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Career and Education Opportunities for Cost Analysts in Indianapolis, Indiana

There are many career and education opportunities for cost analysts in the Indianapolis, Indiana area. There are currently 5,010 jobs for cost analysts in Indiana and this is projected to grow by 15% to 5,770 jobs 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. Cost analysts generally prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service.

A person working as a cost analyst can expect to earn about $25 per hour or $53,810 per year on average in Indiana and about $27 hourly or $56,510 per year on average in the U.S. as a whole. Compared with people working in the overall category of Adjustment and Analysis, people working as cost analysts in Indiana earn more. They earn more than people working in the overall category of Adjustment and Analysis nationally. People working as cost analysts can fill a number of jobs, such as: production cost estimator, construction job cost estimator, and estimator project manager.

The Indianapolis area is home to thirty-six schools of higher education, including sixteen within twenty-five miles of Indianapolis where you can get a degree as a cost analyst. Cost analysts usually hold a Bachelor's degree, so 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 Indianapolis 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.
  • 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

Martin University - Indianapolis, IN

Martin University, 2171 Avondale Place, Indianapolis, IN 46218-0567. Martin University is a small university located in Indianapolis, Indiana. It is a private not-for-profit school with primarily 4-year or above programs and has 717 students. Martin University has a bachelor's degree program in Business Administration and Management.

Brown Mackie College-Indianapolis - Indianapolis, IN

Brown Mackie College-Indianapolis, 1200 N Meridian St, Ste 100, Indianapolis, IN 46204. Brown Mackie College-Indianapolis is a small college located in Indianapolis, Indiana. It is a private for-profit school with primarily 4-year or above programs and has 246 students. Brown Mackie College-Indianapolis has a bachelor's degree program in Business Administration and Management.

Indiana Business College-Northwest - Indianapolis, IN

Indiana Business College-Northwest, 6300 Technology Center Drive, Indianapolis, IN 46278. Indiana Business College-Northwest is a small college located in Indianapolis, Indiana. It is a private for-profit school with primarily 2-year programs. It has 260 students and an admission rate of 51%. Indiana Business College-Northwest has an associate's degree program in Business Administration and Management which graduated seven students in 2008.

Indiana University-Purdue University-Indianapolis - Indianapolis, IN

Indiana University-Purdue University-Indianapolis, 425 University Blvd, Indianapolis, IN 46202-5143. Indiana University-Purdue University-Indianapolis is a large university located in Indianapolis, Indiana. It is a public school with primarily 4-year or above programs. It has 30,300 students and an admission rate of 70%. Indiana University-Purdue University-Indianapolis has 2 areas of study related to Cost Analyst. They are:

  • Mechanical Engineering, bachelor's degree and master's degree which graduated forty-three and ten students respectively in 2008.
  • Business/Commerce, one to two year, bachelor's degree, and master's degree which graduated twenty-eight, 351, and 420 students respectively in 2008.

Marian College - Indianapolis, IN

Marian College, 3200 Cold Spring Rd, Indianapolis, IN 46222-1997. Marian College is a small college located in Indianapolis, Indiana. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,064 students and an admission rate of 54%. Marian College has an associate's degree and a bachelor's degree program in Business Administration and Management which graduated thirty-five and seventy students respectively in 2008.

Ivy Tech Community College-Central Indiana - Indianapolis, IN

Ivy Tech Community College-Central Indiana, 50 W. Fall Creek Parkway N. Drive, Indianapolis, IN 46208-5752. Ivy Tech Community College-Central Indiana is a large college located in Indianapolis, Indiana. It is a public school with primarily 2-year programs and has 15,795 students. Ivy Tech Community College-Central Indiana has an associate's degree program in Business Administration and Management which graduated eighty students in 2008.

Franklin College - Franklin, IN

Franklin College, 101 Branigin Blvd, Franklin, IN 46131-2623. Franklin College is a small college located in Franklin, Indiana. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,153 students and an admission rate of 66%. Franklin College has a bachelor's degree program in Business/Commerce which graduated three students in 2008.

Anderson University - Anderson, IN

Anderson University, 1100 E 5th St, Anderson, IN 46012-3495. Anderson University is a small university located in Anderson, Indiana. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,737 students and an admission rate of 68%. Anderson University has 2 areas of study related to Cost Analyst. They are:

  • Business/Commerce, associate's degree.
  • Business Administration and Management, bachelor's degree, master's degree, and doctor's degree which graduated six, ninety-six, and two students respectively in 2008.

