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Career and Education Opportunities for Cost Analysts in Worcester, Massachusetts

Many educational and employment opportunities exist for cost analysts in the Worcester, Massachusetts area. There are currently 5,970 working cost analysts in Massachusetts; this should grow 6% to about 6,350 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. 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.

Income for cost analysts is about $31 hourly or $65,620 yearly on average in Massachusetts. Nationally, their income is about $27 hourly or $56,510 yearly. 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. People working as cost analysts can fill a number of jobs, such as: building estimator, construction estimator, and quantity surveyor.

There are thirty-nine schools of higher education in the Worcester area, including sixteen within twenty-five miles of Worcester where you can get a degree to start your career as a cost analyst. Given that the most common education level for cost analysts is a Bachelor's degree, you can expect to spend about four years training to become 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 Worcester 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.
  • 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

Worcester Polytechnic Institute - Worcester, MA

Worcester Polytechnic Institute, 100 Institute Road, Worcester, MA 01609-2280. Worcester Polytechnic Institute is a small school located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,469 students and an admission rate of 67%. Worcester Polytechnic Institute has 4 areas of study related to Cost Analyst. They are:

  • Materials Engineering, master's degree and doctor's degree which graduated four and one students respectively in 2008.
  • Mechanical Engineering, bachelor's degree, master's degree, and doctor's degree which graduated one, fifty-one, and one students respectively in 2008.
  • Manufacturing Engineering, bachelor's degree, master's degree, and doctor's degree which graduated zero, six, and zero students respectively in 2008.
  • Business Administration and Management, bachelor's degree and master's degree which graduated six and nineteen students respectively in 2008.

Dean College - Franklin, MA

Dean College, 99 Main Street, Franklin, MA 02038-1941. Dean College is a small college located in Franklin, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,321 students and an admission rate of 69%. Dean College has an associate's degree program in Business Administration and Management which graduated thirty-three students in 2008.

Middlesex Community College - Bedford, MA

Middlesex Community College, Springs Rd, Bedford, MA 01730-9124. Middlesex Community College is a medium sized college located in Bedford, Massachusetts. It is a public school with primarily 2-year programs and has 8,511 students. Middlesex Community College has a less than one year and an associate's degree program in Business Administration and Management which graduated thirteen and 138 students respectively in 2008.

Nichols College - Dudley, MA

Nichols College, Center Rd, Dudley, MA 01571-5000. Nichols College is a small college located in Dudley, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,520 students and an admission rate of 65%. Nichols College has 2 areas of study related to Cost Analyst. They are:

  • Business/Commerce, bachelor's degree which graduated 36 students in 2008.
  • Business Administration and Management, associate's degree, bachelor's degree, and master's degree which graduated seven, thirty-one, and eighty-eight students respectively in 2008.

Framingham State College - Framingham, MA

Framingham State College, 100 State Street, Framingham, MA 01701-9101. Framingham State College is a medium sized college located in Framingham, Massachusetts. It is a public school with primarily 4-year or above programs. It has 5,603 students and an admission rate of 56%. Framingham State College has a bachelor's degree and a master's degree program in Business Administration and Management which graduated one and nineteen students respectively in 2008.

University of Phoenix-Central Massachusetts Campus - Westborough, MA

University of Phoenix-Central Massachusetts Campus, One Research Drive, Westborough, MA 01581-3906. University of Phoenix-Central Massachusetts Campus is a small university located in Westborough, Massachusetts. It is a private for-profit school with primarily 4-year or above programs and has 92 students. University of Phoenix-Central Massachusetts Campus has a bachelor's degree and a master's degree program in Business Administration and Management which graduated fourteen and six students respectively in 2008.

Anna Maria College - Paxton, MA

Anna Maria College, 50 Sunset Lane, Paxton, MA 01612-1198. Anna Maria College is a small college located in Paxton, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,333 students and an admission rate of 89%. Anna Maria College has associate's degree, bachelor's degree, master's degree, and post-master's certificate programs in Business Administration and Management which graduated zero, zero, fifteen, and zero students respectively in 2008.

Mount Wachusett Community College - Gardner, MA

Mount Wachusett Community College, 444 Green St, Gardner, MA 01440-1000. Mount Wachusett Community College is a small college located in Gardner, Massachusetts. It is a public school with primarily 2-year programs and has 4,385 students. Mount Wachusett Community College has 2 areas of study related to Cost Analyst. They are:

  • Business/Commerce, associate's degree which graduated 34 students in 2008.
  • Business Administration and Management, less than one year and associate's degree which graduated eight and thirty-eight students respectively in 2008.

