Specialist - Cost Control

Job description

**This position is listed on behalf of a partner company, which manages all applications and next steps. Our partner is looking for a Specialist – Cost Control based in Chennai, India.** As a Specialist in Cost Control, you will play a key role in managing project budgets, financial forecasts, and cost performance across complex engineering projects. You will monitor project expenditures, analyze financial variances, and provide actionable insights to support informed business decisions. Working closely with project management, engineering, and procurement teams, you will help ensure that costs remain aligned with project schedules, budgets, and delivery objectives. You will take ownership of cost forecasting, estimate-to-complete (ETC) and estimate-at-completion (EAC) calculations, and management reporting. The role also involves identifying financial risks, improving cost control processes, and supporting accurate month-end reporting. This is an opportunity to contribute your analytical expertise in a collaborative, fast-paced, and internationally connected engineering environment. ### Accountabilities: - **Project Cost Control and Monitoring:** Manage project cost control activities, track expenditures, monitor financial performance, and implement appropriate control measures to ensure projects remain within approved budgets. - **Budgeting and Forecasting:** Establish and maintain project control budgets, prepare cost forecasts, and take ownership of ETC and EAC estimates, including accurate forecast phasing throughout the project lifecycle. - **Variance Analysis:** Analyze differences between planned and actual costs, identify root causes, assess financial impacts, and recommend corrective actions to improve project performance. - **Engineering Hours and Productivity Monitoring:** Track engineering hours, measure work progress and productivity, and evaluate performance against project baselines and planned deliverables. - **Schedule and Cost Alignment:** Coordinate cost forecasts with project schedules, ensuring that financial projections accurately reflect project progress, resource requirements, and anticipated completion dates. - **Financial Reporting:** Prepare cost and revenue management reports, internal financial reports, project cost analyses, and other performance updates to support management decisions and maintain financial transparency. - **Month-End Closing and Accruals:** Support month-end financial closing activities, prepare and review accruals, validate cost records, and ensure the timely and accurate reporting of project financial information. - **Invoicing and Procurement Management:** Support project invoicing, monitor procurement-related costs, track financial commitments, and help ensure that project expenditure is accurately recorded and controlled. - **Change Management:** Assess the financial implications of project changes, update budgets and forecasts accordingly, and communicate potential cost impacts to relevant stakeholders. - **Process Improvement:** Identify opportunities to streamline cost control workflows, strengthen reporting accuracy, and improve the efficiency of project controls processes through continuous improvement initiatives. - **Stakeholder Collaboration:** Work closely with engineering, project management, finance, procurement, and other internal and external stakeholders to resolve cost-related issues and maintain alignment on project objectives. - **Compliance and Financial Accuracy:** Apply relevant accounting principles, including IFRS and GAAP where applicable, and follow established financial procedures, reporting standards, and project control practices. ## Requirements: - **Professional Experience:** 6–8 years of experience in cost control, cost engineering, or project controls, preferably within engineering, construction, or EPC (Engineering, Procurement, and Construction) projects. - **Educational Background:** An engineering background is required, supported by relevant technical knowledge and experience in project cost management. - **Cost Control Expertise:** Strong understanding of cost control techniques, project budgeting, forecasting, cost monitoring, financial analysis, and project performance measurement. - **Budgeting and Forecasting Skills:** Demonstrated experience independently establishing and maintaining control budgets, preparing ETC and EAC estimates, managing forecast phasing, and aligning cost projections with project schedules. - **Variance and Performance Analysis:** Ability to investigate cost variances, explain their causes and financial implications, and develop practical corrective action plans. - **Financial Reporting and Accounting:** Experience with management reporting, cost and revenue analysis, invoicing, month-end closing, and accrual preparation. Knowledge of IFRS and GAAP accounting principles is desirable. - **Software Proficiency:** Strong proficiency in Microsoft Office, particularly advanced Microsoft Excel. Familiarity with SAP and/or Microsoft Dynamics 365 is expected or advantageous. - **Data Analysis and Visualization:** Experience with Excel-based reporting and data analysis is essential. Knowledge of Power Pivot and Power BI is an advantage. - **Project Controls and Engineering Knowledge:** Understanding of engineering hours, productivity monitoring, project progress measurement, procurement management, and project control methodologies. Previous experience with detailed engineering and EPC projects is an advantage. - **Change and Process Management:** Experience managing project changes, updating cost forecasts, improving workflows, and implementing process improvements. - **Analytical Skills and Attention to Detail:** Strong numerical, analytical, and problem-solving abilities, with a high degree of accuracy and attention to detail when handling financial data. - **Communication and Collaboration:** Excellent written and verbal communication skills, with the ability to build effective working relationships with internal teams and external stakeholders. - **Organization and Time Management:** Ability to manage multiple priorities, work under pressure, meet tight deadlines, and maintain accuracy in a fast-paced project environment. - **Ownership and Initiative:** A proactive, self-motivated approach, with the ability to work independently, take responsibility for deliverables, and contribute positively to team objectives. ## Benefits: - **Work-Life Balance:** Access to family-friendly benefits, supportive leave policies, and flexible working arrangements where applicable. - **Flexible Work Options:** Remote working opportunities and flexible scheduling may be available depending on project and business requirements; this role is listed in Chennai, India. - **Inclusive Work Environment:** Join a collaborative workplace that values diversity, respect, inclusion, and different perspectives. - **Professional Development:** Opportunities to strengthen expertise in cost engineering, project controls, financial reporting, and process improvement. - **Global Collaboration:** Work with multidisciplinary teams supporting engineering and technology projects across international markets. - **Meaningful Project Contributions:** Help deliver complex engineering solutions through effective financial planning, cost management, and performance monitoring. - **Employee Support:** Work in an environment that emphasizes employee well-being, integrity, safety, and teamwork. - **Continuous Improvement Culture:** Contribute ideas and initiatives that improve operational efficiency, financial accuracy, and project delivery.