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Cost Analyst Job Description

How to Hire a Cost Analyst

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Cost Analyst Job Description

We are recruiting for an analytical Cost Analyst to join our finance team. As Cost Analyst you will be responsible for preparing statements and reports, overseeing audit files, attending meetings to provide financial feedback, and training employees in cost management methods.

To succeed as a Cost Analyst, you will possess an in-depth knowledge of accounting and cost-management systems, as well as basic computer software. The successful candidate will also be an excellent communicator, with superb presentation and problem-solving skills.

Cost Analyst Duties and Responsibilities

  • 3 – 5 years’ proven experience as an analyst in supply chain or finance.
  • Excellent analytical, mathematical, and problem-solving abilities.
  • Superb communication and presentation skills.
  • Aptitude to succeed in a stressful and deadline-oriented environment.
  • Solid understanding of Information Systems and MS Excel.
  • Bachelor’s degree in Finance, Business or relevant field.

Cost Analyst Skills and Requirements

  • Recommend changes in operating procedures to improve efficiencies in payment and procurement processes.
  • Offer analytical support for departmental projects.
  • Coordinate with management to ensure cost forecasting reports are consistently chequed.
  • Monitor and document actual and estimate reports.
  • Keep up to date on project budgets and project spending.
  • Examine data to help with reducing cost in all operations.
  • Analyse the market and identify opportunities for growth and potential risks.
  • Contribute in developing yearly operation plans, budgets, and estimating new product costs, including economic analysis.
  • Give suggestions for money-saving strategies.
  • 3 – 5 years’ proven experience as an analyst in supply chain or finance.
  • Excellent analytical, mathematical, and problem-solving abilities.
  • Superb communication and presentation skills.
  • Aptitude to succeed in a stressful and deadline-oriented environment.
  • Solid understanding of Information Systems and MS Excel.
  • Bachelor’s degree in Finance, Business or relevant field.

Personalising Your Cost Analyst Job Description Advise

The hiring process and recruiting new employees to fill your key roles requires a degree of personalisation if you are to attract the best employees in a competitive employment market. The right person for a crucial role or more senior roles will likely have other employers targeting them. As your job description will be the first point of contact, you need to nail your pitch and provide the best possible service.

When creating your bespoke description and advert, you should cover and promote these points:

Job title: This should accurately reflect the role and include keywords that top talent might be using to search for jobs.

Job duties: The day to day duties, such as administrative tasks, which vary depending on the company and inform the candidate if they can complete the role.

Technical skills: These are the hard skills required through training, such as proficiency with Microsoft Office.

Soft skills: These include the interpersonal skills and general abilities the right candidates will possess. For example, the competency to prioritise multiple tasks, handle customer queries and customer complaints, work alone, or build a good relationship with coworkers.

The company’s culture: Highlighting your company culture and values ensures employees thrive and find outstanding job satisfaction. Candidates that are not the right fit won’t waste their time completing the application process, meaning you can focus on qualified individuals and hire in a more timely manner.

Career progression: Including the career path will entice candidates looking for career growth. 

Training and development programs: Smaller companies may need employees with previous experience or provide educational assistance over internal training offered by larger organisations with more significant resources. 

Employee benefits: Compensation and benefits often fail to appear in job ads and while you may want to hold your cards close to your chest, failing to include them is a mistake. Consider answering common questions, such as working hours and paid leave. Researching the average salary for the role in these early stages will ensure you don’t waste your interviewer’s and the candidate’s time.

Skill gaps: Your company may need to bring in new skills beyond those required to complete the key role and duties. Thinking on an organisational level can be beneficial when contemplating skills diversity.

Legal requirements: Ensure your job advert and description does not ask for inappropriate or discriminatory personal details, such as age, marital status, or religion.


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