Project Cost Specialist in Kansas Career Overview

As a Project Cost Specialist, your primary role involves the management and analysis of project costs throughout various stages of a project lifecycle. You play a vital role in ensuring that projects remain within budget and are executed efficiently. Key responsibilities and functions involved in this career include:

  • Cost Estimation: You develop detailed cost estimates at the initial stages of projects, enabling informed decision-making regarding project viability and resource allocation.

  • Budget Management: You monitor project budgets continuously, tracking expenses, and comparing them against the planned budget to identify any variances.

  • Financial Reporting: You prepare regular financial reports that provide insights into project costs, which can help management understand financial performance and make necessary adjustments.

  • Collaboration: You work closely with project managers, engineers, and other stakeholders to communicate cost-related information and ensure alignment on financial objectives.

  • Risk Assessment: You assess financial risks related to projects, analyzing potential impacts of budgetary changes or unexpected expenses and proposing strategies to mitigate these risks.

  • Cost Control: Your expertise allows you to implement financial controls that prevent cost overruns and promote efficient use of resources.

  • Compliance: You ensure that all financial practices comply with industry standards and regulations, maintaining transparency in financial reporting.

Your role as a Project Cost Specialist is integral to the successful completion of projects, significantly impacting an organization's bottom line and overall financial health. Companies rely on your expertise to make strategic decisions that can lead to successful project outcomes and sustained business growth.

Project Cost Specialist Salary in Kansas

Annual Median: $72,700
Hourly Median: $34.95

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 Kansas

To become a Project Cost Specialist, you will need specific educational qualifications and training, primarily at the bachelor's degree level. The following degree programs are particularly relevant:

  • Accounting

    • A degree in accounting provides a strong foundation in financial reporting, budgeting, and cost analysis. This knowledge is essential for understanding project costs and financial statements.

  • Business Administration and Management

    • This program prepares you for various aspects of managing a business, including project management principles, cost control, and financial decision-making essential for managing project budgets.

  • Finance

    • A finance degree offers in-depth knowledge of financial management, investment strategies, and cost assessment, which are crucial for analyzing and monitoring project expenses.

  • Finance and Financial Management Services

    • This specialized degree focuses on advanced financial analysis and cost management techniques, equipping you with the skills to evaluate and optimize project costs effectively.

  • Operations Management and Supervision

    • A degree in this area addresses the efficiency of business operations, including project scheduling, resource allocation, and cost efficiency, all of which are vital components in cost management for projects.

In addition to these degree programs, pursuing internships or practical training during your studies will enhance your understanding of project costs in real-world scenarios, preparing you for a successful career as a Project Cost Specialist.

Best Schools to become a Project Cost Specialist in Kansas 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 Kansas

  • Analytical Skills: You need to possess strong analytical abilities to evaluate financial data, identify trends, and make informed decisions that impact project budgets.

  • Attention to Detail: Precision is essential; you must meticulously review financial documents and project estimates to avoid errors that could lead to budget overruns.

  • Financial Acumen: A deep understanding of financial principles, cost accounting, and budgeting processes is vital to effectively manage project costs and optimize resource allocation.

  • Communication Skills: You should be able to convey complex financial information clearly and concisely to various stakeholders, including project managers, clients, and team members.

  • Technical Proficiency: Familiarity with financial software and project management tools is important for tracking costs, analyzing data, and creating reports.

  • Problem-Solving Skills: You will frequently face challenges related to project budgets; being able to resolve issues efficiently and think critically will enhance project outcomes.

  • Time Management: Effective prioritization and organization skills are necessary to meet project deadlines and manage multiple tasks simultaneously.

  • Negotiation Skills: The ability to negotiate costs and contract terms with vendors and suppliers is important to ensure that project budgets are adhered to and favorable conditions are secured.

  • Interpersonal Skills: Strong interpersonal skills help you build relationships with team members, clients, and other stakeholders, promoting collaboration and support for budgetary decisions.

  • Knowledge of Regulatory Standards: Understanding relevant laws, regulations, and compliance standards affecting budget management will ensure that your projects meet all necessary requirements.

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 Kansas

The job market for Project Cost Specialists in Kansas is currently characterized by a steady demand, driven by several factors that indicate healthy growth potential in the field. Key aspects of the job market include:

  • Increased Construction and Infrastructure Projects: Kansas is experiencing a rise in both public and private sector investments, leading to numerous construction and infrastructure projects. This trend has generated a need for professionals who can effectively manage project costs, making Project Cost Specialists highly sought after.

  • Growth Potential: The demand for Project Cost Specialists is expected to grow as businesses and organizations increasingly recognize the importance of cost management in project success. As companies strive for efficiency and profitability, the role of cost specialists becomes integral to strategic planning and execution.

