Costing Engineer

Job Title: Senior Costing Analyst / Costing Manager

Location: Gurgaon
Department: Finance / Costing
Experience Required: 7 to 8 Years
Educational Qualification: B.Tech (Mechanical / Automobile / Industrial Engineering)
Preferred Qualification: ICWA/CMA/MBA (Finance) is an added advantage.
Job Summary:
We are seeking a highly skilled Senior Costing Analyst / Costing Manager to oversee cost analysis, cost control, and cost optimization within our automobile manufacturing operations. The role involves conducting product costing, budgeting, variance analysis, and financial reporting to improve cost efficiency and enhance profitability. The ideal candidate should have in-depth knowledge of automotive components, Bill of Materials (BOM), manufacturing processes, and cost accounting standards.

Key Responsibilities:
1. Product Costing & Analysis:

• Prepare detailed cost estimates for automotive components, sub-assemblies, and final products.
• Conduct cost breakdown analysis, considering raw materials, labor, overheads, machine hours, and tooling costs.
• Develop and maintain cost models and databases for accurate cost forecasting.
• Work closely with R&D, Production, and Procurement teams to validate cost structures for new and existing products.
• Analyse design changes and engineering modifications to determine cost impact.

2. Cost Optimization & Reduction:

• Identify cost-saving opportunities in materials, production processes, supply chain, and logistics.
• Conduct make vs. buy analysis to determine whether to manufacture or outsource components.
• Implement lean manufacturing and value engineering principles to reduce production costs.
• Monitor key cost drivers and recommend process improvements to enhance cost efficiency.
• Support Kaizen, Six Sigma, and continuous improvement initiatives to optimize costs.

3. Budgeting, Forecasting & Financial Reporting:

• Assist in annual budget preparation, cost allocation, and financial planning.
• Prepare variance analysis reports (Planned vs. Actual Costs) and provide recommendations.
• Conduct profitability analysis for different product lines, customer segments, and plant locations.
• Prepare Management Information System (MIS) reports on product costs, operational expenses, and cost trends.
• Work with finance teams to ensure cost control measures align with company financial goals.

4. Cost Control & Standardization:

• Establish cost control policies and ensure compliance with industry standards.
• Develop and implement standard costing systems for automotive parts and processes.
• Conduct periodic cost audits to validate actual vs. standard costs.
• Benchmark company cost structures against industry best practices to maintain competitiveness.

5. Vendor & Supplier Cost Evaluation:

• Evaluate supplier quotations, cost structures, and material pricing trends.
• Work closely with procurement teams to negotiate optimal pricing from vendors.
• Conduct should-cost analysis for raw materials and outsourced components.
• Assess tooling, machine, and capital investment costs for vendor selection and contract finalization.
• Track fluctuations in commodity prices (steel, aluminum, plastics, etc.) and assess their impact on product costs.

6. Process Improvement & Data Analysis:

• Implement ERP/SAP systems for cost tracking and data analytics.
• Automate costing workflows to improve accuracy and reduce manual errors.
• Use data analytics and business intelligence tools to monitor cost trends.
• Collaborate with IT teams to enhance costing software and system efficiency.

Required Skills & Competencies:

• Strong understanding of automobile manufacturing cost structures (Direct & Indirect Costs).
• Expertise in cost accounting, standard costing, and activity-based costing (ABC).
• Proficiency in SAP ,ERP systems, and advanced MS Excel.
• Knowledge of BOM structures, cost drivers, and manufacturing processes.
• Experience in financial modeling, budgeting, and forecasting techniques.
• Strong analytical and problem-solving skills for cost reduction and process improvement.
• Ability to work collaboratively with cross-functional teams (Finance, R&D, Procurement, Production).
• Excellent communication and negotiation skills for vendor cost discussions.
• Ability to handle multiple projects simultaneously and work under tight deadlines.

Preferred Qualifications:

• B.Tech in Mechanical, Automobile, or Industrial Engineering (Mandatory).
• ICWA / CMA / MBA (Finance or Cost Management) is highly preferred.
• Prior experience in an automobile manufacturing company is highly desirable.
• Certification in Lean Manufacturing, Six Sigma, or Cost Optimization is a plus.