Career
Cost Engineer
Preconstruction & Estimating
Tracks and forecasts a project's cost all the way through construction, not just at the bid, the estimator's counterpart for the life of the job rather than just its start.
What is a Cost Engineer?
A Cost Engineer applies cost estimating, cost control, and forecasting methods across a project's full lifecycle, not just the initial bid an Estimator produces, but ongoing tracking of actual costs against budget, forecasting cost at completion, and analyzing the cost impact of changes as the project proceeds. The discipline is formalized by AACE International, which offers the field's dedicated Certified Cost Professional (CCP) credential.
What they do
- Develop and maintain detailed cost estimates and budgets across a project's phases
- Track actual costs against budget and forecast cost at completion using methods like earned value management
- Analyze the cost impact of design changes, schedule delays, and scope changes
- Support risk analysis by quantifying the cost exposure of identified project risks
- Benchmark project costs against historical data to improve future estimates
- Report cost status and variance to project leadership and, on owner-side roles, to the owner directly
A typical day
- 8:00 AMUpdate the project cost forecast with the previous week's actual costs
- 9:30 AMAnalyze the cost impact of a proposed design change for the project team
- 11:00 AMReview earned value metrics to check whether the project is trending over or under budget
- 1:30 PMPresent a cost status update to the project manager and ownership
- 3:30 PMBenchmark a recently bid scope against historical unit costs to sanity-check the numbers
Skills
Cost estimating and forecastingEarned value management and cost control methodsRisk analysisAdvanced spreadsheet and cost-management software proficiencyCommunicating financial status clearly to non-financial stakeholders
Software
BluebeamCost management and scheduling software (e.g. Primavera P6)
Education
- Required:
- High school diploma or equivalent
- Preferred:
- Bachelor's degree in construction management, civil engineering, or a related field
- Helpful:
- Certified Cost Professional (CCP) credential from AACE International
- Not necessary:
- A specific cost engineering degree; many cost engineers move into the role from estimating or project engineering
Career progression
- 1.Estimator or Project Engineer
- 2.Cost Engineer
- 3.Senior Cost Engineer
- 4.Cost Manager or Director of Cost Engineering
Who hires for this role
General ContractorsConstruction Management FirmsOwners on large capital programs
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