In Odoo 10, it can be done easily by going to User Interface > Views and search for "product.template.common.form". Edit this View and search for the following line that start with
<label for="standard_price"
Change this line and the following line to be as following:
<label for="standard_price" groups="account.group_account_manager"/>
div name="standard_price_uom" groups="account.group_account_manager">
This will make the Cost price shows only to Advisors. you can change that to any group of users that you want.
this will make the field totally invisible and it will show to Advisors. Please note that will not affect Administrators.