Career and Education Opportunities for Cost Analysts in Madison, Wisconsin
Many educational and employment opportunities exist for cost analysts in the Madison, Wisconsin area. There are currently 4,990 jobs for cost analysts in Wisconsin and this is projected to grow by 16% to about 5,780 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. 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.
A person working as a cost analyst can expect to earn about $25 per hour or $53,890 yearly on average in Wisconsin and about $27 per hour or $56,510 yearly on average in the U.S. as a whole. Incomes for cost analysts are better than in the overall category of Adjustment and Analysis in Wisconsin, and better than the overall Adjustment and Analysis category nationally. People working as cost analysts can fill a number of jobs, such as: procurement technician, estimator, and quantity surveyor.
There are thirteen schools of higher education in the Madison area, including six within twenty-five miles of Madison where you can get a degree to start your career as a cost analyst. The most common level of education for cost analysts is a Bachelor's degree. You can expect to spend about four years studying to be 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 Madison 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.
- 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
Edgewood College - Madison, WI
Edgewood College, 1000 Edgewood College Drive, Madison, WI 53711-1997. Edgewood College is a small college located in Madison, Wisconsin. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,544 students and an admission rate of 76%. Edgewood College has 2 areas of study related to Cost Analyst. They are:
- Business/Commerce, bachelor's degree and master's degree which graduated two and thirty-five students respectively in 2008.
- Business Administration and Management, bachelor's degree which graduated 26 students in 2008.
Herzing College - Madison, WI
Herzing College, 5218 E. Terrace Dr., Madison, WI 53718. Herzing College is a small college located in Madison, Wisconsin. It is a private for-profit school with primarily 4-year or above programs and has 2,085 students. Herzing College has an associate's degree and a bachelor's degree program in Business Administration and Management which graduated fifteen and forty-nine students respectively in 2008.
University of Phoenix-Madison Campus - Madison, WI
University of Phoenix-Madison Campus, 2310 Crossroads Dr. Ste 3000, Madison, WI 53718-2416. University of Phoenix-Madison Campus is a small university located in Madison, Wisconsin. It is a private for-profit school with primarily 4-year or above programs and has 55 students. University of Phoenix-Madison Campus has a bachelor's degree and a master's degree program in Business Administration and Management which graduated one and ten students respectively in 2008.
Madison Area Technical College - Madison, WI
Madison Area Technical College, 3550 Anderson St, Madison, WI 53704. Madison Area Technical College is a large college located in Madison, Wisconsin. It is a public school with primarily 4-year or above programs and has 14,553 students. Madison Area Technical College has an associate's degree program in Business Administration and Management which graduated fifty students in 2008.
University of Wisconsin-Madison - Madison, WI
University of Wisconsin-Madison, 500 Lincoln Dr, Madison, WI 53706-1380. University of Wisconsin-Madison is a large university located in Madison, Wisconsin. It is a public school with primarily 4-year or above programs. It has 41,581 students and an admission rate of 63%. University of Wisconsin-Madison has 4 areas of study related to Cost Analyst. They are:
- Materials Engineering, bachelor's degree, master's degree, and doctor's degree which graduated twelve, twenty, and twelve students respectively in 2008.
- Mechanical Engineering, bachelor's degree, master's degree, and doctor's degree which graduated one, thirty-seven, and seventeen students respectively in 2008.
- Business/Commerce, master's degree and doctor's degree which graduated thirty-one and fourteen students respectively in 2008.
- Business Administration and Management, bachelor's degree and master's degree which graduated thirty-one and twelve students respectively in 2008.
Blackhawk Technical College - Janesville, WI
Blackhawk Technical College, 6004 County Road G, Janesville, WI 53547-5009. Blackhawk Technical College is a small college located in Janesville, Wisconsin. It is a public school with primarily 2-year programs and has 2,755 students. Blackhawk Technical College has an associate's degree program in Business Administration and Management which graduated six students 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: Madison, Wisconsin
Madison is situated in Dane County, Wisconsin. It has a population of over 231,916, which has grown by 11.5% in the past ten years. The cost of living index in Madison, 86, is well below the national average. New single-family homes in Madison are valued at $243,800 on average, which is near the state average. In 2008, one hundred forty-eight new homes were constructed in Madison, down from three hundred seventy-four the previous year.
The top three industries for women in Madison are educational services, health care, and finance and insurance. For men, it is educational services, professional, scientific, and technical services, and accommodation and food services. The average travel time to work is about 18 minutes. More than 48.2% of Madison residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 20.9%, is higher than the state average.
The unemployment rate in Madison is 5.2%, which is less than Wisconsin's average of 7.7%.
The percentage of Madison residents that are affiliated with a religious congregation, 52.5%, is more than the national average but less than the state average. Gates of Heaven Synagogue, Abundant Life Church and Grace Episcopal Church are some of the churches located in Madison. The most common religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the United Methodist Church.
Madison is home to the Allen Centennial Gardens and the Annie C Stewart Memorial Fountain as well as Bordner Park and Brigham Park. Shopping centers in the area include Brookwood Village Shopping Center, Whitney Square Shopping Center and Walnut Grove Shopping Center. Visitors to Madison can choose from Comfort Inn Madison, Howard Johnson-Plaza Hotel and Country Inn Sts Madison for temporary stays in the area.