Project Cost Specialist in Iowa Career Overview

As a Project Cost Specialist, you play a vital role in ensuring projects remain financially viable and on budget. Your main responsibilities involve analyzing project costs, forecasting financial requirements, and monitoring spending throughout various stages of a project. This position requires keen attention to detail and the ability to interpret complex data related to project finances.

Key aspects of your role include:

  • Cost Estimation: You prepare initial cost estimates based on project requirements, assessing materials, labor, and other expenses.
  • Budget Management: Monitoring budgets and ensuring that spending aligns with project forecasts are essential aspects of your job. This involves adjusting budgets as necessary while maintaining project integrity.
  • Financial Reporting: Generating detailed reports helps stakeholders understand the financial status of projects, providing transparency regarding expenditures and potential cost overruns.
  • Collaboration: You interact with various teams, including project managers, engineers, and procurement specialists, to gather necessary information that influences financial decisions.
  • Risk Analysis: Evaluating financial risks associated with projects is part of your job, which aids in developing strategies to mitigate potential financial issues.

Your expertise contributes significantly to the success of projects by ensuring they are executed within financial parameters, thereby supporting the overall objectives of your organization.

Project Cost Specialist Salary in Iowa

Annual Median: $67,640
Hourly Median: $32.52

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 Iowa

To become a Project Cost Specialist, you will need to obtain specific educational qualifications and training. Below are the recommended college degree programs that will provide you with a solid foundation for this career:

  • Accounting: A degree in accounting covers financial reporting, cost control, and budgeting principles. This knowledge is essential for estimating project costs and analyzing financial data.

  • Business Administration and Management: This degree program offers a broader understanding of business operations, including project management principles and financial analysis, critical for managing project budgets effectively.

  • Finance: A finance degree focuses on investment analysis, financial planning, and risk management. This expertise is valuable in assessing project viability and ensuring financial resources are allocated efficiently.

  • Finance and Financial Management Services: This specialized program provides advanced financial knowledge, equipping you to handle complex financial tasks associated with project costing.

  • Operations Management and Supervision: A degree in this area emphasizes the management of processes and resources, which is beneficial for optimizing project costs and improving efficiency.

Pursuing one of these degree programs will prepare you for the roles and responsibilities of a Project Cost Specialist.

Best Schools to become a Project Cost Specialist in Iowa 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 Iowa

  • Analytical Skills: You will need to analyze project data and financial information to develop accurate cost estimates and assess project profitability.

  • Attention to Detail: Precision is essential. You must ensure that all cost calculations, budgets, and financial reports are accurate to avoid potential financial discrepancies.

  • Communication Skills: Strong verbal and written communication skills are important for interacting with project teams, stakeholders, and clients. You should be able to convey complex cost-related information clearly.

  • Negotiation Skills: You may find yourself negotiating contracts and budgets. The ability to advocate for your project's financial needs while managing expectations is key.

  • Technical Proficiency: Familiarity with project management and accounting software, spreadsheets, and data analysis tools is critical to efficiently track and manage project costs.

  • Problem-Solving Skills: You will often need to identify issues related to project costs and develop effective solutions. Creative thinking in high-pressure situations is an asset.

  • Time Management: Managing multiple projects and tasks simultaneously requires excellent organizational skills and the ability to prioritize effectively to meet deadlines.

  • Knowledge of Financial Principles: A solid understanding of budgeting, forecasting, and financial reporting concepts is necessary to create reliable project cost estimates.

  • Project Management Skills: Understanding project life cycles and methodologies will help you align costing processes with overall project goals.

  • Collaboration: Teamwork is vital. You must be able to work effectively with team members from various departments to ensure that all financial aspects of the project are accurately represented.

  • Adaptability: The ability to adjust to changing project requirements or financial climates is important. You should be prepared to reassess and revise cost estimates as needed.

  • Ethical Judgment: Integrity and adherence to ethical standards in reporting and financial management will enhance your credibility and the overall success of your projects.

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 Iowa

  • The demand for Project Cost Specialists in Iowa has been steadily increasing as businesses recognize the importance of managing project costs effectively. This trend is amplified by the growth of various industries, including construction, manufacturing, and technology, all of which require precise budgeting and cost estimation.

  • You will find that the job market in Iowa is becoming more competitive, with organizations seeking individuals who can provide insights into project financials and help control costs. Many companies value professionals who can enhance profitability through diligent planning and monitoring of project expenses.

  • Growth potential in this field is promising. As businesses aim to optimize their operations and improve financial performance, the role of a Project Cost Specialist is evolving. Opportunities for advancement into senior project management or directorial positions in finance are readily available for those who excel in their roles.

  • Geographical hotspots for Project Cost Specialist roles in Iowa include urban areas such as Des Moines, Cedar Rapids, and Davenport. These cities have a higher concentration of corporations and firms in construction and industrial domains that typically employ skilled financial professionals.

