Project Cost Specialist in Oklahoma Career Overview

As a Project Cost Specialist, your role is central to the financial management of projects across various industries, including construction, engineering, and information technology. You are responsible for analyzing project costs, preparing budgets, and ensuring that financial resources are allocated efficiently.

  • You collaborate closely with project managers and other stakeholders to develop detailed cost estimates and financial plans.
  • Your expertise helps organizations anticipate potential financial issues before they arise, allowing for informed decision-making and strategic planning.
  • You monitor project expenditures and track financial performance against budgetary guidelines, ensuring adherence to financial constraints.
  • By analyzing trends and variances, you provide valuable insights that assist in optimizing costs and improving overall project profitability.
  • Your work often involves leveraging software tools for cost analysis, forecasting, and reporting, enhancing both accuracy and efficiency in financial documentation.

The significance of your role extends beyond mere numbers—you contribute to the successful completion of projects by facilitating budget compliance and financial accountability, which are essential for the sustainability and growth of your organization.

Project Cost Specialist Salary in Oklahoma

Annual Median: $61,040
Hourly Median: $29.34

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 Oklahoma

To become a Project Cost Specialist, you will need specific educational qualifications and training that generally include the following degree programs:

  • Accounting

    • A degree in accounting provides a strong foundation in financial principles, budgeting techniques, and cost management.

  • Business Administration and Management

    • This program offers a broad understanding of business operations, including project management frameworks and financial analysis skills.

  • Finance

    • A finance degree focuses on financial planning, analysis, and the management of financial resources, which are vital for cost estimation and control in projects.

  • Finance and Financial Management Services

    • This specific focus within finance further enhances your ability to manage project budgets, including investment analysis and risk assessment.

  • Operations Management and Supervision

    • A degree in this area prepares you for overseeing project operations, emphasizing efficiency, resource allocation, and cost management strategies.

In addition to degree programs, pursuing relevant internships or entry-level positions during your studies can help you gain practical experience in project cost management. Certifications in project management or cost management from recognized bodies may also be beneficial as you advance in your career.

Best Schools to become a Project Cost Specialist in Oklahoma 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 Oklahoma

  • Analytical Skills: You need the ability to interpret complex financial data and project cost information to make informed decisions and recommendations.

  • Attention to Detail: Precision is vital in tracking project expenses and budgets. Being detail-oriented ensures accuracy in financial reporting and analysis.

  • Proficiency in Financial Software: Familiarity with accounting software and project management tools is essential. You should be comfortable using programs like Microsoft Excel, SAP, or others specific to the industry.

  • Budgeting Skills: The capability to create, monitor, and adjust project budgets is vital. This includes forecasting costs and identifying areas where expenses may be reduced.

  • Communication Skills: Strong verbal and written communication skills are necessary for conveying cost-related information to stakeholders, team members, and management.

  • Problem-Solving Abilities: You must be adept at identifying and resolving issues that may arise during a project, especially those that affect budgets and costs.

  • Time Management: Managing multiple projects simultaneously while meeting deadlines requires effective time management skills.

  • Knowledge of Regulations and Compliance: Understanding relevant industry regulations and compliance standards related to budgeting and financial reporting is important for ensuring adherence throughout the project lifecycle.

  • Negotiation Skills: Being able to negotiate contracts with suppliers and vendors can help in securing the best prices and terms for project expenditures.

  • Risk Management: Recognizing and assessing potential financial risks associated with projects allows you to implement strategies to mitigate such risks efficiently.

  • Team Collaboration: Since projects often involve cross-functional teams, you should function effectively within teams, collaborating with various stakeholders to achieve project goals.

  • Critical Thinking: The ability to evaluate different solutions and make sound judgments based on project requirements and financial considerations is essential.

  • Project Management Knowledge: An understanding of project management methodologies and principles will enhance your effectiveness in tracking and managing project costs properly.

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 Oklahoma

  • The demand for Project Cost Specialists is currently on the rise in Oklahoma, driven by growth in various industries such as construction, engineering, and energy. As companies increasingly look to optimize budgets and improve project efficiency, the role of Project Cost Specialists has become more critical.

  • Growth potential in this sector is significant. In particular, the construction industry is experiencing a resurgence with new infrastructure projects and residential developments, creating more opportunities for specialists who can manage project costs effectively.

  • Key geographical hotspots for Project Cost Specialists in Oklahoma include:

    • Oklahoma City: As the state capital, this area is a hub for governmental and commercial projects that require diligent cost tracking and management.

    • Tulsa: Known for its strong energy sector, particularly in oil and natural gas, Tulsa offers numerous opportunities for project cost management in both traditional and renewable energy projects.

    • Norman and Stillwater: With the presence of universities and educational institutions, there are opportunities in research projects and construction associated with campus development.

  • The increase in federal and state investments in infrastructure is expected to further enhance job openings in this field. Projects related to transportation, water conservation, and public works are particularly noteworthy examples of where cost specialists will be needed to ensure financial resources are managed appropriately.

