Posted by Cost Analyst Job Description
Use this example for a cost analyst job description to inform people about open positions at your company. However, make sure to change the requirements and tasks based on what the job you’re looking for needs.
What is a cost analyst?
A cost analyst looks at how much a company spends and makes reports for the people in charge. Therefore, cost analysts are often employed in manufacturing, where they check the cost of manufacturing.
Cost specialist and also cost accountant are both names for the same kind of job.
What does a cost analyst do?
The main job of a cost analyst is to collect and evaluate financial data (e.g., inventory purchases, labor costs) to find inefficiencies. They might figure out how much it costs to make something and keep track of how regular prices change (e.g., due to new products and processes).
Cost analyst responsibilities include:
- Collecting and analyzing financial data
- Estimating costs as well as comparing budgets with actual expenses
- Monitoring costs after significant changes in products or processes
Job Brief
We need a cost analyst to help us audit our spending and also find ways to cut costs in our business.
You’ll be the go-to person for cost research and make reports in order to help management make better decisions. To do this job well, you should know much about data and financial analysis and also pay close attention to the little things.
Ultimately, your job will be an important part of our efforts to make money and run a successful business.
Responsibilities
- Gather and analyze financial data
- Determine standard costs and investigate variances with actual costs
- Prepare detailed reports, both periodically and ad-hoc
- Help management make important decisions based on costs and benefits (e.g., investments, market growth, pricing changes)
- Create and manage budgets, and monitor spending
- Conduct audits on financial processes and transactions
- Monitor changes in processes or methods to calculate effects on overall costs
- Estimate product costs for existing and new products
- Forecast and analyze costs of processes, labor, and inventory
- Suggest cost-reducing or profitable solutions
- Conduct market research to support future business planning
Skills and Requirements
- Proven experience as a cost analyst, cost specialist, or similar role
- Experience in data, operational and financial analysis
- Knowledge of accounting processes and software
- Strong analytical skills
- A business acumen
- Great attention to detail
- Good communication aptitude
- Degree in Finance, Accounting, or similar field; Certified Public Accountant (CPA) preferred
Salary Range
The average monthly salary for Cost Analyst jobs in Malaysia ranges from RM 3,400 to RM 4,700.
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