Butler University - Indianapolis, IN

Butler University, 4600 Sunset Ave, Indianapolis, IN 46208. Butler University is a small university located in Indianapolis, Indiana. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,438 students and an admission rate of 72%. Butler University has a master's degree program in Business Administration and Management which graduated forty-nine students in 2008.

Indiana Business College-Anderson - Anderson, IN

Indiana Business College-Anderson, 140 E 53rd St, Anderson, IN 46013. Indiana Business College-Anderson is a small college located in Anderson, Indiana. It is a private for-profit school with primarily 2-year programs. It has 202 students and an admission rate of 100%. Indiana Business College-Anderson has an associate's degree program in Business Administration and Management which graduated thirteen students in 2008.

DeVry University-Indiana - Indianapolis, IN

DeVry University-Indiana, 9100 Keystone Crossing, Ste 350, Indianapolis, IN 46240. DeVry University-Indiana is a small university located in Indianapolis, Indiana. It is a private for-profit school with primarily 4-year or above programs. It has 550 students and an admission rate of 87%. DeVry University-Indiana has a bachelor's degree and a master's degree program in Business Administration and Management which graduated six and thirty-eight students respectively in 2008.

University of Phoenix-Indianapolis Campus - Indianapolis, IN

University of Phoenix-Indianapolis Campus, 7999 Knue Road Dr. , Ste. 100 & 500, Indianapolis, IN 46250-1932. University of Phoenix-Indianapolis Campus is a small university located in Indianapolis, Indiana. It is a private for-profit school with primarily 4-year or above programs and has 268 students. University of Phoenix-Indianapolis Campus has a bachelor's degree and a master's degree program in Business Administration and Management which graduated forty-one and twenty-one students respectively in 2008.

ITT Technical Institute-Indianapolis - Indianapolis, IN

ITT Technical Institute-Indianapolis, 9511 Angola Ct, Indianapolis, IN 46268-1119. ITT Technical Institute-Indianapolis is a small school located in Indianapolis, Indiana. It is a private for-profit school with primarily 4-year or above programs. It has 4,560 students and an admission rate of 47%. ITT Technical Institute-Indianapolis has associate's degree, bachelor's degree, and master's degree programs in Business Administration and Management which graduated twenty-nine, four, and eighty students respectively in 2008.

TechSkills-Indianapolis - Indianapolis, IN

TechSkills-Indianapolis, 8555 N River Rd Ste 160, Indianapolis, IN 46240. TechSkills-Indianapolis is a small school located in Indianapolis, Indiana. It is a private for-profit school with primarily less-than 2-year programs and has 60 students. TechSkills-Indianapolis has a less than one year program in Business Administration and Management which graduated two students in 2008.

Indiana Business College-Indianapolis - Indianapolis, IN

Indiana Business College-Indianapolis, 550 East Washington Street, Indianapolis, IN 46204. Indiana Business College-Indianapolis is a small college located in Indianapolis, Indiana. It is a private for-profit school with primarily 4-year or above programs. It has 1,920 students and an admission rate of 89%. Indiana Business College-Indianapolis has an associate's degree and a bachelor's degree program in Business Administration and Management which graduated two and five students respectively in 2008.

University of Indianapolis - Indianapolis, IN

University of Indianapolis, 1400 E Hanna Ave, Indianapolis, IN 46227-3697. University of Indianapolis is a small university located in Indianapolis, Indiana. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,728 students and an admission rate of 72%. University of Indianapolis has associate's degree, bachelor's degree, and master's degree programs in Business Administration and Management which graduated nine, zero, and fifty-seven 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: Indianapolis, Indiana

Indianapolis, Indiana
Indianapolis, Indiana photo by File Upload Bot

Indianapolis is situated in Marion County, Indiana. It has a population of over 798,382, which has grown by 2.1% in the past ten years. The cost of living index in Indianapolis, 80, is well below the national average. New single-family homes in Indianapolis cost $155,400 on average, which is near the state average. In 2008, seven hundred thirty-four new homes were constructed in Indianapolis, down from 1,317 the previous year.

The three big industries for women in Indianapolis are health care, educational services, and accommodation and food services. For men, it is construction, professional, scientific, and technical services, and administrative and support and waste management services. The average travel time to work is about 23 minutes. More than 25.4% of Indianapolis residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.7%, is higher than the state average.

The percentage of Indianapolis residents that are affiliated with a religious congregation, 40.3%, is less than both the national and state average. The largest religious groups are the Catholic Church, the United Methodist Church and the Christian Churches and Churches of Christ.