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Online Master’s Degree in Cost Estimating and Analysis

Cost estimators play an important role in fields like construction and manufacturing by collecting data and studying the parameters of projects to determine how much time and labor are needed for a project. They also determine what resources are required to complete a project, and how much money an entire project will cost. Cost estimators are problem-solvers, and are often required to brainstorm different ways to keep projects under budget. The best online masters degree programs prepare students to become cost estimators by having them take classes that hone their mathematical and technical skills.

A master degree in cost estimating and analysis can typically be completed in two to three years. Many programs are designed for individuals who are currently working and can only attend classes on a part-time basis. Though it is not necessary to have a background in construction or a related field prior to graduating, acquiring some experience will improve both acceptance at universities and job projects.

Classes for an Online Masters Degree in Cost Estimating and Analysis

To earn a masters degree in cost estimating and analysis, students must take classes in statistics, finance, budget analysis, and even economics. Some programs also require students to learn how to analyze risks and benefits. Accredited online masters programs will introduce students to the real problems that can arise during projects and they will encourage students to become critical thinkers. Finally, some programs may also require students to take some course work in engineering. Specific examples of possible classes include:

  • Probability and Statistics
  • Applied Cost Analysis
  • Risk Analysis
  • Cost Estimating
  • Systems Engineering

Though it isn’t common for cost estimating masters degree programs to require a thesis project, many programs do require students to complete a capstone project prior to graduating. Capstone projects are designed to give students active, hands-on field experience with cost estimation. At the culmination of the project, students usually write a paper about their work.

A Career as a Graduate with an Online Masters Degree in Cost Estimating and Analysis

Graduates from master’s degree programs in cost estimating and analysis typically go on to work in construction, manufacturing, engineering, or related fields. They become responsible for determining cost-effective approaches to handling projects, and they also are in charge of developing plans for utilizing resources, funds, and labor. The U.S. Bureau of Labor Statistics reports that cost estimators earn an average of $57,860 annually, and that the career is projected to grow faster than the average.

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