Project Cost Specialist in Idaho Career Overview

As a Project Cost Specialist, you play a vital role in ensuring that projects are completed within their budget while meeting quality standards and deadlines. Your primary responsibilities include:

  • Cost Estimation: You evaluate project requirements to prepare accurate cost estimates, considering labor, materials, and other resources necessary for successful project completion.

  • Budget Management: Your expertise allows you to monitor expenditures, track budget performance, and implement cost-control measures, helping to prevent budget overruns.

  • Financial Reporting: You provide comprehensive financial reports that reflect the current status of project budgets, facilitating informed decision-making for stakeholders.

  • Collaboration: Working closely with project managers, engineers, and other professionals, you contribute to the overall success of projects by providing insights into cost-related aspects.

  • Risk Analysis: Identifying potential financial risks associated with projects allows you to suggest alternative strategies and solutions, enhancing project viability.

Your function is essential across various industries, including construction, engineering, and manufacturing. By maintaining financial discipline, you help organizations achieve their strategic goals while ensuring that resources are utilized efficiently. Your role ultimately supports project success, fostering both client satisfaction and the long-term sustainability of the business.

Project Cost Specialist Salary in Idaho

Annual Median: $70,660
Hourly Median: $33.97

Data sourced from Career One Stop, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Required Education To Become a Project Cost Specialist in Idaho

To become a Project Cost Specialist, you typically need a strong educational background in relevant fields. The following college degree programs are highly beneficial:

  • Accounting: This degree provides you with a solid foundation in financial principles, budgeting, and cost analysis, all of which are essential for managing project costs.

  • Business Administration and Management: A degree in this area offers a broad understanding of business operations, including project management, which is key to overseeing costs effectively within various projects.

  • Finance: Studying finance equips you with knowledge about financial analysis, investment strategies, and monetary management, which are crucial for tracking and forecasting project expenses.

  • Finance and Financial Management Services: This program focuses specifically on financial planning, risk management, and the effective allocation of resources, all important components for a successful Project Cost Specialist.

  • Operations Management and Supervision: This degree emphasizes the management of processes and resources, providing insights into how to streamline operations while maintaining cost efficiency.

In addition to obtaining a relevant degree, some positions may require additional certification or training in specialized software used for project cost estimation and management.

Best Schools to become a Project Cost Specialist in Idaho 2024

#1Maricopa County

University of Phoenix-Arizona

Phoenix, AZ

In-State Tuition:$9,552
Out-of-State Tuition:$9,552
Admission Rate:N/A
Graduation Rate:18%
Total Enrollment:88,891
#2Merrimack County

Southern New Hampshire University

Manchester, NH

In-State Tuition:$15,000
Out-of-State Tuition:$15,000
Admission Rate:96%
Graduation Rate:41%
Total Enrollment:164,091
#3Salt Lake County

Western Governors University

Salt Lake City, UT

In-State Tuition:$7,404
Out-of-State Tuition:$7,404
Admission Rate:N/A
Graduation Rate:49%
Total Enrollment:156,935
#4El Paso County

Colorado Technical University-Colorado Springs

Colorado Springs, CO

In-State Tuition:$12,036
Out-of-State Tuition:$12,036
Admission Rate:N/A
Graduation Rate:20%
Total Enrollment:24,808
#5Maricopa County

Grand Canyon University

Phoenix, AZ

In-State Tuition:$16,407
Out-of-State Tuition:$16,407
Admission Rate:78%
Graduation Rate:45%
Total Enrollment:101,816
#6Lynchburg City

Liberty University

Lynchburg, VA

In-State Tuition:$15,467
Out-of-State Tuition:$15,467
Admission Rate:99%
Graduation Rate:66%
Total Enrollment:96,709
Project Cost Specialist Job Description:
  • Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service.
  • May specialize according to particular service performed or type of product manufactured.

Project Cost Specialist Required Skills and Competencies in Idaho

  • Analytical Skills: You should have the ability to analyze data and financial information to make informed decisions about project costs. This includes understanding variance analysis and forecasting.

  • Attention to Detail: Precision is key in your role. You must be meticulous in reviewing project budgets and financial reports to ensure accuracy and compliance with financial guidelines.

  • Financial Acumen: A strong understanding of financial principles, including budgeting, cost management, and financial reporting, is essential. You should be proficient in interpreting financial statements and projections.

