A Cost Manager is a fundamental part of the construction team. Also known as a Quantity Surveyor, Cost Managers are involved in all aspects of construction. From the capital expenditure phase of a building or development to the extension, refurbishment, maintenance and demolition of a building or development.
Cost Managers are required across all sectors in construction, including residential, commercial, industrial and retail and in infrastructure sectors such as roads, railways, utilities and coastal defences. They must possess a good understanding of every aspect of construction across the entire life cycle of a development to ensure they can effectively manage cost, quality and value to meet client needs.
Work roles can range from a consultant in private practice to working for a housing developer or in the development arm of a big organisation, such as retail or utility companies. Cost Managers are also employed in the public sector.
What roles do Cost Managers perform?
Cost Managers play a varied and important role in the construction team, including:
- Preparing feasibility studies or development appraisals
- Reviewing capital expenditure over the lifecycle of a development
- Advising on procuring and budgets
- Managing and analysing risk
- Managing procurement and tendering
- Controlling the cost of construction
- Managing the commercial success of a project
- Undertaking value management and engineering exercises
What qualifications and skills does a Cost Manager need?
Responsible for preparing cost estimates and tenders, monitoring finances across an entire project and foreseeing and highlighting potential cost risks, Cost Managers typically require the following qualifications and skills:
- HND/degree in Quantity Surveying or equivalent qualification
- Experience within the construction industry
- Familiarity with NEC forms of contract
- Experience of commercial management and procurement of subcontractors
- Ability to report, conduct earned value analysis and estimation and cost analysis
- Excellent communication, numeric and computer literacy skills
- Ability to use spreadsheets to interpret and analyse financial data
- Good organisation and time management skills
Salary expectations for a Cost Manager
The salary a Cost Manager can expect will vary depending on the employer and also the location of the position. As expected, the average salary for a Cost Manager in London is the highest at £57,969 per year, followed by £48,981 in Manchester and £46,885 in Birmingham. The average salary for a Cost Manager for the whole of the UK is £48,600 per year.
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