in Business Administration and Management which graduated zero and eighteen students respectively in 2008.

Rock Valley College - Rockford, IL

Rock Valley College, 3301 N Mulford Rd, Rockford, IL 61114-5699. Rock Valley College is a medium sized college located in Rockford, Illinois. It is a public school with primarily 2-year programs and has 8,030 students. Rock Valley College has 3 areas of study related to Cost Analyst. They are:

  • Construction Engineering Technology/Technician, associate's degree which graduated 14 students in 2008.
  • Business/Commerce, less than one year which graduated 1 student in 2008.
  • Business Administration and Management, associate's degree which graduated 16 students in 2008.

Beloit College - Beloit, WI

Beloit College, 700 College St, Beloit, WI 53511-5595. Beloit College is a small college located in Beloit, Wisconsin. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,384 students and an admission rate of 63%. Beloit College has a bachelor's degree program in Business Administration and Management which graduated one student 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: Rockford, Illinois

Rockford, Illinois
Rockford, Illinois photo by Kranar_drogin

Rockford is situated in Winnebago County, Illinois. It has a population of over 157,272, which has grown by 4.8% in the past ten years. The cost of living index in Rockford, 78, is well below the national average. New single-family homes in Rockford are valued at $125,600 on average, which is far less than the state average. In 2008, sixty-four new homes were built in Rockford, down from one hundred fifty-seven the previous year.

The three most popular industries for women in Rockford are health care, educational services, and accommodation and food services. For men, it is metal and metal products, construction, and machinery. The average commute to work is about 20 minutes. More than 19.8% of Rockford residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.1%, is lower than the state average.

The unemployment rate in Rockford is 17.6%, which is greater than Illinois's average of 10.5%.

The percentage of Rockford residents that are affiliated with a religious congregation, 50.0%, is less than both the national and state average. Abundant Life Assembly of God Church, South Park Covenant Church and Souls Harbor Church are among the churches located in Rockford. The largest religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the United Methodist Church.

Rockford is home to the McPhail Hall and the Mary McGaw Hall as well as Ken-Rock Park and Jamestown Park. Shopping malls in the area include Alpine Village Shopping Center, Eleventh Street Plaza Shopping Center and Fairview Shopping Center. Visitors to Rockford can choose from Extended Stay America - Rockford East, Courtyard Rockford and Hampton Inn Rockford for temporary stays in the area.