  • Geographical Hotspots: Various regions within Kansas are emerging as key areas for job opportunities in this field:

    • Kansas City metro area: This area showcases a concentration of large-scale construction projects, including commercial, residential, and infrastructure developments.
    • Wichita: Known for its aerospace industry, Wichita is experiencing growth in projects related to manufacturing and logistics, which require Project Cost Specialists to manage comprehensive budgets and forecasts.
    • Topeka: As the state capital, Topeka sees a variety of public works projects and government initiatives, necessitating cost specialists to handle financial assessments and reporting.

  • Diverse Industries: Project Cost Specialists find opportunities across various sectors, including construction, manufacturing, and government. This diversification not only strengthens job availability but also provides professionals a chance to explore different industries and find their niche.

  • Networking and Professional Development: Kansas has professional organizations and networking opportunities that can assist you in building relationships with other industry professionals. Attending local workshops and seminars can enhance your visibility and potentially lead to job opportunities.

As a Project Cost Specialist in Kansas, you can expect a market that is not only stable but also presents avenues for career advancement and development in response to dynamic economic conditions.

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 Kansas

  • Project Management Institute (PMI)

    • An authoritative resource offering standards, frameworks, and certifications in project management, including cost management.
    • Website: www.pmi.org

  • American Society of Professional Estimators (ASPE)

    • A professional organization dedicated to advancing the estimation profession, offering resources, certifications, and networking opportunities.
    • Website: www.aspenational.org

  • Construction Financial Management Association (CFMA)

    • Focuses on financial management in the construction industry, providing education, resources, and networking for financial professionals.
    • Website: www.cfma.org

  • Cost Estimating Guide from the U.S. General Services Administration (GSA)

    • Provides guidelines and methodologies for cost estimating in projects managed by the GSA and is applicable across various industries.
    • Website: www.gsa.gov

  • Institute of Management Accountants (IMA)

    • Professional organization that offers resources on management accounting, financial management, and cost management practices relevant to project cost specialists.
    • Website: www.imanet.org

  • National Institute of Building Sciences (NIBS)

    • A resource for building and construction professionals, offering guidelines and tools for building project performance, including cost management.
    • Website: www.nibs.org

  • Project Cost Management Lessons and Resources from Coursera

    • Online courses covering fundamentals of project cost management, providing theoretical knowledge and practical skills.
    • Website: www.coursera.org

  • Books and Publications

    • "A Guide to the Project Management Body of Knowledge (PMBOK® Guide)" - PMI
    • "Cost Estimation: Methods and Tools" - Robert W. H. DeGroot

  • Local Kansas Resources

    • Kansas City Chapter of PMI
      • Networking and professional development opportunities specific to project management in Kansas.

  • LinkedIn Learning

You can explore these resources to enhance your knowledge and skills as a Project Cost Specialist.

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

  • What is a Project Cost Specialist?
    A Project Cost Specialist is responsible for estimating, monitoring, and controlling the financial aspects of projects. This role involves evaluating project costs, analyzing budgets, and ensuring that expenditures align with financial targets.

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

  • What skills are essential for a successful Project Cost Specialist?
    Key skills include strong analytical abilities, attention to detail, proficiency in budgeting and financial software, effective communication, and project management skills. Being adept at data analysis and having a solid understanding of financial principles are also crucial.

  • What industries employ Project Cost Specialists?
    Project Cost Specialists are in demand across various sectors, including construction, engineering, IT, energy, and manufacturing. Companies involved in large-scale projects often hire these professionals to manage project finances effectively.

  • What are the typical job responsibilities of a Project Cost Specialist?
    Your responsibilities may include preparing detailed cost estimates, tracking ongoing project costs, analyzing variances from budgets, reporting financial status to stakeholders, and advising on cost-saving measures.

  • What software tools do Project Cost Specialists use?
    Common tools include Microsoft Excel, project management software like MS Project or Primavera, and specialized cost management systems like Procore or Costimator. Familiarity with these tools can enhance your efficiency and accuracy.

  • How much can I expect to earn as a Project Cost Specialist in Kansas?
    Salaries vary based on experience, education, and industry, but the average salary for a Project Cost Specialist in Kansas typically ranges from $60,000 to $90,000 per year.

  • What is the job outlook for Project Cost Specialists?
    The job outlook for Project Cost Specialists is generally positive, driven by the growing need for financial management in projects. As industries continue to expand and undertake large projects, demand for skilled professionals will likely increase.

  • Are there opportunities for advancement in this career?
    Yes, there are several potential career advancement paths. You can move into senior project management roles, financial analysis positions, or higher-level management roles depending on your interests and additional qualifications.

  • What can I do to improve my chances of getting hired as a Project Cost Specialist?
    Gain practical experience through internships or entry-level positions in finance or project management. Networking and obtaining relevant certifications can also enhance your job prospects. Staying updated with industry trends and continuously developing your skills is beneficial.