Salary, Job Description, How To Become One, and Quiz
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Cost Estimators
Cost Estimators 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.
Table of contents
What they do
Cost Estimators 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.
- Collect historical cost data to estimate costs for current or future products.
- Consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
- Prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
- Analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates.
Typical day
On a daily basis, Cost Estimators analyze blueprints and other documentation to prepare time, cost, materials, and labor estimates. They consult with clients, vendors, personnel in other departments, or construction foremen to discuss and formulate estimates and resolve issues.
- Assess the cost-effectiveness of products, projects, or services, tracking actual costs relative to bids as the project develops.
- 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.
- Set up cost monitoring and reporting systems and procedures.
- Prepare and maintain a directory of suppliers, contractors, and subcontractors.
Other responsibilities
Besides their typical day, Cost Estimators also visit the site and record information about access, drainage and topography, and availability of services such as water and electricity. They may also conduct special studies to develop and establish standard hours and related cost data or to effect cost reduction.
On a weekly to monthly basis, Cost Estimators set up cost monitoring and reporting systems and procedures. They might also prepare estimates used by management for purposes such as planning, organizing, and scheduling work.
In addition, they prepare and maintain a directory of suppliers, contractors, and subcontractors.
Although specific duties may vary, many of them prepare cost and expenditure statements and other necessary documentation at regular intervals for the duration of the project.
To some Cost Estimators, it is also their responsibility to collect historical cost data to estimate costs for current or future products.
What is the job like
Job satisfaction
Is this job meaningful
68% said they were satisfied with their job and 44% said they found their job meaningful.
My name is Kyle McCarney, Junior Estimator at Inflector Environmental Services. I have been lucky to have been a part of the Inflector team since 2015. Close to a year ago, I was given the opportunity to begin my journey as a Junior Estimator.
My typical day
My typical day starts at 5:45 AM. I first get through any and all unaddressed emails. Once that is complete, I then finalize my Tender Closings for the day. I then begin to see what Public Tenders and Private Projects require pricing on our 2-week lookahead. Being a part of the Estimating Team, I have learned that staying ahead is crucial as you can be up to date, then receive multiple requests at any given moment.
The most timely task of my workday is reviewing Tender Packages and quantifying removals for forthcoming work. Pricing Projects can vary anywhere from 15 Minutes to multiple hours depending on the size and complexity of the Project and the reading involved to get a thorough understanding of the Project.
Aside from these daily tasks, another part of my job is communicating with project managers running the projects I have priced and clients who have any questions, who require our services, etc.
Pros
The pros of my job heavily outweigh the cons.
One of the pros my position and job provide me is the ability to collaborate with others. Whether it’s clients, colleagues, sub-trades, communication is vital. I believe I am surrounded by the best of the best when it comes to leadership and mentors. I have always felt that I am in the perfect position for growth and development as they continue to set a fantastic example of teamwork, treat colleagues, and so on.
Cons
The only con I could think of is the little free time I have. However, as a young, working student, that is expected, and I genuinely believe it builds character.
Pros
Suitable for people who like to start and carry out projects.
Suitable for people who value relationships between co-workers and customers and want to work in a friendly non-competitive environment.
This career is perfect for people who love to work indoors.
Very good salary.
Cons
Not suitable for people who like to work with designs.
It is hard to get into this career. A considerable amount of work-related skill, knowledge, or experience is required for this career.
Long working hours (More than 40 hours per week).
How much do they make
Average salary
Average hourly wage
Entry-level Cost Estimators with little to no experience can expect to make anywhere between $40,380 to $51,980 per year or $19 to $25 per hour.
| Salary by experience | Annual | Hourly |
|---|---|---|
| Highest (Top 10%) | $114,360 | $55 |
| Senior (Top 25%) | $88,460 | $43 |
| Median | $66,610 | $32 |
| Junior (Bottom 25%) | $51,980 | $25 |
| No experience (Bottom 10%) | $40,380 | $19 |
This table shows the top 10 highest paying industries for Cost Estimators based on their average annual salary.
| Salary by industry | Annual | Hourly |
|---|---|---|
| Natural Gas Distribution | $94250 | $45.31 |
| Software Publishers | $92480 | $44.46 |
| Communications Equipment Manufacturing | $92370 | $44.41 |
| Waste Treatment and Disposal | $92230 | $44.34 |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities | $90610 | $43.56 |
| Data Processing, Hosting, and Related Services | $90520 | $43.52 |
| Aerospace Product and Parts Manufacturing | $89670 | $43.11 |
| Electric Power Generation, Transmission and Distribution | $89590 | $43.07 |
| Telecommunications | $87890 | $42.25 |
| Couriers and Express Delivery Services | $86440 | $41.56 |
View more salary by industries here.
