Cost analysts study corporate expenses and create reports for management. One common industry for cost analysts is manufacturing, where they are needed to audit production costs.
The primary duty of a cost analyst is to gather financial data (e.g. inventory purchases, labor costs) and analyze it to uncover inefficiencies. They may estimate production costs and track the changes in regular costs (e.g. due to new products and new processes).
Cost analyst responsibilities include:
- Collecting and analyzing financial data
- Estimating costs and comparing budgets with actual expenses
- Monitoring costs after significant changes in products or processes
Responsibilities
- Gather and analyze financial data
- Determine standard costs and investigate variances with actual costs
- Prepare detailed reports, both periodically and ad-hoc
- Help management make important decisions based on costs and benefits (e.g. investments, market growth, pricing changes)
- Create and manage budgets, and monitor spending
- Conduct audits on financial processes and transactions
- Monitor changes in processes or methods to calculate effects on overall costs
- Estimate product costs for existing and new products
- Forecast and analyze costs of processes, labor and inventory
- Suggest cost-reducing or profitable solutions
- Conduct market research to support future business planning
Requirements and skills
- Proven experience as a cost analyst, cost specialist, or similar role
- Experience in data, operational, and financial analysis
- Knowledge of accounting processes and software
- Strong analytical skills
- Business acumen
- Great attention to detail
- Good communication aptitude
- Degree in Finance, Accounting, or similar field; Certified Public Accountant (CPA) preferred
Job Types: Full-time, Permanent
Benefits:
- Additional leave
- Company Christmas gift
- Company events
- Employee discount
- Health insurance
- Opportunities for promotion
- Promotion to permanent employee
- Staff meals provided
Schedule:
- 8 hour shift
- Monday to Friday
- Overtime
Supplemental Pay:
- 13th month salary
- Overtime pay
Work Location: In person