Business & Finance
Cost Estimators
Also called: Acquisition Cost Estimator, Analyst, Construction Estimator, Cost Analyst
US median pay
$78,740
per year, 2025
Job growth 2025–35
-3.1%
declining
Openings a year (US)
17,600
226,400 employed
Typical entry education
Bachelor's degree
Preparation 4/5 · Considerable preparation
What this job is
Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
What they do day to day
- Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
- Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.
- Collect historical cost data to estimate costs for current or future products.
- Assess cost effectiveness of products, projects or services, tracking actual costs relative to bids as the project develops.
- Consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
- Establish and maintain tendering process, and conduct negotiations.
- Prepare estimates for use in selecting vendors or subcontractors.
- Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
- Set up cost monitoring and reporting systems and procedures.
- Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
Skills and knowledge that matter most
Skills
- Judgment and Decision Making3.6/5
- Complex Problem Solving3.4/5
- Social Perceptiveness3.1/5
- Management of Financial Resources3.1/5
- Coordination3.1/5
- Time Management3.0/5
- Systems Evaluation3.0/5
- Systems Analysis3.0/5
Knowledge
- Mathematics4.4/5
- Economics and Accounting4.0/5
- Computers and Electronics3.5/5
- Engineering and Technology3.4/5
- Building and Construction3.3/5
- English Language3.2/5
Importance rated by people working in the job (1 = not important, 5 = extremely important).
Education and preparation
Preparation level 4 of 5 — Considerable preparation. Usually a bachelor's degree and several years of related experience.
Typical entry education (BLS): Bachelor's degree.
Highest education of people in this job:
- Bachelor's degree82%
Who this job suits
Mostly Conventional
Organising data, details and procedures
Enterprising
Leading, persuading and starting things
Investigative
Ideas, research and solving problems
Based on the Holland (RIASEC) interest profile for this occupation.