A budget analyst assists public and private organizations to organize their finances and budgets. Budget analysts monitor the spending of organizations and prepare budget reports, and also have the following duties: (BLS.gov)<!- mfunc feat_school ->
- Work with project and program managers to devise an organization’s budget.
- Review the budget proposals of managers to ensure they are complete, accurate, and in compliance with regulations and laws.
- Combine department and program budgets together into an organizational budget and review the funding requests for merit.
- Explain recommendations for any funding requests to other people in the organization, and to the general public.
- Assist the chief operations officer, agency leaders, or other top managers to look at the proposed plans and find alternatives if the results are unsatisfactory.
- Keep an eye on organizational spending to ensure that it meets budget constraints.
- Tell program managers about the availability and status of all funds.
- Estimate any future financial needs.
Budget analysts provide governments, universities, and businesses with vital information on organizing their finances. They give annual and special reports and evaluate budget proposals. They also analyze data to decide the benefits and costs of various programs, and they recommend funding levels that are based on those findings. While government officials and top executives in a company usually make the ultimate decisions on the budget, they also rely on budget analysts to ready the information to make those decisions.
Budget analysts frequently use cost-benefit analyses to review financial requests, assess tradeoffs in the program, and look into alternative funding options. Budget analysts could examine past budgets and look at financial and economic developments that affect the income and expenditures of an organization. (BLS.gov)
Budget Analyst Salary Outlook
If you want to become a budget analyst, obtaining a degree in business, finance or even a master’s in business or data analytics degree or a related discipline is generally required.
SEE ALSO: Best Online Master’s in Business Analytics Degree Rankings
You also can further your career by earning a certification in statistics, accounting, or a related field. Before you earn your degree, learn more about the salary outlook for this financial field. Below is detailed salary information for your review.
The median annual salary for budget analysts according to The Bureau of Labor Statistics is $76,200, with the top 10% earning more than $116,300. In May 2018, the median annual wages in this field for the top industries were: (BLS.gov)
- Professional, scientific and technical services: $83,890
- Federal government: $82,200
- Local government: $74,100
- Educational services: $66,300
- State government: $65,400
Payscale.com reports the average budget analyst salary is $59,990, with a range between $44,000 and $88,000. Below are some specific salaries for this profession reported by employers: (Payscale.com)
- Northrop Grumman Corporation: $77,000
- US Air Force: $61,000
- Hampton Roads Transit: $52,000
- Holland American Line: $51,000
- Department of Veteran’s Affairs: $94,000
- US Army: $67,000
Payscale.com also reports the following popular skills for budget analysts and their salaries:
- Budgeting: $60,780
- Budget management: $61,500
- Financial analysis: $61,147
- Microsoft Excell: $58,100
- Data analysis: $59,000
Your salary as a budget analyst also will vary by your job experience:
- Less than one year of experience: $49,300
- One to four years of experience: $54,500
- Five to nine years of experience: $63,200
- Ten to 19 years of experience: $70,500
- More than 20 years of experience: $74,000
Your salary also can vary by the city in which you live;
- Washington DC: +29%
- Los Angeles: +13%
- Dallas: +4%
- New York City: +3%
- San Antonio: +2%
- Seattle: +1%
- Austin: -1%
Consider how much you can earn in the above cities while keeping in mind that larger cities often have a higher cost of living.
Glassdoor.com reports the average salary for budget analysts is $62,400, with a range between $46,000 and $85,000. When you begin your career, you can expect to make towards the lower salary, but with more experience, it is possible to earn $80,000 or more. (Glassdoor.com)
Ziprecruiter.com states the average salary for budget analysts is $62,140, with a range between $27,000 and $99,000. Most people earn between $50,000 and $73,000. The data suggest that professionals living in higher cost of living cities may earn more money. Also, those who have only a bachelor’s degree will likely earn close to $50,000 or $60,000. (Ziprecruiter.com).
