Cost Estimator

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Career Overview

Cost estimators play an integral role in the planning of a new project; particularly for firms who are bidding on developing or building the new project in the works.  Two thirds of all cost estimators work in the construction field, for contractors, developers or architectural firms. 

In preparing a construction bid, the cost estimator visits the site and develops a report on the infrastructure issues: essentially the availability of water, power and sewer service.  The next step is developing a formal estimate of the labor and materials that will be required for the job.  This step is called the quantity survey, or “takeoff,” and includes filling out numerous forms with dimensions, estimated volume of raw materials, and other details.  If a contractor is using subcontractors, the cost estimator will review their bids as well.  The final document includes taxes, insurance, overhead and markup.

Education

Most employers in the construction field who use cost estimators today prefer professionals who hold a bachelor’s degree in project management, construction science or construction management – all of which cover cost estimation in detail.  In manufacturing, a degree in engineering, accounting, business or operations research is preferred.

Employment

There were approximately 221,000 cost estimators working in the U.S. in 2006, according to the Department of Labor.  Their estimate is that 62% of these professionals worked in construction and another 15% were employed in industrial settings.

Job Outlook

Job opportunities in this profession are expected to grow about 19% over the next several years, significantly faster than the projected rate of overall job growth.   Job opportunities should be excellent.

Salary Range

10th Percentile  $33,150

Median Salary  $56,510

90th Percentile  $94,470

Source: U.S. Department of Labor

Become a Cost Estimator

Find the right school today.