Cost Estimator Job Description - Salary, Education and Career Guide for Becoming a Cost Estimator

Every business must plan future projects in order to survive and thrive. Cost estimators help these businesses by assessing the scope, cost and duration of these future projects. This information helps managers or business owners:
  • decide whether to make a bid on a contract
  • determine the success of current or past projects
  • ascertain whether a new project will be profitable.
 
You may be wondering how to get a job as a cost estimator. The majority of cost estimators work in the construction industry, although many others work in manufacturing.

Job Description

Cost estimators collect and analyze data on all factors that contribute to the total cost of a project. These factors include:
  • labor
  • location
  • duration of the project
  • machinery requirements, including computers and software
  • materials.
 
Cost estimators gather data in many ways, depending on the field and on the assignment. A typical job for a cost estimator in the construction field involves reviewing early drawings and designs, and then visiting the site of the planned project.
 
After finishing the research, the estimator creates a cost-summary report for the entire project. He or she then prepares a bid proposal and delivers it to the owner.
 
Cost estimators work mostly in offices, but they often visit worksites. Frequent travel may be necessary in some industries. Most cost estimators work a standard 40-hour week, although overtime is common when approaching a bid deadline.

Salary Guide

Cost estimator salaries vary by education, experience, industry and the size of the firm. Median annual earnings for cost estimators are about $53,000. The lowest ten percent earns less than $32,000 and the highest ten percent earns over $88,000.

Education and Training

Cost estimators who work in the construction industry typically have a bachelor's degree in building science, construction management or construction science. Each of these degrees includes courses in cost estimating.
 
Manufacturing cost estimators usually have a degree in engineering, physical science, operations research, math, statistics or business.
 
Regardless of the industry, cost estimators can receive a lot of training on the job. If you are interested in becoming a cost estimator, first learn how to read construction specs and blueprints.

Prior Work Experience

Most construction cost estimators have construction experience. They can get experience through:
  • co-op programs
  • internships
  • working in the industry.
 
If your school offers internships or job shadowing, take advantage of these opportunities. Job shadowing involves going to a work site with an experienced cost estimator and following him or her through daily job duties.

Career Advancement

Employment opportunities for cost estimators are expected to grow 19 percent by 2016. Most cost estimator jobs will come from construction opportunities, such as the building and repair of:
  • airports
  • bridges
  • electric power plants
  • highways
  • streets
  • subway systems
  • water and sewage systems.
 
Many advancement opportunities exist for cost estimators. Some move into construction or manufacturing management positions. Others with a more entrepreneurial spirit choose to go into business for themselves and become consultants. Moving up in this field almost always means higher pay and prestige.

Related Associations and Groups

Several cost estimator associations exist such as the American Association of Cost Engineers (AACE) and the Society of Cost Estimating and Analysis.
 
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