Cost Estimator Careers - Top Careers for 2013

Cost Estimator Careers Information

Ever wonder how they budget for a new building or how a company decides upon the price of its products? Cost estimators use their considerable analytical skills to figure out just how much something should cost to build or make.
They look at preliminary plans, which may include blueprints or technical schematic diagrams, the cost of materials and labor, and the timeframe intended for completion. After crunching the numbers, they submit their findings in a report that will be used to determine whether or not the project is financially feasible or what may be done to save money.

Cost estimators generally work in one of two industries, construction or manufacturing. With construction projects, they review bids submitted by contractors. They must check these proposals against their own findings about the land, intended use, and local construction costs to make sure the project can be completed as advertised or, conversely, if it could be completed more cheaply.

In manufacturing, cost estimators review schematics of proposed products and make sure the product can be produced and then sold for a profit. In this field, they must consider not only materials and labor, but also the cost reduction curves that come as workers become more efficient and more units are sold. Both types of cost estimators rely heavily on computers and worksheets to save time with repetitive tasks, but because data is often immense and murky, cost estimators must rely on their education, training, and experience to give accurate cost estimations.

Cost Estimator Careers Path

Most cost estimators need to earn a Bachelor’s degree, but the particular field depends on whether the type of work is in construction or manufacturing. Construction companies prefer their estimators to have a degree in construction management, building science, or construction science though some postsecondary work may be enough if the applicant has a great deal of experience.

Manufacturing companies usually look for degrees in engineering, mathematics, business, or some other science or business related field. Cost estimators can join professional associations that offer continuing development and certificates. These are voluntary, but they help an estimator show potential employers and/or clients that he has obtained a certain proficiency level in his field.



Cost Estimator Careers: Compatible Personality Traits

Excellent analytic skills, strong oral and written communication skills, articulate, assertive, self motivated, works well with others, works well under pressure, willing to work in the field on occasion.

Cost Estimator Careers: Salary Expectations

The average salary for cost estimators is $57,860 per year, according to the Bureau of Labor Statistics. However, earnings are highly dependent on an estimator’s experience, reputation, rate of charge, and number and size of projects completed. Estimators with the most experience may be able to move into management positions or start their own businesses and thus make more money per project.

Cost Estimator Careers: Job Outlook

The job outlook for cost estimators is very good in the coming years — the field is projected to grow by 36% by 2020. Growing populations and old infrastructure mean that the number of new construction and manufacturing projects should continue to increase. Projects are likely to become larger and more complex, even further necessitating demand for estimators. For cost estimators who specialize in construction, those with degrees in various construction fields, such as construction management, should do the best.

Likewise, those cost estimators who work in manufacturing who have degrees in engineering, mathematics, or a related field should do well. All cost estimators need to be aware that since their jobs are tied to economic cycles, some years may be slower than others. On the other side, however, boom years may offer more estimating positions than there are qualified people to fill them.