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The median salary for cost engineers was higher than
the median salary for all engineers and increased faster
than the rate of inflation in 1993. According to data
compiled by AACE
International, the 1993 median salary for cost
engineers was $60,800. The median salary for all
engineers was $56,600, according to the National Society of
Professional Engineers. Petroleum and nuclear
engineers were at the upper end of the salary range,
while agricultural and manufacturing engineers were at
the lower end. The salaries of cost engineers increased
just over 4 percent while the overall inflation rate in
1993 was 3 percent. In addition, employment for cost
engineers grew faster than employment in the overall
economy.
AACE's 1993 survey indicates that job performance and
job responsibilities are the most important factors in
determining salary. Other important factors include
education, years of experience, and professional
certification.
Cost engineers with a Ph.D. earn $9,000 to $15,000
more than those with a bachelor's degree. Cost engineers
with a master's degree earn $6,000 to $10,000 more than
those with a bachelor's degree.
Salaries are also influenced by years of experience.
On average, cost engineers earn $1,000 to $2,000 more for
each year of experience.
Professional certification also plays an important
role in cost engineer's salaries. Being a registered
professional engineer (PE) earns a $6,000 to $7,000
premium over other cost engineers who are not PEs. A
certified cost engineer (CCE) or certified cost
consultant (CCC) earns a $1,500 premium over the average
salary for someone who is not certified.
For more information on jobs in the field of cost
estimating, check out the cost
estimating jobs page.
source: "Cost Engineering Salaries Growing,"
Frederick P. Biery, Cost Engineering, Vol. 37/No. 5, May
1995
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