In business, a cost analyst is a person who analyzes a company's costs, or the use of available resources, and reports such analysis to management for decision-making and control.
Contents
Tasks
Due to a more competitive environment and increasing expenses, companies look to analyze their costs in order to improve their operations and efficiency. Cost analysts may determine certain information useful for such purposes, including:
Additionally, cost analysts may determine the opportunity costs of a specific decision by management.
Industry requirements
The cost analysts require a strong background in cost accounting methods, may gain certification as a Certified Management Accountant (CMA) by taking and passing a series of exams from the Institute of Management Accountants (IMA) or Institute of Cost Accountants of India (ICAI)