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Career and Education Opportunities for Cost Analysts in Massachusetts

Massachusetts has a population of 6,593,587, which has grown by 3.85% over the past decade. Nicknamed the "Bay State," Massachusetts's capital and biggest city is Boston.

Currently, 5,970 people work as cost analysts in Massachusetts. This is expected to grow by 6% to about 6,350 people 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 $31 hourly or $65,620 per year on average in Massachusetts. Nationally they average about $27 per hour or $56,510 per year. Incomes for cost analysts are better than in the overall category of Adjustment and Analysis in Massachusetts, and better than the overall Adjustment and Analysis category nationally. Jobs in this field include: operations manager, project manager, and design consultant.

In 2008, there were a total of 4,251,139 jobs in Massachusetts. The average annual income was $50,897 in 2008, up from $49,644 the previous year. The unemployment rate in Massachusetts was 8.4% in 2009, which has grown by 3.1% since the previous year. Roughly 33.2% of Massachusetts residents have college degrees, which is higher than the national average.

The top industries in Massachusetts include wholesale electronic markets and brokers, portfolio management, and navigational, measuring, electromedical, and control instruments manufacturing. Notable tourist destinations include the Boston History Center & Museum, the Boston Museum of Fine Arts, and the Archives of American Art Smithsonian Institution.

CITIES WITH Cost Analyst OPPORTUNITIES IN Massachusetts


JOB 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.

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.

Similar jobs with educational opportunities in Massachusetts 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.

LOCATION INFORMATION: Massachusetts

Massachusetts
Massachusetts photo by PapaDunes

Massachusetts has a population of 6,593,587, which has grown by 3.85% in the last 10 years. Nicknamed the "Bay State," Massachusetts's capital and largest city is Boston. In 2008, there were a total of 4,251,139 jobs in Massachusetts. The average annual income was $50,897 in 2008, up from $49,644 in 2007. The unemployment rate in Massachusetts was 8.4% in 2009, which has grown by 3.1% since the previous year. About 33.2% of Massachusetts residents have college degrees, which is higher than the national average.

The top industries in Massachusetts include wholesale electronic markets and brokers, portfolio management, and navigational, measuring, electromedical, and control instruments manufacturing. Notable tourist destinations include the Boston Sparks Association, the Gibson House Museum, and the Boston Fire Museum.