I tried to make this project as cheap and easy for the beginning DIY hobbyist/hacker as possible (being one)!!! The tools required are a hot glue gun, soldering iron, and a dremel tool (and a hole punch lol). Basic electronics knowledge will be required, like knowledge of resistors, servos, circuits, Ohm's Law, and how they all work together to make the unified circuit that powers the suit.
The method for making all the armor parts is the usual pepakura method. My modifications were the use of foamcore as a material, and papier mache as a finish (dont use a papier mache finish! it really doesn't work well!) and then spraypaint in metallic gold and red.
Electronics wise, I used an Arduino Uno R3 as the controller, along with a few servos (~$2 each), LEDs (~$5 for 50), resistors, microswitches and some wire. Basic soldering skills will be needed to put all of these together. (It's really not hard to solder I promise. Just read up online, start with a cheap iron and upgrade once you start loving this hobby, because you will).
This project took me about three months due to its simplicity, but could've been shorter if I hadn't started from scratch regarding the wiring and programming.
Good luck and happy building!