  • Communication Skills: Effective verbal and written communication skills are necessary to explain complex financial concepts to stakeholders. You must be able to collaborate with project managers, finance teams, and other departments seamlessly.

  • Problem-Solving Skills: You will need to identify and resolve cost-related challenges that arise during the project lifecycle. This involves critical thinking and creative approaches to find effective solutions.

  • Technical Proficiency: Familiarity with project management software and financial analysis tools is important. You should be comfortable using spreadsheet applications, accounting software, and other relevant technologies.

  • Organizational Skills: Excellent organizational abilities are required to manage multiple projects and budgets simultaneously. You must be adept at prioritizing tasks and meeting tight deadlines.

  • Negotiation Skills: You may need to negotiate terms with vendors and contractors regarding pricing and contract conditions. Strong negotiation skills will help you achieve favorable outcomes for the project budget.

  • Time Management: Ability to manage your time efficiently is vital, particularly when juggling various projects and deadlines. You should also be mindful of time-sensitive financial reporting and analysis.

  • Teamwork and Collaboration: You should work well in a team environment, fostering positive relationships with colleagues across various departments to align project goals and financial objectives.

  • Adaptability: The ability to adapt to changing project scopes, budgets, and timelines is important. You should be open to new methods, tools, and processes to enhance project cost management.

  • Ethical Judgment and Integrity: You must uphold high ethical standards and ensure transparency in all financial dealings. Trustworthiness is key to maintaining professional relationships and project integrity.

Job Duties for Project Cost Specialists

  • Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.

  • Collect historical cost data to estimate costs for current or future products.

  • Confer with engineers, architects, owners, contractors, and subcontractors on changes and adjustments to cost estimates.

Technologies and Skills Used by Project Cost Specialists

Financial analysis software

  • CPR Visual Estimator
  • Primavera Cost Management

Project management software

  • Microsoft Project
  • Oracle Primavera Enterprise Project Portfolio Management

Word processing software

  • Microsoft OneNote
  • Microsoft Word

Basic Skills

  • Reading work related information
  • Using math to solve problems

People and Technology Systems

  • Figuring out how a system should work and how changes in the future will affect it
  • Thinking about the pros and cons of different options and picking the best one

Problem Solving

  • Noticing a problem and figuring out the best way to solve it

Job Market and Opportunities for Project Cost Specialist in Idaho

The job market for Project Cost Specialists in Idaho is currently robust, reflecting the growing complexities of project management across various sectors. Here are some key aspects to consider:

  • Demand: As industries evolve, the need for accurate cost estimation and financial management has increased. Project Cost Specialists are in high demand across construction, engineering, and IT sectors. Many companies are looking for professionals who can help optimize budgets and ensure that projects remain financially viable.

  • Growth Potential: The projected growth for Project Cost Specialists aligns with broader trends in project management and financial oversight. As more organizations adopt project-based work structures, the role of cost management becomes increasingly significant. This trend is likely to contribute to steady job openings in the coming years, driven by both new projects and the need to replace experienced professionals who retire or move on to other opportunities.

  • Geographical Hotspots:

    • Boise: As the capital and largest city in Idaho, Boise is a hub for many industries, including healthcare, technology, and construction. The city boasts a vibrant economy that encourages the establishment of new projects, creating numerous opportunities for Project Cost Specialists.
    • Idaho Falls: With a significant presence of energy and engineering firms, Idaho Falls presents a strong market for project cost professionals, especially in sectors like renewable energy and infrastructure development.
    • Coeur d'Alene: This area has seen growth in tourism and recreational industries, necessitating effective project management and cost estimation in hospitality and service-based projects.
    • Pocatello: Known for its educational institutions and diverse industries, Pocatello provides opportunities particularly in public sector projects and community development initiatives.

  • Industry Trends: Trends such as increased sustainability efforts, technological advancements (like software for cost estimation), and the emphasis on fiscal responsibility within public projects are likely to shape the demand for Project Cost Specialists. Keeping abreast of these trends can give you an advantage in the job market.

Engaging in networking opportunities and professional associations specific to project management and cost estimation can further enhance your prospects in Idaho's dynamic job market.

