The main aim of the cost estimators is to find out which projects are viable to take up and which should be left out with respect to the profits which is the ultimate aim of all the business houses. The exact method of estimating the cost varies from industry to industry. In the construction industry the estimators have to visit the sites which are dusty, dirty, and at times unsafe. While in the manufacturing industry they have to spend most of their time in the factory which may be noisy. So it is necessary for the estimators to prepare themselves for the toughness of the job.
The cost estimators should be able to grasp all the information pertaining to all the things which are viable to change the cost of production. This may include supplies, labor, location, and special equipment, like computer hardware and software.
The job profile requirement of the cost estimator varies from industry to industry. In manufacturing industries they are assigned the responsibility of determining the cost of producing, packing, materials, and labor. While in the construction industry they are supposed to visit the site of the project, look at the drawings and determine the amount of materials used and labor required.
The academic requirements for the post of cost estimators differ from industry to industry. If you are to get into a construction industry then you have to get a graduation degree in construction management or science or engineering or architecture. But if you go for a manufacturing industry then you should have a degree in production management .An additional degree in accounting or finance is always welcome whatever field you go into.
Requirements of other skills in a cost estimator include sound knowledge in Math and computers as he may be required to do many calculations and has to prepare estimates on the basis of the calculations you have made. The cost estimator also has to prepare a lot of charts. Therefore, having knowledge of a Word Processor and spreadsheets will only assist him and simplify his workload.
Training in the field of cost estimators is very much needed as each company has its own way of estimating things. During his training period the fresh estimator generally works with a senior estimator and then moves on to become a senior estimator himself.
The remuneration received by the cost estimators largely depends upon the experience, education, and the industry he is into. Not to forget the size of the employer firm. As per the survey held by the Bureau of Labor Statistics the average earnings of an individual cost estimator during last fiscal year was $69,460.
Again to quote the Bureau of Labor Statistics, the cost estimators held about 221,000 jobs in the last fiscal year and the increase in jobs in this field is expected to rise by 9% in the next five years to come. Among the total jobs of cost estimators 60% were recruited in the construction industry, 15% in the manufacturing industry, and the rest in the remaining industries.
As per prediction of Bureau of Labor Statistics, the expected growth in the jobs of cost estimators is likely to be faster than the average for all occupations till 2016. Those with work experience and a bachelor's degree in a related field will have the easiest time finding a job. It is predicted that the increase in job opportunities for estimators will be on account of increase in construction and repair projects on buildings, roads, airports, and other structures. The construction sector is likely to record an increase during the decade from 2006 to 2016.
On the whole it can be said that the cost estimator is an upcoming field with less competition and guaranteed job opportunities. But when you are looking at this glossier side it is suggested that you do not give a look at the tougher side of it which consists of longer hours of work and working at the extreme conditions. As the analysis shows most of the jobs of cost estimator are taken by the construction industry which calls for working outside at the site places.