Understanding the Preferred Degrees for Cost Engineering Positions

As the demand for cost engineers continues to grow, understanding the academic backgrounds that hiring managers seek has become increasingly important. In a recent survey conducted by SPCEA, we explored the educational qualifications preferred by employers when hiring cost engineers. The results offer valuable insights into the qualifications that are most valued in this profession.

Engineering Degrees: The Dominant Choice

The survey revealed that the vast majority of hiring managers prefer candidates with engineering degrees for cost engineering positions. Specifically, 71% of respondents indicated that an engineering degree is their top choice. This preference underscores the importance of a strong technical foundation in the field of cost engineering. While cost engineering itself is a specialized discipline, it is rare to find degree programs specifically tailored to this niche. As a result, candidates with degrees in electrical, mechanical, industrial, or other engineering disciplines – especially when combined with manufacturing experience – are highly sought after. These degrees provide a solid understanding of the technical aspects of projects, which is crucial for accurate cost estimation and management.

A Multifaceted Approach: “All of the Above”

Coming in second, with 20% of the vote, was the option “All of the Above.” This category likely represents a more diversified skill set, combining technical engineering knowledge with business acumen. Although the limitations of LinkedIn prevented us from exploring this category in greater detail, it is reasonable to assume that many respondents in this group hold engineering degrees alongside advanced business qualifications, such as an MBA. This combination is particularly powerful in the cost engineering field, where understanding both the technical and financial aspects of a project is essential for effective cost control and decision-making.

Finance and Business Degrees

Interestingly, degrees in finance and business (by themselves) were less preferred by hiring managers, with only 8% and 2% of the vote, respectively. While these degrees provide valuable skills in financial analysis and business management, they may lack the technical depth that is often required in cost engineering roles. However, candidates with these qualifications could still be highly competitive, particularly if they possess additional certifications (such as the CPCE®) or experience that complement their financial expertise with technical knowledge.

The Need for Multifaceted Skills

The survey results highlight the need for a multifaceted skill set in the cost engineering profession. While a strong technical background in engineering is clearly valued, there is also recognition of the importance of business and financial skills. As projects become more complex and interdisciplinary, the ability to bridge the gap between technical and financial considerations will likely become increasingly important for cost engineers.

In conclusion, while engineering degrees remain the dominant choice for cost engineering positions, there is growing recognition of the value of combining technical expertise with business acumen. As the field of cost engineering continues to evolve, professionals who can blend these skills will be well-positioned to succeed. SPCEA will continue to explore these trends and share insights to help guide both aspiring cost engineers and hiring managers in this dynamic field.

Written by Jeff Miller, President and Co-Founder of SPCEA
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