Cost Estimator

What a Cost Estimator Does

Cost estimators have a very important job for ensuring the profitability of all types of businesses, but especially those involved in construction and manufacturing. They are responsible for forecasting various factors of a company's future projects, including cost, duration, input, output, labor, materials, project size, location, hardware and software needed, and more. Depending on the company and size of the project, cost estimators may join a project as a consultant for developing a bid, while others will advise a project manager or business owner right before the project gets started. Cost estimators visit sites to verify whether or not it will be able to support the entire project, and they discuss proposed operations, tools and materials, vendors and other needs with project managers, engineers, pricing department and/or architects before writing up their reports. Cost estimators must be very detailed and specific when outlining the cost of each material, piece of technology, machinery or hardware needed to complete the project, which means that they need to be constantly up-to-date on changing market rates, supply and demand, and the availability of different materials.

How to Become a Cost Estimator

To become a successful cost estimator, you need to have solid math and statistics skills, and also a bachelor's degree in a field that's related to the industry you'd like to work in. Popular majors for cost estimators include construction science, construction management or project management, operations research, math, engineering or business. If you choose to major in business, a specialization in an area like economics, statistics, finance or accounting is best, and adding courses in construction management or manufacturing -- depending on which industry you want to work for -- is also recommended. Hiring managers and those hiring contractors want their cost estimators to have a working knowledge of the different parts and systems used in their industry, which is why taking a few classes in these fields can help you find a good job. Certification can also give you an edge when looking for a job as a cost estimator, though it isn't usually required. Look for certification from the ASPE, AACE International, and SCEA, and expect certification to take anywhere from two to eight years.

Career Outlook for Cost Estimators

More than half of all employed cost estimators in the United States worked in construction, while about 15% worked in manufacturing. The best places to find jobs around the country are around industrial or commercial centers, and also near areas that are experiencing change in development. Job growth is expected to increase by 25% through 2018, which is much faster than the national average. As construction also increases -- especially in the development of hospitals, restaurants, schools and extended-care facilities like nursing homes -- the jobs for cost estimators will also become more plentiful. Those who are most strategic in creating a well-rounded educational background will have the best chance at getting a job, so majoring in a field like construction science while taking classes in accounting -- or vice versa -- may lead to excellent job prospects. About 55,000 more jobs will be added to the industry through 2018, and as of May 2008, the median annual wage for cost estimators was $56,510. Those who worked in nonresidential building construction earned $65,410, while building equipment contractors earned an average of $60,510, and residential building construction estimators earned $55,390.