Cost estimators roughly calculate how a product or service will be manufactured, constructed, managed and priced. Nearly every endeavor to launch a new invention or program needs someone to estimate what it will cost and analyze the reasons why, says Joe Wagner, publications director of the International Cost Estimating and Analysis Association. "You may estimate or analyze the costs of cars, aircraft, ships, software systems, bridges, electronics, manufacturing facilities, satellites, government programs, etc.," he says. "You also may analyze what something is already costing, or why it is costing more or less than previously estimated." Many cost estimators work in nonresidential building construction or for building equipment contractors. Unlike financial analysts, cost estimators don’t directly counsel businesses and individuals on making investment decisions. They collect and analyze data to estimate the time, resources and labor required for product manufacturing or construction projects.

The Bureau of Labor Statistics projects -2.8% employment growth for cost estimators between 2022 and 2032. In that period, an estimated 6,500 jobs will be lost.

Cost estimators typically need a bachelor’s degree, though this isn’t always the case. Prospective cost estimators would want a bachelor’s degree in construction management or building science, as well as related work experience in accounting, finance, business or economics. Job seekers interested in estimating manufacturing costs should pursue degrees in engineering, physical sciences, mathematics or statistics. Shadowing a veteran cost estimator and on-the-job training are good ways to gain experience in the field. Hands-on experience is particularly important, as it gives applicants the chance to see and learn how the company handles estimates firsthand.