Career and Education Opportunities for Cost Analysts in Waco, Texas
Many educational and employment opportunities exist for cost analysts in the Waco, Texas area. Currently, 15,070 people work as cost analysts in Texas. This is expected to grow by 29% to about 19,360 people 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%. 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 $26 hourly or $55,070 yearly on average in Texas. Nationally, their income is about $27 hourly or $56,510 per year. Cost analysts earn more than people working in the category of Adjustment and Analysis generally in Texas and more than people in the Adjustment and Analysis category nationally. Cost analysts work in a variety of jobs, including: electrical estimator, estimator project manager, and procurement technician.
The Waco area is home to seven schools of higher education, including four within twenty-five miles of Waco where you can get a degree 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
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 Waco 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
Baylor University - Waco, TX
Baylor University, 500 Speight Ave., Waco, TX 76798. Baylor University is a large university located in Waco, Texas. It is a private not-for-profit school with primarily 4-year or above programs. It has 14,541 students and an admission rate of 51%. Baylor University has 3 areas of study related to Cost Analyst. They are:
- Mechanical Engineering, bachelor's degree and master's degree which graduated twenty-two and one students respectively in 2008.
- Business/Commerce, bachelor's degree which graduated 2 students in 2008.
- Business Administration and Management, bachelor's degree and master's degree which graduated thirty-one and 102 students respectively in 2008.
Temple College - Temple, TX
Temple College, 2600 S 1st St, Temple, TX 76504-7435. Temple College is a medium sized college located in Temple, Texas. It is a public school with primarily 2-year programs and has 5,182 students. Temple College has 2 areas of study related to Cost Analyst. They are:
- Business/Commerce, associate's degree which graduated 17 students in 2008.
- Business Administration and Management, one to two year and associate's degree which graduated twenty-eight and twenty-three students respectively in 2008.
McLennan Community College - Waco, TX
McLennan Community College, 1400 College Dr, Waco, TX 76708. McLennan Community College is a medium sized college located in Waco, Texas. It is a public school with primarily 2-year programs and has 7,887 students. McLennan Community College has 2 areas of study related to Cost Analyst. They are:
- Business/Commerce, associate's degree which graduated 20 students in 2008.
- Business Administration and Management, one to two year and associate's degree which graduated four and twelve students respectively in 2008.
Hill College - Hillsboro, TX
Hill College, 112 Lamar Dr, Hillsboro, TX 76645. Hill College is a small college located in Hillsboro, Texas. It is a public school with primarily 2-year programs and has 3,718 students. Hill College has 3 areas of study related to Cost Analyst. They are:
- Construction Engineering Technology/Technician, less than one year which graduated 1 student in 2008.
- Business/Commerce, less than one year and associate's degree.
- Business Administration and Management, less than one year, one to two year, and associate's degree which graduated two, zero, and fifteen students respectively in 2008.
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: Waco, Texas
Waco is situated in Mclennan County, Texas. It has a population of over 124,009, which has grown by 9.0% over the last ten years. The cost of living index in Waco, 82, is well below the national average. New single-family homes in Waco are valued at $144,900 on average, which is well below the state average. In 2008, three hundred eighty-eight new homes were built in Waco, down from five hundred fifty the previous year.
The top three industries for women in Waco are educational services, health care, and accommodation and food services. For men, it is construction, educational services, and accommodation and food services. The average commute to work is about 18 minutes. More than 18.6% of Waco residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.4%, is higher than the state average.
The unemployment rate in Waco is 7.4%, which is less than Texas's average of 8.1%.
The percentage of Waco residents that are affiliated with a religious congregation, 60.5%, is more than both the national and state average. El Calvario Presbyterian Church, Abundant New Life Assembly of God Church and Adams Chapel African Methodist Episcopal Church are among the churches located in Waco. The most prominent religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.
Waco is home to the Helen Marie Taylor Museum and the Potts Interchange as well as Heart O Texas Coliseum and Kathy Ball Park. Shopping malls in the area include Lake Air Shopping Center and Richland Shopping Center. Visitors to Waco can choose from Budget Inn, America's Best Inns and Best Western Old Main Lodge for temporary stays in the area.