Cost estimators held about 212,100 jobs in 2021. The largest employers of cost estimators were as follows:
| Specialty trade contractors | 36% |
| Construction of buildings | 17 |
| Manufacturing | 13 |
| Automotive repair and maintenance | 7 |
| Heavy and civil engineering construction | 5 |
Cost estimators work mostly in office settings, and some estimators visit construction sites and factory assembly lines during the course of their work.
Work Schedules
Most cost estimators work full time, and some work more than 40 hours per week.
Cost estimators typically need a bachelor’s degree to enter the occupation, although workers with several years of experience in construction sometimes qualify in that industry without a degree.
Education
Employers generally prefer to hire candidates who have a bachelor’s degree.
Construction cost estimators typically need a bachelor's degree in a related field, such as construction or engineering. Manufacturing cost estimators typically need a degree in business or finance.
Training
Most cost estimators receive on-the-job training, which may include instruction in cost estimation techniques and software and in building information modeling (BIM), computer-aided design (CAD), or other industry-specific software.
Work Experience in a Related Occupation
Some employers prefer that construction cost estimators, particularly those without a bachelor’s degree, have work experience in the construction industry. Some construction cost estimators become qualified solely through extensive work experience.
Cost estimators typically have an interest in the Persuading, and Organizing interest areas, according to the Holland Code framework. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Persuading or Organizing interest which might fit with a career as a cost estimator, you can take a career test to measure your interests.
Cost estimators should also possess the following specific qualities:
Analytical skills. Accurately evaluating detailed specifications is crucial to a cost estimator’s success. For example, a cost estimator must determine how to minimize costs without sacrificing quality.
Detail oriented. Cost estimators must pay attention to small details because such details may have a large impact on a product’s overall cost.
Technical skills. Detailed knowledge of industry processes, materials, and costs are vital to estimators. In addition, they should be able to use specialized computer programs to calculate equations and handle large databases.
Time-management skills. Because cost estimators often work on fixed deadlines, they must plan their work in advance and work efficiently and accurately.
Writing skills. Cost estimators must be able to write detailed reports. Often, these reports determine whether or not contracts are awarded or products are manufactured.
The median annual wage for cost estimators was $65,170 in May 2021. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $38,880, and the highest 10 percent earned more than $115,690.
In May 2021, the median annual wages for cost estimators in the top industries in which they worked were as follows:
| Heavy and civil engineering construction | $80,510 |
| Construction of buildings | 76,450 |
| Specialty trade contractors | 69,200 |
| Manufacturing | 62,570 |
| Automotive repair and maintenance | 60,420 |
Most cost estimators work full time, and some work more than 40 hours per week.
Employment of cost estimators is projected to decline 2 percent from 2021 to 2031.
Despite declining employment, about 18,500 openings for cost estimators are projected each year, on average, over the decade. All of those openings are expected to result from the need to replace workers who transfer to other occupations or exit the labor force, such as to retire.
Employment
Cost estimation software is improving the productivity of these workers, requiring fewer estimators to do the same amount of work. This will limit employment growth of cost estimators.
However, there will continue to be some demand for these workers because companies need accurate cost projections to ensure that their products and services are profitable.
For more information about cost estimators, visit
American Society of Professional Estimators (ASPE)
Association for the Advancement of Cost Engineering International (AACE International)
International Cost Estimating and Analysis Association (ICEAA)