What Does a Cost Engineer Do?
Cost engineers use practical experience to determine project costs. Read this article to learn more about working as a cost engineer. Schools offering Engineering & Technology Management degrees can also be found in these popular choices.
Before a group of investors, companies, or individuals starts a project, they work with a cost engineer to make sure their project can be completed within budget. Material, labor, and other costs are considered by the management and production teams before bids are even entertained. A cost engineer may have the skill to build or create a machine, but uses engineering principles to control costs.
Duties and Responsibilities
Cost engineers use their skill and experience to determine the amount of time, money, and resources projects will require. The Association for the Advancement of Cost Engineering (www.aacei.org) reports that these professionals use engineering experience and judgment to apply science to business planning, management, and scheduling. The U.S. Bureau of Labor Statistics (BLS, www.bls.gov) reports that information gathering, estimation, and problem solving encompass a cost engineer's duties.
There are no formal programs devoted solely to cost engineering, though some universities include it as part of their civil engineering degree programs. A Bachelor of Science in Engineering with a concentration on a specific area, such as construction or civil engineering, may help prepare anyone interested in the field.
Not all cost engineers have an engineering background, and some start their careers with knowledge of engineering principles in construction trades. A mathematics or statistics degree or specialized courses can qualify applicants for cost engineering positions. Voluntary certification is available from cost engineering professional organizations, such as AACE International or SCEA.
About 40% of cost estimators work in the construction industry, according to the U.S. Bureau of Labor Statistics (BLS), while another 14% work in manufacturing. Cost estimators are closely related to cost engineers. Many cost engineers receive training from their employers due to the lack of formal degree programs. Working with an experienced cost engineer on the job provides the additional training.
Salary Info and Job Outlook
While the BLS doesn't provide information specifically for cost engineers, it does provide data pertaining to cost estimators, a closely related discipline. According to the BLS, the median annual salary earned by cost estimators was $59,460 in May 2013. The employment of such estimators is expected to grow by 26% between 2012 and 2022, per the BLS, which is significantly faster than the national average for all career fields. On the other hand, overall employment for engineers is supposed to increase 9% from 2012-2022, which is on par with average growth in all other occupations.
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