  • Additionally, the increasing development of infrastructure projects across the state brings further opportunities for Project Cost Specialists. State and local governments are initiating various initiatives that require meticulous planning and budget management, leading to a corresponding rise in demand for expertise in this field.

  • Networking within industry-related groups, attending local job fairs, and participating in relevant professional organizations can significantly enhance your visibility and career prospects in this dynamic job market.

By staying informed about industry trends and maintaining connections within the community, you can position yourself favorably in the evolving landscape of project cost management in Iowa.

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 Iowa

  • Project Management Institute (PMI)
    Access valuable resources on project management standards, certifications, and professional development.
    Visit PMI

  • Cost Estimating and Project Controls Association (CEPA)
    Explore training programs, certification, and best practices for project cost specialists.
    Visit CEPA

  • Association for the Advancement of Cost Engineering (AACE)
    Find professional certifications, recommended practices, and a wealth of publications related to cost engineering and project management.
    Visit AACE

  • American Society of Professional Estimators (ASPE)
    Obtain information on training, certification, and networking opportunities specific to construction cost estimating.
    Visit ASPE

  • National Association of State Procurement Officials (NASPO)
    Learn about public procurement standards and guidelines that may help you navigate project financing in a governmental context.
    Visit NASPO

  • Federal Acquisition Regulation (FAR)
    Familiarize yourself with government procurement policies and regulations that affect project cost management in federal projects.
    Visit FAR

  • Institute of Management Accountants (IMA)
    Explore resources related to financial management and cost accounting, which are essential for project cost specialists.
    Visit IMA

  • Coursera
    Find online courses related to cost management, project management, and financial accounting from accredited universities.
    Visit Coursera

  • edX
    Access a range of courses that can enhance your knowledge in project management practices and cost estimation techniques.
    Visit edX

  • Books

    • "Project Cost Estimating: A Practical Guide" by Davis Langdon
      • A comprehensive guide on various cost estimation techniques.
    • "Cost Control in Project Management" by James S. Pennypacker
      • This book works as both a reference and a practical manual for managing costs in projects.

    • "Estimating Construction Costs" by Robert Leroy Peurifoy

      • A classic text offering insights into the cost estimation process in construction.

      Make sure to regularly check these resources to stay up-to-date with the latest trends, certifications, and practices in the field of project cost management.

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

  • What does a Project Cost Specialist do?
    A Project Cost Specialist is responsible for analyzing project costs, preparing budgets, and monitoring expenses to ensure that projects stay within financial constraints. This role includes conducting cost estimates, identifying cost-saving opportunities, and reporting on financial performance.

  • What qualifications do I need to become a Project Cost Specialist?
    Typically, a bachelor's degree in finance, accounting, construction management, or a related field is required. Professional certifications such as the Certified Cost Professional (CCP) or Project Management Professional (PMP) can enhance your qualifications.

  • What skills are essential for success in this role?
    Key skills include strong analytical abilities, proficiency in financial software, excellent communication and negotiation skills, attention to detail, and a solid understanding of project management principles.

  • What industries employ Project Cost Specialists?
    Project Cost Specialists can be found in various industries, including construction, engineering, manufacturing, healthcare, and information technology. Any sector that undertakes projects can benefit from cost specialists.

  • What software tools should I be familiar with?
    Familiarity with financial management software and tools such as Microsoft Excel, SAP, Oracle, or specific project management software like Primavera P6 can be beneficial. Proficiency in these tools enhances your ability to analyze data and report findings effectively.

  • Is there a demand for Project Cost Specialists in Iowa?
    Yes, there is a growing demand for Project Cost Specialists in Iowa due to ongoing infrastructure projects and the expansion of various industries. Keeping abreast of current market trends can help you identify job opportunities.

  • What is the typical salary range for a Project Cost Specialist in Iowa?
    Salaries can vary based on experience, location, and industry, but Project Cost Specialists in Iowa typically earn between $60,000 and $85,000 annually. Those with advanced certifications or significant experience may earn higher salaries.

  • What are the opportunities for advancement in this career?
    Advancement opportunities can include positions such as Senior Cost Estimator, Cost Control Manager, or Project Manager. With additional experience and certifications, you may also move into executive roles in finance or project management.

  • How can I gain experience as a Project Cost Specialist?
    Consider internships or entry-level positions in finance, budgeting, or project management. Volunteering for cost analysis projects or participating in related coursework can also provide valuable experience.

  • What professional organizations can I join?
    Becoming a member of organizations such as the Association for the Advancement of Cost Engineering (AACE) or the Project Management Institute (PMI) can provide networking opportunities, resources, and professional development.

  • How important are networking and professional relationships in this field?
    Networking is very important as it can lead to job opportunities, mentorship, and knowledge sharing. Building relationships within your industry can help you stay informed about trends and job openings.