Top Related Careers to Project Cost Specialist 2024

Construction Cost Planner
Design Cost Analyst
Pre-Construction Cost Advisor
Estimation Engineer

Additional Resources To Help You Become a Project Cost Specialist in Idaho

  • Project Management Institute (PMI)

    • This organization offers resources including certifications, publications, and networking opportunities tailored for project management professionals.
    • Website: www.pmi.org

  • American Society of Cost Engineers International (ASCE)

    • ASCE provides information on cost engineering, project controls, certifications, and best practices in the field.
    • Website: www.asce.org

  • Cost Engineering Journal

  • National Association of State Procurement Officials (NASPO)

    • NASPO offers resources related to procurement practices that can be beneficial for understanding project costs related to public sector projects.
    • Website: www.naspo.org

  • Institute of Cost Estimating and Analysis (ICEA)

    • ICEA focuses on promoting the profession of cost estimating and offers educational resources, webinars, and professional certifications.
    • Website: www.icea.online

  • LinkedIn Learning

    • A platform with various courses related to project management, cost estimation, and financial analysis that can enhance your skills.
    • Website: www.linkedin.com/learning

  • Books and Publications

    • "Fundamentals of Cost Estimating" by Mark McFadden
      • Provides foundational knowledge on cost estimation principles.
    • "Project Cost Estimating: A Practical Guide" by Rodolfo A. de la Fuenta
      • A comprehensive guide on cost estimating techniques.

  • Online Forums and Communities

    • ProjectManagement.com: A community for project management professionals where you can share knowledge and resources.
    • Reddit's r/projectmanagement: A forum to discuss project management topics, including cost management.

  • State of Idaho Business Resources

    • The Idaho Department of Commerce offers resources and support for businesses, including project funding information and cost management strategies.
    • Website: commerce.idaho.gov

Utilize these resources to deepen your understanding of project cost management and enhance your career as a Project Cost Specialist.

Frequently Asked Questions (FAQs) About Project Cost Specialist in Idaho

  • What does a Project Cost Specialist do?
    A Project Cost Specialist is responsible for estimating project costs, developing budgets, monitoring expenditures, and ensuring that projects stay within financial constraints. You play a key role in financial planning and reporting, analyzing costs, and advising on financial decisions throughout the project lifecycle.

  • What skills are essential for a Project Cost Specialist?
    Essential skills include proficiency in financial analysis, budgeting, and forecasting, along with strong analytical and communication skills. Familiarity with project management software and spreadsheets is also important. Attention to detail and the ability to work under pressure to meet deadlines are critical.

  • What qualifications do I need to become a Project Cost Specialist?
    Typically, a bachelor's degree in finance, accounting, project management, or a related field is required. Some positions may also require certifications such as Certified Cost Professional (CCP) or Project Management Professional (PMP).

  • Is prior experience necessary for this role?
    Yes, employers often prefer candidates with previous experience in project management or cost analysis. Internships or entry-level positions in finance or project management can provide valuable experience.

  • What tools and software are commonly used in this profession?
    Common tools include Microsoft Excel for data analysis, project management software like Microsoft Project or Primavera, and financial management systems like SAP or Oracle. Knowledge of advanced Excel functions and data visualization tools can also be beneficial.

  • What industries hire Project Cost Specialists?
    Project Cost Specialists are in demand across various industries, including construction, engineering, manufacturing, IT, and consulting services. Any sector that manages projects may require cost specialists to oversee financial planning.

  • What is the salary range for a Project Cost Specialist in Idaho?
    Salaries can vary based on experience, education, and the specific industry. As of 2023, the salary range typically falls between $55,000 and $85,000 per year, with potential for higher earnings in senior positions.

  • What career advancement opportunities are available?
    With experience, you can advance to senior project cost analyst roles, project manager positions, or managerial roles within finance or project management offices. Continued professional development and obtaining additional certifications can further enhance career prospects.

  • What are the job prospects for Project Cost Specialists in Idaho?
    The job outlook for Project Cost Specialists is positive, with a growing demand for skilled professionals in various industries. As businesses continue to focus on budget management and project efficiency, this role remains critical.

  • How can I prepare for a career as a Project Cost Specialist?
    You can enhance your qualifications by pursuing relevant degrees or certifications, gaining experience through internships, and becoming proficient in project management and financial software. Networking with professionals in the industry can also provide valuable insights and job opportunities.