What are the best sources of learning and development for cost engineers?

1 Formal Education

One of the most common ways to start or enhance your cost engineering career is to obtain a formal degree in engineering, project management, or a related field. A bachelor's degree is usually the minimum requirement for entry-level positions, while a master's degree or a doctorate can open up more opportunities for leadership, research, or teaching roles. Formal education can provide you with a solid foundation of technical knowledge, analytical skills, and problem-solving abilities that are essential for cost engineering. Additionally, formal education can expose you to different aspects and applications of cost engineering, such as construction, manufacturing, energy, or transportation.

2 Professional Certification

Another way to demonstrate your competence and credibility as a cost engineer is to pursue a professional certification from a reputable organization. For example, the Association for the Advancement of Cost Engineering (AACE) International offers several certifications for cost engineering professionals, such as Certified Cost Professional (CCP), Certified Cost Technician (CCT), Certified Estimating Professional (CEP), and Certified Forensic Claims Consultant (CFCC). These certifications require you to meet certain criteria of education, experience, and ethics, and to pass a rigorous exam that tests your knowledge and skills in cost engineering. Professional certification can help you stand out from the crowd, increase your earning potential, and expand your network and career opportunities.

3 Online Courses and Webinars

If you want to enhance your skills, update your knowledge, or refresh your concepts in cost engineering, online courses and webinars are a great option. These platforms offer flexibility, convenience, and affordability to access high-quality content and instruction from experts and practitioners in the field. You can select from a range of formats, durations, and levels of difficulty to meet your needs and interests. Examples of online courses and webinars that are relevant for cost engineering include Cost Engineering Fundamentals by Coursera, Project Cost Management by Udemy, Cost Estimating and Risk Analysis by edX, and Cost Engineering for Project Success by AACE International.

4 Books and Journals

Cost engineers can expand their learning and development by reading books and journals that cover the theory, practice, and trends of cost engineering. These books and journals provide in-depth information, insights, and case studies that can enhance one's understanding and application of cost engineering. Cost engineers can seek out books and journals that are specific to their field or related to broader topics such as project management, engineering economics, risk management, or decision analysis. Examples of books and journals useful for cost engineers include Cost Engineering Analysis: A Guide to the Economic Evaluation of Engineering Projects by Kenneth K. Humphreys, Total Cost Management Framework: An Integrated Approach to Portfolio, Program, and Project Management by AACE International, International Journal of Project Management by Elsevier, and Journal of Cost Analysis and Parametrics by Taylor & Francis.

5 Professional Associations and Events

Cost engineers can benefit from professional associations and events that offer opportunities for networking, mentoring, and sharing best practices. By joining local, national, or international associations and events that cater to your industry, sector, or interest, you can connect with other cost engineers, learn from their experiences and challenges, and gain new ideas and innovations in the field. Examples of professional associations and events that are beneficial for cost engineers include AACE International, the International Cost Engineering Council (ICEC), the Society of Cost Estimating and Analysis (SCEA), the Project Management Institute (PMI), and the World Congress on Engineering and Project Management (WCEPM).