It is widely known that the emergence of building information modelling (BIM) is significantly affecting the cost management process and the role of quantity surveying professionals in the construction industry. The utilization of BIM is moving towards transforming how information is managed by and for quantity surveying professionals, especially due to the transition from 2D drawings. This chapter starts by describing conventional cost management processes and highlighting their shortcomings. Subsequently, it examines the role of BIM in tackling those challenges by providing an automated quantification feature and integrating cost estimation into the design process. The integration of 4D and 5D BIM is discussed in this chapter to provide a significant understanding of how BIM has enhanced the process of developing a budget for construction projects. This chapter also proposes an effective process to teach 5D BIM at both the undergraduate and postgraduate levels. The process is expected to enable deep learning for students to absorb the required knowledge before starting their careers in the construction industry.