As of May 18, 2021, the average salary for a Cost Engineer III in the United States is $108,651 per year, which breaks down to an hourly rate of $52.
However, a Cost Engineer III's salary can vary significantly. Here’s a look at the typical salary range:
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A Cost Engineer III's salary isn't a fixed number. It's shaped by several important factors. Below, we'll explore how your years of experience, geographic location, education and company size can directly affect your earning potential.
Experience is a primary driver of a Cost Engineer III's salary. As you build your skills and take on more complex tasks, your compensation generally increases. Here's how the average salary grows at different career stages:
| Job Role | Years of Experience | Average Salary |
|---|---|---|
| Cost Engineer I | 0-2 years | $70,713 |
| Cost Engineer II | 2-4 years | $86,408 |
| Cost Engineer III | 4-7 years | $108,651 |
| Cost Engineer IV | 7+ years | $131,817 |
| Cost Engineer V | 7-10 years | $155,325 |
What Am I Worth?
Your salary can change significantly depending on where you work. States with a higher cost of living and strong industrial sectors often pay more to attract Cost Engineer IIIs. For example, consider the average annual salaries in these key locations:
Demanded Skills for the Role:
| Skills | Demand Percentage |
|---|---|
| Analysis | 8.58% |
| Construction Accounting | 2.97% |
| KPI | 1.98% |
| Skill | Salary | Salary % Increase |
|---|---|---|
|
Presentation
|
$116,257 |
7%
|
|
Value Engineering
|
$112,997 |
4%
|
|
Communication Skills
|
$112,997 |
4%
|
|
Project Control
|
$112,997 |
4%
|
|
Planning
|
$111,911 |
3%
|
|
Scheduling
|
$111,911 |
3%
|
Your level of education can impact your salary potential. While many Cost Engineer IIIs enter the field with a Bachelor's Degree degree, higher education can lead to more specialized and higher-paying roles.
According to our 100% employer-reported salary data, the median salary for a Cost Engineer III with a Bachelor's Degree is between $101,104 and $108,058).
Cost Engineer III Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 2.8% |
| High School | 8.3% |
| Associates | 5.6% |
| Bachelors | 58.3% |
| Masters | 25.0% |
| Doctorate | 0.0% |
Understanding how a Cost Engineer III's annual salary breaks down can help with budgeting. Below, you can see the average hourly rate, weekly pay, and monthly pay for this role. Use the buttons to switch between different pay periods.
Last Updated on May 18, 2021Promotions are the fastest way to increase your earnings. As a Cost Engineer III, you have the following paths for advancement. The table below compares the salary raises for common next-step roles. By comparing these figures, you can choose the career path that best meets your financial goals.
| Next Step Role | Estimate Salary | Projected Raise |
|---|---|---|
| EHR Project Manager, Sr. | $131,804 | 21% |
| Manufacturing Project Manager IV | $129,889 | 20% |
| Engineering Program Manager IV | $129,889 | 20% |
| Project Manager IV | $130,601 | 20% |
Salaries for a Cost Engineer III can change over time, reflecting shifts in market demand and the overall economy. The median salary decreased from $102,736 in 2023 to around $101,849 in 2025, reflecting changes in demand, location, experience, and the wider economy. For a detailed analysis of Cost Engineer III salary trends, .
| Year | Average Annual Salary |
|---|---|
| 2022 |
View More
|
| 2023 | $102,736 |
| 2024 | $102,515 |
| 2025 | $101,849 |
| 2026 |
View More
|
| 2027 |
View More
|
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A Cost Engineer III's earning potential can vary widely depending on several factors, including location, industry, experience, education, and the specific employer. According to the latest salary data by Salary.com, a Cost Engineer III earns the most in San Jose, CA, where the annual salary of a Cost Engineer III is $137,042.
The highest pay for Cost Engineer III is $126,577.
The lowest pay for Cost Engineer III is $85,517.
Develops and implements cost control procedures, documents, and tools to support and enhance project budget management. Collects and coordinates procurement and other cost information used to develop cost forecasting, cost control strategies, and project risk analysis. Performs data analysis to identify project trends and budget deviations and highlight cost underruns and overruns. Has extensive technical knowledge of processes and materials specific to the type of project. Experienced with the cost-estimating methods best suited to the nature of the project. Requires a bachelor's degree. Typically reports to a supervisor or manager. Work is generally independent and collaborative in nature. Contributes to moderately complex aspects of a project. Typically requires 4-7 years of related experience.
Salary.com provides salary estimates, histograms, trends, and comparisons using data from employer job postings and third-party sources.
We offer detailed salary information across multiple percentiles for your reference. (Click here to learn Why the Salary Midpoint Formula Is Crucial for Achieving Pay Equity.)
With the most extensive online, real-time compensation data available, Salary.com helps you pinpoint your exact pay target.
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