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- Tasks: Manage project costs and budgets at London City Airport, ensuring financial control throughout the project lifecycle.
- Company: Join an inclusive employer dedicated to the LGBTQ+ community and innovative airport projects.
- Benefits: Enjoy perks like free parking, discounted medical insurance, gym memberships, and 25 days annual leave.
- Why this job: Be part of a dynamic team, gain valuable experience, and contribute to impactful projects in aviation.
- Qualifications: Degree in Engineering, Finance, or related field; experience in cost control preferred.
- Other info: This entry-level role requires CTC Clearance and offers a chance to work in a vibrant environment.
The predicted salary is between 28800 - 48000 £ per year.
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This job is with London City Airport, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.
A crucial role within the newly formed PMO, responsible for overseeing and managing the financial aspects of all projects at London City Airport, ensuring that costs are controlled and aligned with the budget throughout the project lifecycle.
The Cost Control Engineer will work closely with the project and procurement teams to forecast and manage costs, track actual expenditures, control the cost of change, and manage cost variances.
You will be responsible for implementing cost control processes, identifying opportunities for cost savings, and challenging Project Managers and suppliers on cost estimates.
Project Budgeting And Cost Estimation
- Assist in the preparation of detailed project budgets, ensuring all relevant cost factors are included.
- Work with suppliers, project managers, and engineering teams to develop cost estimates based on project specifications, timelines, and scope.
- Assist in the preparation of tender documents and supplier selection processes to ensure value for money and quality standards are maintained.
- For non-construction projects, this may include budgeting for IT systems, equipment, and operational improvements.
- Work with procurement and contract management teams to ensure that vendor contracts and procurement activities align with cost forecasts.
Cost Monitoring And Tracking
- Monitor actual project costs against the approved budget to ensure spending is within limits.
- Track all project-related expenditures, including labor, materials, equipment, and subcontractor costs.
- Ensure all costs are correctly coded and allocated to the appropriate project tasks or work packages.
- Analyze any variances between actual costs and budgeted costs, identifying the root cause of cost overruns or savings.
- Lead on dispute resolution with contractors and suppliers.
- Provide recommendations to the project team on mitigating cost overruns or leveraging cost savings.
Financial Reporting
- Prepare regular financial reports, including cost performance analysis, budget variances, and cost-to-complete forecasts.
- Generate weekly/monthly cost control reports for internal stakeholders, highlighting any risks or deviations from the budget.
- Provide cash flow forecasts based on project progress and planned expenditures.
Change Order Management
- Track and evaluate the financial impact of change orders and variations, ensuring proper documentation and approval.
- Update the project budget and forecasts to reflect scope changes and provide feedback to the project manager on potential cost impacts.
- Ensure adherence to contract terms, especially concerning cost changes and payment terms.
Risk Management And Mitigation
- Identify potential financial risks related to cost overruns, delays, or scope changes, and propose mitigation strategies.
- Support the project manager in managing contingencies and financial reserves for unforeseen expenses.
- Regularly review the project cost plan to ensure risks are managed effectively.
Education & Training
- Degree in Engineering, Quantity Surveying, Finance, or a related field.
- Professional certification (e.g., CCP, PMP, or equivalent).
- Experience in cost control, financial management, or project accounting, preferably in airport or construction environments.
Specialist Skills & Knowledge
- Experience working across teams and multidisciplinary work streams, including construction project planning, quality control, CDM.
- Proficient in cost control and financial software such as SAP, Oracle, MS Dynamics, or MS Excel.
- Strong understanding of cost management principles, budgeting, and forecasting.
- Knowledge of cost estimation techniques, EVM, and financial reporting.
- Negotiation skills for dealing with contractors and stakeholders.
- Understanding of construction processes and materials.
- Legal knowledge of construction contracts and industry standards.
- Excellent communication skills for presenting financial information to non-financial stakeholders.
- Strong analytical and problem-solving skills for managing complex cost data.
Benefits
- Free onsite parking
- Access to discounted Private Medical Insurance for you and immediate family
- Medicash Cash plan
- On-site Physiotherapist
- Discounted Gym Membership at many local facilities
- Staff discounts at retailers, restaurants, and hotels on site
- Enrolment into company AE pension scheme
- Salary sacrifice pension scheme
- Bereavement Counselling
- Cycle to Work salary sacrifice scheme
- Hastee Pay Advances
- 25 Days Annual leave
- LCY Central discount website
- Annual performance bonus
- Annual Season Ticket Loan
- Holiday Buy scheme (purchase up to 1 week of annual leave)
- Salary Sacrifice Car leasing Scheme
This role requires the individual to have CTC Clearance.
Seniority level
- Entry level
Employment type
- Full-time
Job function
- Management and Manufacturing
Industries
- Airlines and Aviation
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Project Cost Control Engineer employer: myGwork - LGBTQ+ Business Community
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StudySmarter Expert Advice 🤫
We think this is how you could land Project Cost Control Engineer
✨Tip Number 1
Familiarise yourself with the specific cost control software mentioned in the job description, such as SAP or Oracle. Having hands-on experience or even completing online tutorials can give you a significant edge during interviews.
✨Tip Number 2
Network with professionals in the aviation and construction sectors, especially those who have worked at London City Airport. Engaging with them on platforms like LinkedIn can provide valuable insights and potentially lead to referrals.
✨Tip Number 3
Prepare to discuss your analytical skills and problem-solving abilities in detail. Be ready to share examples of how you've managed complex cost data or resolved financial discrepancies in past projects.
✨Tip Number 4
Research the latest trends in project cost management and financial reporting within the aviation industry. Being knowledgeable about current practices will demonstrate your commitment and understanding of the role.
We think you need these skills to ace Project Cost Control Engineer
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in cost control, financial management, and project accounting. Use specific examples that demonstrate your skills in budgeting, forecasting, and managing costs effectively.
Craft a Strong Cover Letter: Write a cover letter that clearly outlines your motivation for applying to the Project Cost Control Engineer role. Mention your understanding of the responsibilities and how your background aligns with the requirements, particularly in relation to cost estimation and financial reporting.
Highlight Relevant Skills: In your application, emphasise your proficiency in cost control software and your understanding of cost management principles. Mention any certifications you hold, such as Certified Cost Professional (CCP) or Project Management Professional (PMP), as these are highly relevant.
Showcase Team Collaboration: Since the role involves working closely with project and procurement teams, include examples of past experiences where you successfully collaborated across multidisciplinary teams. This will demonstrate your ability to communicate effectively and manage complex cost data.
How to prepare for a job interview at myGwork - LGBTQ+ Business Community
✨Understand the Role
Make sure you thoroughly understand the responsibilities of a Project Cost Control Engineer. Familiarise yourself with cost control processes, budgeting, and financial reporting as these will be key topics during your interview.
✨Showcase Relevant Experience
Prepare to discuss your previous experience in cost control or project management. Highlight specific projects where you successfully managed budgets, tracked costs, or implemented cost-saving measures.
✨Demonstrate Analytical Skills
Be ready to showcase your analytical and problem-solving skills. You might be asked to analyse a hypothetical cost scenario, so practice explaining how you would identify variances and propose solutions.
✨Prepare Questions
Have insightful questions prepared for the interviewers. This could include inquiries about the PMO's goals, challenges they face in cost control, or how they measure success in this role. It shows your genuine interest in the position.