Cost analysts research corporate spendings and generate management reports.
A cost analyst’s major responsibility is to collect and evaluate financial data (such as inventory purchases and labor costs) in order to identify inefficiencies. They can estimate production costs and follow frequent cost fluctuations (e.g. due to new products and new processes).
- Finance, accounting, or a related field bachelor’s degree;
- Job experience as a cost expert or cost analyst
Skills Required for the job
- Data, operational, and financial analytical expertise
- A keen sense of business
- Excellent attention to detail and communication skills
- Collect and evaluate the financial information
- Determine standard costs and compare them to real costs.
- Prepare detailed reports on a regular and ad-hoc basis.
- Assist management in making key cost-benefit decisions (e.g. investments, market growth, pricing changes)
- Create and manage budgets, as well as keep track of spending.
- Conduct financial process and transaction audits.
- Changes in procedures or methods should be tracked to determine their impact on total costs.
- Calculate the costs of existing and new items.
Other Benefits- (….)