Who is a cost analyst?
A cost analyst is one who studies the corporate expenses and hence creates reports for
management. One common industry where cost analysts are seen is the manufacturing
industry as they are needed to audit the production costs. A cost analyst can also be
alternatively called a cost specialist and cost accountant.
What does a cost analyst do?
The primary duty of a cost analyst will be to gather financial data which surrounds the
inventory purchases, labor costs, etc., and analyze these to uncover any inefficiencies
that are observed. They may also estimate the production cost which may occur either due
to new products or new processes.
Job brief
Our company is on the lookout for a cost analyst who is here to help us audit our
expenses and find out ways through which our operations can be conducted in a more
cost-efficient way.
You will be the go-to person for any cost analysis needed and you’ll get to prepare
reports that will help management make better decisions. To do this job well, we want
you to be well-versed with data and financial analysis and have very keen attention to
detail.
Ultimately your job will be a part of our efforts where we ensure profitability and
business success.
Duties and Responsibilities
The day-to-day duties and responsibilities of a cost analyst include the following:
- Gathering and analysis of financial data.
- The preparation of detailed reports is both periodic and ad-hoc.
- Determining the standard costs ad investigating variances with actual costs.
- Help management with an important decision that is based on costs and benefits which
includes but does not limit to investments market growth, and pricing changes.
- Monitoring changes in processes or methods to calculate effects on overall costs.
- Creation and managing of budgets and monitoring spending
- Conduction of audits on financial processes and transactions.
- Forecast and analyze the cost of processes, labor, and inventory
- Conduct market research to support future business planning
- Suggest cost-efficient or profitable solutions
- Estimation of product costs for existing and new products.
Key requirements
Some of the key requirements needed for the post of cost analyst can be provided as
follows:
- Proven experience as a cost analyst, cost specialist, or any other similar role.
- Experience in all data, financial and operational analysis
- Strong analytical skills
- A business acumen
- Keen attention to details
- A degree in Finance, accounting, or a similar field, CPA or Certified Public
Accountant would be preferred
- Really good communication skills.