Where can they work
Where can Cost Estimators work? Here is a table showing the top 10 largest employers of Cost Estimators including the average salary in that industry.
| Employers | Total Employed | Annual Salary | Hourly Wages |
|---|---|---|---|
| Building Equipment Contractors | 28380 | $76800 | $36.92 |
| Nonresidential Building Construction | 20520 | $82480 | $39.66 |
| Foundation, Structure, and Building Exterior Contractors | 17450 | $72320 | $34.77 |
| Building Finishing Contractors | 15990 | $70340 | $33.82 |
| Residential Building Construction | 14480 | $69160 | $33.25 |
| Automotive Repair and Maintenance | 13410 | $62640 | $30.11 |
| Other Specialty Trade Contractors | 10200 | $73750 | $35.46 |
| Fabricated Metal Product Manufacturing | 5680 | $68610 | $32.99 |
| Highway, Street, and Bridge Construction | 5570 | $85260 | $40.99 |
| Merchant Wholesalers, Durable Goods | 5240 | $65680 | $31.58 |
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What is the work day like
Working hours
Working schedule
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Telephone
How often do you have telephone conversations in this job?
Group discussions
How often do you have group discussions in this job?
Public speaking
How often does this job require you to do public speaking?
Level of competition
How much competitive pressure is in this job?
What is the work environment like
Office-style environment
Indoors in an environmentally controlled condition
Warehouse-style environment
Indoors in a non-controlled environmental condition such as a warehouse
Outdoors
Outdoors exposed to all weather conditions
Outdoors – Under Cover
Outdoors but under cover (e.g. structure with roof but no walls)
How to become one
Difficulty to become one
Required level of education
What level of education do you need to perform the job?
Relevant majors
Business/Commerce
Business Administration and Management
Construction Engineering Technology
Materials Engineering
Mechanical Engineering
Construction Engineering
Manufacturing Engineering
Relevant work experience
How much related work experience do you need to get hired for the job?
On The Job Training
How much on the job training do you need to perform the job?
Should you become one
Best personality type for this career
People with this personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Builder personality type likes practical and hands-on work. They prefer working with plants, animals, and real-world materials like wood, tools, and machinery.
People with The Thinker personality likes to work with ideas that require an extensive amount of thinking. They prefer work that requires them to solve problems mentally.
People with The Artist personality likes to work with designs and patterns. They prefer activities that require self-expression and prefer work that can be done without following a clear set of rules.
People with The Helper personality type likes to work with people and in teams. They prefer work that allows them to build relationships with others.
People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.
People with The Organizer personality type likes to follow set procedures and routines. They prefer working with data and details more than with ideas.
You can read more about these career personality types here.
People who are suitable for this job tend to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk-taking and often deal with business.
They also like following set procedures and routines. They like working with data and details more than with ideas.
Take this quiz to see if this is the right career for you.
Work Values
Which values are the most important to a person’s satisfaction for this job?
You are someone who is results oriented. You prefer work that allows you to utilize your skills and abilities while at the same time giving you a sense of accomplishment.
You are someone who values job security, steady employment, and good working conditions. You also prefer work that keeps you busy all the time with something different to do every day.
You are someone who values job advancement and leadership roles. You prefer work that receives recognition for the work you do and jobs that are looked up to by others in the company and your community.
You are someone who likes to provide a service to others. You prefer a work environment where you can work with your co-workers in a friendly non-competitive environment.
You are someone who values a company that stands behind their employees. You prefer a work environment where everyone is treated fairly and is being supported by the company.
You are someone who likes to work on your own and make your own decisions. You prefer work that requires little supervision and are allowed to try out your own ideas.
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