Cost Estimators

What Does it Take to Be a Cost Estimator?

Job Description & Duties 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.

• Review material and labor requirements to decide whether it is more cost-effective to produce or purchase components.
• Visit site and record information about access, drainage and topography, and availability of services such as water and electricity.
• 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 and maintain a directory of suppliers, contractors and subcontractors.
• Conduct special studies to develop and establish standard hour and related cost data or to effect cost reduction.

These are the skills Cost Estimators say are the most useful in their careers:

Mathematics
:
Using mathematics to solve problems.

Reading Comprehension
:
Understanding written sentences and paragraphs in work related documents.

Critical Thinking
:
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Active Listening
:
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Speaking
:
Talking to others to convey information effectively.

Judgment and Decision Making
:
Considering the relative costs and benefits of potential actions to choose the most appropriate one.

• Investment Recovery Technician

In the United States, there were 217,900 jobs for Cost Estimator in 2016. New jobs are being produced at a rate of 10.5% which is above the national average. The Bureau of Labor Statistics predicts 22,900 new jobs for Cost Estimator by 2026. There will be an estimated 24,400 positions for Cost Estimator per year.

The states with the most job growth for Cost Estimator are Utah, Arizona, and Nevada
. Watch out if you plan on working in Maine, Vermont, or Alaska
. These states have the worst job growth for this type of profession.

The typical yearly salary for Cost Estimators is somewhere between $38,060 and $107,940.

Cost Estimators who work in District of Columbia, Hawaii, or Alaska
, make the highest salaries.

Below is a list of the types of tools and technologies that Cost Estimators may use on a daily basis:

• Microsoft Excel
• Microsoft Word
• Microsoft Office
• Microsoft Power Point
• Microsoft Outlook
• Microsoft Access
• SAP
• Microsoft Project
• Autodesk AutoCAD
• Microsoft Visio
• Microsoft Dynamics
• Oracle Hyperion
• Sage 50 Accounting
• Autodesk Revit
• Trimble Sketch Up Pro

Education needed to be a Cost Estimator: