Estimating engineers are involved in providing analytical reviews on various corporate level projects and aide the senior management to take crucial operational decisions on existing and upcoming projects. They have to estimate the overall impact of the project on the organization and make sure that the amount of finance included in that particular project reaps profit for the company.
Estimating engineers are involved in projecting the estimated cost of upcoming projects in the company. Budget management is an important aspect of the survival of an organization, and estimating engineers aide the operational activities of the organization by evaluating the exact expenditure a company requires to invest. They evaluate the current market scenario and determine if the company will be profitable by investing in certain markets, or by bidding for a particular contract. They also determine the profit value involved if the company invests in a new endeavor.
Estimating engineers are also referred to as cost estimators, as their basic job responsibilities require them to estimate the cost involved in various investments. The basic job responsibilities of all estimating engineers is similar, and it does not depend on the type of industries they prefer to work in. Other roles and responsibilities may vary accordingly, depending on the type and magnitude of the project.
The key responsibilities of an estimating engineer comprise:
Qualification requirement for the position of estimating engineers varies depending on the industrial specifications, though the basic requirement is bachelor's degree in engineering field. The engineering specifications (civil / mechanical / electronics / computers) determine their specific areas of specialty.
For example, construction industries hire the professionals with degree in construction management, architecture, etc., while the manufacturing firm hires the individuals with a degree in physical sciences, operations research, or statistics.
Apart from various distinctions in qualification, an estimating engineer is required to have an understanding of costing and accounting, as he has to deal with analyzing the data for cost management. He must also possess basic computer knowledge for running the data analysis in automated software systems. A working knowledge of MS Office (Word / Excel), and Adobe softwares is preferred.
Also, if one wishes to take additional certificate course for obtaining better prospects in this field, one can take up the courses offered by various accredited universities. For obtaining the certification degree, one needs to have a relevant work experience for approximately 2 to 8 years in the field of estimating engineering.
In some cases, additional publication papers with minimum one article are also required for completing the certification course.
Along with this, one should also possess certain work related skills which are necessary for obtaining better position in this field. Skills requirements comprise strong oral and verbal communication skills for preparing reports and carrying out negotiations, strong analytical skills for preparing accurate estimation reports, and multitasking abilities for meeting the scheduled deadline. Apart from this, one should also have leadership and management skills and effective time management skills.
The average salary range for an entry level estimating engineer starts with around $40,000 annually. The salary range for an experienced professional falls in the range of $70,000 to $100,000 per year.
The growth prospects of estimating engineers are bound to rise in the near future, providing increasing job opportunities for aspirants in this field. If you wish to start your career in this profile, knowing about the roles and responsibilities of an estimating engineer will prove beneficial for you.