As of May 18, 2021, the average salary for a Cost Engineer V in the United States is $155,325 per year, which breaks down to an hourly rate of $75.
However, a Cost Engineer V's salary can vary significantly. Here’s a look at the typical salary range:
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A Cost Engineer V'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 V'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 III | 4-7 years | $108,651 |
| Cost Engineer IV | 7+ years | $131,817 |
| Cost Engineer V | 7-10 years | $155,325 |
| Project Cost Control Team Leader | 10+ years | $116,109 |
| Project Controls Manager | 10+ years | $151,885 |
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 Vs. 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 |
|---|---|---|
|
Construction Management
|
$161,538 |
4%
|
|
Attention to Detail
|
$159,985 |
3%
|
|
Scheduling
|
$159,985 |
3%
|
|
Communication Skills
|
$159,985 |
3%
|
|
Time Management
|
$158,432 |
2%
|
|
Project Management
|
$156,878 |
1%
|
Your level of education can impact your salary potential. While many Cost Engineer Vs 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 V with a Bachelor's Degree is between $145,008 and $155,353).
Cost Engineer V Salaries by Degree Level
| Degree Level | % of user with this level of education |
|---|---|
| No Diploma | 6.1% |
| High School | 6.1% |
| Associates | 6.1% |
| Bachelors | 50.0% |
| Masters | 37.9% |
| Doctorate | 0.0% |
Understanding how a Cost Engineer V'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 V, 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 | -15% |
| Manufacturing Project Management Manager | $133,852 | -14% |
| Engineering Program Manager VI | $199,650 | 29% |
| Project Management Supervisor | $109,880 | -29% |
Salaries for a Cost Engineer V can change over time, reflecting shifts in market demand and the overall economy. The median salary decreased from $149,568 in 2023 to around $143,514 in 2025, reflecting changes in demand, location, experience, and the wider economy. For a detailed analysis of Cost Engineer V salary trends, .
| Year | Average Annual Salary |
|---|---|
| 2022 |
View More
|
| 2023 | $149,568 |
| 2024 | $146,307 |
| 2025 | $143,514 |
| 2026 |
View More
|
| 2027 |
View More
|
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Compensation PlanningHere are companies hiring for Cost Engineer V and their salaries, click below for more details.
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A Cost Engineer V'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 V earns the most in San Jose, CA, where the annual salary of a Cost Engineer V is $195,911.
The highest pay for Cost Engineer V is $164,619.
The lowest pay for Cost Engineer V is $140,500.
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. Works autonomously. Goals are generally communicated in "solution" or project goal terms. May provide a leadership role for the work group through knowledge in the area of specialization. Works on advanced, complex technical projects or business issues requiring state of the art technical or industry knowledge. Typically requires 10+ 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.)
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