  • Networking and industry connections through local associations and events can also serve as a beneficial avenue for finding job opportunities. Engaging with local chapters of professional organizations can provide insights into upcoming projects and hiring trends.

  • As businesses continue to navigate through economic changes, the versatility and importance of Project Cost Specialists become more evident, solidifying their place in the evolving job market of Oklahoma.

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 Oklahoma

  • Project Management Institute (PMI)
    The PMI is a leading association for project management professionals. They provide resources, certifications, and guidelines that can enhance your knowledge and skills as a Project Cost Specialist.
    Visit PMI

  • Association for the Advancement of Cost Engineering (AACE International)
    AACE International focuses on cost engineering and project controls. They offer certifications, publications, and a community for professionals in this field.
    Visit AACE International

  • American Institute of CPAs (AICPA)
    AICPA provides resources related to accounting and financial management. Their resources on budgeting and financial management can be beneficial for project cost specialists.
    Visit AICPA

  • Cost Engineering Journal
    Published by AACE International, this journal includes research articles and case studies relevant to cost management and project control.
    Visit Cost Engineering Journal

  • Institute of Management Accountants (IMA)
    The IMA offers resources and certifications focused on management accounting, adding valuable insight into financial decision-making relevant to cost specialists.
    Visit IMA

  • National Association of State Procurement Officials (NASPO)
    NASPO provides guidelines and best practices for cost management in public procurement, useful for specialists working in government sectors.
    Visit NASPO

  • Online Learning Platforms
    Consider exploring platforms such as Coursera, LinkedIn Learning, and Udemy. Each offers courses on project management, cost estimation, and financial analysis that fit various skill levels.

  • Books on Cost Management
    Look for books such as:

    • "Project Cost Estimating: A Practical Guide to Cost Estimation" by David M. R. McCarthy
    • "Cost Management: A Strategic Emphasis" by Charles T. Horngren

  • Local Universities and Community Colleges
    Institutions in Oklahoma may have specific programs or courses in project management and cost estimation. Research online for offerings at schools like the University of Oklahoma or Oklahoma State University.

  • Networking Groups and Professional Associations
    Engage with local chapters of professional organizations or groups related to project management and cost engineering. These provide networking opportunities, mentorship, and professional development.

By utilizing these resources, you can strengthen your understanding and enhance your career as a Project Cost Specialist in Oklahoma.

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

  • What does a Project Cost Specialist do?
    A Project Cost Specialist analyzes and manages the financial aspects of projects, ensuring they stay within budget. This includes estimating costs, developing budgets, and monitoring expenses throughout the project lifecycle.

  • What skills are essential for a Project Cost Specialist?
    Key skills include strong analytical abilities, proficiency in project management software, excellent communication skills, attention to detail, and a solid understanding of budgeting and financial analysis.

  • What educational background is required for this career?
    Typically, a bachelor's degree in finance, accounting, business administration, or a related field is required. Some positions may also prefer candidates with a master's degree or relevant certifications.

  • Is prior experience necessary for a Project Cost Specialist?
    Yes, most employers prefer candidates with at least 2-5 years of experience in financial analysis, project management, or a related area. Internships can also be beneficial in gaining relevant experience.

  • What certifications can enhance my career as a Project Cost Specialist?
    Certifications such as the Project Management Professional (PMP), Certified Project Management Analyst (CPMA), or Earned Value Professional (EVP) can enhance your credentials and potentially lead to better job opportunities.

  • What industries employ Project Cost Specialists?
    Project Cost Specialists are employed across various industries, including construction, engineering, manufacturing, and information technology, where managing project costs is essential.

  • What is the typical salary range for a Project Cost Specialist in Oklahoma?
    Salaries can vary based on experience and industry, but as of October 2023, the typical salary range is between $60,000 to $90,000 per year, with potential for higher earnings in senior roles or specialized projects.

  • What are the job prospects for Project Cost Specialists in Oklahoma?
    Job prospects are steady, particularly in industries like construction and energy, where project management and cost control are fundamental. Continued economic development in Oklahoma also supports demand for skilled professionals in this field.

  • How can I advance my career as a Project Cost Specialist?
    Advancing in your career can involve gaining additional certifications, expanding your skill set in project management, taking on leadership roles, or transitioning into related areas such as project management or financial planning.

  • What tools and software should I be familiar with as a Project Cost Specialist?
    Familiarity with project management software tools like Microsoft Project, Primavera, or specialized budgeting software such as Oracle P6 or CostOS can be highly beneficial. Proficiency in Excel is also essential for financial analysis and reporting.

  • What challenges does a Project Cost Specialist face?
    Common challenges include unexpected project changes leading to cost overruns, difficulties in data collection and analysis, and the need to balance stakeholder expectations with budget constraints. Effective communication and problem-solving skills are vital to navigate these issues.