Cost Estimators

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$71,200 Median Wage (2022)
18,000 Projected job openings (2022-2032)
-2.80% Projected growth (2022-2032)

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.

Experience Requirements Overview

  • Job Zone Four: Considerable Preparation Needed
  • A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  • Most of these occupations require a four-year bachelor's degree, but some do not.
  • Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Education, Training and Experience

Required Level of Education: Bachelor's Degree

Related Work Experience: Over 2 years, up to and including 4 years

On-Site or In-Plant Training: Over 6 months, up to and including 1 year

On-the-Job Training: Over 1 year, up to and including 2 years

Detailed Work Activities

  • Analyze business or financial data.
  • Estimate costs of goods or services.
  • Monitor financial indicators.
  • Assess the cost effectiveness of products, projects, or services.
  • Confer with personnel to coordinate business operations.

Work Values

Achievement

Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement.

Working Conditions

Recognition

Relationships

Support

Independence

Tasks

  • 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.
  • Prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
  • Conduct special studies to develop and establish standard hour and related cost data or to reduce cost.
  • Visit site and record information about access, drainage and topography, and availability of utility services.
  • Prepare and maintain a directory of suppliers, contractors and subcontractors.

Work Styles

Achievement/Effort

Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.

Persistence

Initiative

Leadership

Cooperation

Concern for Others

Social Orientation

Self-Control

Stress Tolerance

Adaptability/Flexibility

Dependability

Attention to Detail

Integrity

Independence

Innovation

Analytical Thinking

Data Source: This page includes information from the O*NET 28.0 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. This page includes Employment Projections program, Occupational Employment and Wage Statistics program, U.S. Bureau of Labor Statistics.