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Career and Education Opportunities for Cost Analysts in Rapid City, South Dakota

There is a wide variety of career and education opportunities for cost analysts in the Rapid City, South Dakota area. There are currently 630 working cost analysts in South Dakota; this should grow by 38% to 870 working cost analysts in the state by 2016. This is better than 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.

Income for cost analysts is about $20 hourly or $42,780 yearly on average in South Dakota. Nationally, their income is about $27 hourly or $56,510 annually. Earnings for cost analysts are not quite as good as earnings in the general category of Adjustment and Analysis in South Dakota and better than general Adjustment and Analysis category earnings nationally. Cost analysts work in a variety of jobs, including: construction job cost estimator, job estimator, and operations manager.

There are three schools within twenty-five miles of Rapid City where you can study to be a cost analyst, among six schools of higher education total in the Rapid City area. The most common level of education 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 Rapid City 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.

EDUCATIONAL OPPORTUNITIES: Cost Analyst Training

South Dakota School of Mines and Technology - Rapid City, SD

South Dakota School of Mines and Technology, 501 E Saint Joseph St, Rapid City, SD 57701-3995. South Dakota School of Mines and Technology is a small school located in Rapid City, South Dakota. It is a public school with primarily 4-year or above programs. It has 2,061 students and an admission rate of 83%. South Dakota School of Mines and Technology has 2 areas of study related to Cost Analyst. They are:

  • Materials Engineering, master's degree and doctor's degree which graduated nine and zero students respectively in 2008.
  • Mechanical Engineering, bachelor's degree and master's degree which graduated fifty-eight and four students respectively in 2008.

National American University-Rapid City - Rapid City, SD

National American University-Rapid City, 321 Kansas City Street, Rapid City, SD 57701-3692. National American University-Rapid City is a small university located in Rapid City, South Dakota. It is a private for-profit school with primarily 4-year or above programs and has 1,644 students. National American University-Rapid City has associate's degree, bachelor's degree, and master's degree programs in Business Administration and Management which graduated thirty-seven, eighty-two, and forty students respectively in 2008.

National American University-Ellsworth AFB Extension - Ellsworth AFB, SD

National American University-Ellsworth AFB Extension, 1000 Ellsworth Street Suite 2400-B, Ellsworth AFB, SD 57706. National American University-Ellsworth AFB Extension is a small university located in Ellsworth AFB, South Dakota. It is a private for-profit school with primarily 4-year or above programs and has 323 students. National American University-Ellsworth AFB Extension has an associate's degree and a bachelor's degree program in Business Administration and Management which graduated two and eighteen 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: Rapid City, South Dakota

Rapid City, South Dakota
Rapid City, South Dakota photo by Xnatedawgx

Rapid City is situated in Pennington County, South Dakota. It has a population of over 65,491, which has grown by 9.9% over the last ten years. The cost of living index in Rapid City, 84, is well below the national average. New single-family homes in Rapid City are priced at $147,700 on average, which is near the state average. In 2008, one hundred ninety-eight new homes were constructed in Rapid City, down from two hundred fifty-three the previous year.

The three big industries for women in Rapid City are health care, educational services, and accommodation and food services. For men, it is construction, accommodation and food services, and public administration. The average commute to work is about 16 minutes. More than 26.7% of Rapid City residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 8.8%, is higher than the state average.

The unemployment rate in Rapid City is 5.7%, which is greater than South Dakota's average of 4.5%.

The percentage of Rapid City residents that are affiliated with a religious congregation, 62.8%, is more than the national average but less than the state average. The most common religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the Lutheran Church.

Rapid City is home to the Lazy J RV Park and Campground and the Pioneer Museum as well as College Park and Dinosaur Park. Shopping malls in the area include Haines Station Shopping Center, Baken Park Shopping Center and Baken Park Shopping Center. Visitors to Rapid City can choose from Lazy U Motel, Stardust Motel and Motel Town House for temporary stays in the area.