Quinsigamond Community College - Worcester, MA

Quinsigamond Community College, 670 West Boylston Street, Worcester, MA 01606-2092. Quinsigamond Community College is a medium sized college located in Worcester, Massachusetts. It is a public school with primarily 2-year programs and has 7,227 students. Quinsigamond Community College has an associate's degree program in Business Administration and Management which graduated eighty-four students in 2008.

Becker College - Worcester, MA

Becker College, 61 Sever St, Worcester, MA 01609-2165. Becker College is a small college located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,752 students and an admission rate of 76%. Becker College has an associate's degree and a bachelor's degree program in Business Administration and Management which graduated seven and sixty-seven students respectively in 2008.

University of Massachusetts-Lowell - Lowell, MA

University of Massachusetts-Lowell, 1 University Ave, Lowell, MA 01854-5104. University of Massachusetts-Lowell is a large university located in Lowell, Massachusetts. It is a public school with primarily 4-year or above programs. It has 11,931 students and an admission rate of 71%. University of Massachusetts-Lowell has 3 areas of study related to Cost Analyst. They are:

  • Mechanical Engineering, bachelor's degree, master's degree, and doctor's degree which graduated one, eight, and one students respectively in 2008.
  • Business/Commerce, associate's degree which graduated 5 students in 2008.
  • Business Administration and Management, bachelor's degree and master's degree which graduated zero and forty-two students respectively in 2008.

Assumption College - Worcester, MA

Assumption College, 500 Salisbury St, Worcester, MA 01609-1296. Assumption College is a small college located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,888 students and an admission rate of 71%. Assumption College has less than one year, associate's degree, bachelor's degree, master's degree, and post-master's certificate programs in Business Administration and Management which graduated three, one, one, forty-one, and zero students respectively in 2008.

Worcester State College - Worcester, MA

Worcester State College, 486 Chandler St, Worcester, MA 01602-2597. Worcester State College is a medium sized college located in Worcester, Massachusetts. It is a public school with primarily 4-year or above programs. It has 5,378 students and an admission rate of 54%. Worcester State College has a bachelor's degree and a master's degree program in Business Administration and Management which graduated one and eleven students respectively in 2008.

Clark University - Worcester, MA

Clark University, 950 Main St, Worcester, MA 01610-1477. Clark University is a small university located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,330 students and an admission rate of 56%. Clark University has a bachelor's degree and a master's degree program in Business Administration and Management which graduated thirty-seven and ninety-eight students respectively in 2008.

Atlantic Union College - South Lancaster, MA

Atlantic Union College, 338 Main St, South Lancaster, MA 01561-1000. Atlantic Union College is a small college located in South Lancaster, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs and has 384 students. Atlantic Union College has a bachelor's degree program in Business Administration and Management which graduated two students in 2008.

Fitchburg State College - Fitchburg, MA

Fitchburg State College, 160 Pearl St, Fitchburg, MA 01420-2697. Fitchburg State College is a medium sized college located in Fitchburg, Massachusetts. It is a public school with primarily 4-year or above programs. It has 6,400 students and an admission rate of 66%. Fitchburg State College has less than one year, bachelor's degree, and master's degree programs in Business Administration and Management which graduated zero, zero, and thirty-six 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: Worcester, Massachusetts

Worcester, Massachusetts
Worcester, Massachusetts photo by Yassie

Worcester is located in Worcester County, Massachusetts. It has a population of over 175,011, which has grown by 1.4% in the past ten years. The cost of living index in Worcester, 121, is far greater than the national average. New single-family homes in Worcester cost $108,900 on average, which is far less than the state average. In 2008, sixty-one new homes were constructed in Worcester, down from two hundred fourteen the previous year.

The top three industries for women in Worcester are health care, educational services, and finance and insurance. For men, it is educational services, construction, and health care. The average commute to work is about 22 minutes. More than 23.3% of Worcester residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 9.8%, is lower than the state average.

The unemployment rate in Worcester is 9.9%, which is greater than Massachusetts's average of 8.4%.

The percentage of Worcester residents that are affiliated with a religious congregation, 57.4%, is more than the national average but less than the state average. Burncoat Baptist Church, United Congregational Church and Unitarian Universalist Church are among the churches located in Worcester. The largest religious groups are the Catholic Church, the United Church of Christ and the Episcopal Church.

Worcester is home to the Tatnuck Country Club and the Massachusetts Biotech Research Park as well as Ty Cobb Park and General Foley Stadium. Shopping malls in the area include Lincoln Plaza Shopping Center, Mid Town Mall and Norwich Place Shopping Center. Visitors to Worcester can choose from Days Inn, Hampton Inn and Maple Manor Hotel for temporary stays in the area.