Job Demand for Budget Analysts
BLS states that the employment of budget analysts will grow 4% through 2028, which is about as fast as average as for all occupations. Demand for better use of public funds at the federal, state, and local levels will lead to regular demand for budget analysts. While many states are seeing shortfalls in their budges, the employment of budget analysts should stay steady. These workers are responsible for managing how resources are allocated, so demand should remain even when budgets are tight. (BLS.gov).
In a related field, the demand for financial analysts will grow by 6% from 2018 to 2028, which is about as fast as average as all occupations. An increasing range of financial products and need for better knowledge of geographic areas will lead to more job growth for financial analysts.
Demand in this field grows with strong economic activity, which has been occurring in the US in the last several years. Financial analysts will be required to review investment opportunities when new companies are established or existing companies expand. Emerging markets all over the world also are offering new investment opportunities, which require better expertise in geographic regions where the markets are located.
Budget Analyst Salary by State
|State||Hourly Wage||Annual Salary|
|New York - Budget Analyst Salary||$33.15||$68,949|
|Massachusetts - Budget Analyst Salary||$32.88||$68,385|
|New Hampshire - Budget Analyst Salary||$32.26||$67,108|
|Maryland - Budget Analyst Salary||$30.63||$63,716|
|Hawaii - Budget Analyst Salary||$30.30||$63,016|
|Alaska - Budget Analyst Salary||$30.29||$63,009|
|Nevada - Budget Analyst Salary||$30.29||$63,009|
|Montana - Budget Analyst Salary||$30.29||$63,009|
|North Dakota - Budget Analyst Salary||$30.29||$63,009|
|Wyoming - Budget Analyst Salary||$30.29||$63,009|
|Idaho - Budget Analyst Salary||$30.29||$63,009|
|Vermont - Budget Analyst Salary||$30.24||$62,905|
|Nebraska - Budget Analyst Salary||$30.20||$62,822|
|Connecticut - Budget Analyst Salary||$30.16||$62,743|
|Washington - Budget Analyst Salary||$30.12||$62,649|
|Rhode Island - Budget Analyst Salary||$29.82||$62,020|
|California - Budget Analyst Salary||$29.79||$61,953|
|Virginia - Budget Analyst Salary||$29.64||$61,649|
|New Jersey - Budget Analyst Salary||$29.04||$60,395|
|Arizona - Budget Analyst Salary||$28.89||$60,098|
|West Virginia - Budget Analyst Salary||$28.84||$59,982|
|Colorado - Budget Analyst Salary||$28.77||$59,834|
|Pennsylvania - Budget Analyst Salary||$28.67||$59,628|
|South Dakota - Budget Analyst Salary||$28.63||$59,546|
|Minnesota - Budget Analyst Salary||$28.62||$59,533|
|South Carolina - Budget Analyst Salary||$28.58||$59,437|
|Oregon - Budget Analyst Salary||$28.55||$59,385|
|Tennessee - Budget Analyst Salary||$28.52||$59,326|
|Delaware - Budget Analyst Salary||$28.45||$59,168|
|Utah - Budget Analyst Salary||$28.36||$58,998|
|Kentucky - Budget Analyst Salary||$28.32||$58,900|
|Kansas - Budget Analyst Salary||$28.19||$58,643|
|Ohio - Budget Analyst Salary||$28.14||$58,540|
|Indiana - Budget Analyst Salary||$28.00||$58,250|
|Oklahoma - Budget Analyst Salary||$27.94||$58,107|
|Wisconsin - Budget Analyst Salary||$27.83||$57,895|
|Iowa - Budget Analyst Salary||$27.80||$57,816|
|Louisiana - Budget Analyst Salary||$27.70||$57,621|
|Maine - Budget Analyst Salary||$27.57||$57,354|
|Texas - Budget Analyst Salary||$27.29||$56,769|
|Alabama - Budget Analyst Salary||$27.08||$56,326|
|Georgia - Budget Analyst Salary||$27.08||$56,320|
|Arkansas - Budget Analyst Salary||$27.06||$56,279|
|New Mexico - Budget Analyst Salary||$26.83||$55,809|
|Mississippi - Budget Analyst Salary||$26.68||$55,504|
|Michigan - Budget Analyst Salary||$26.57||$55,276|
|Illinois - Budget Analyst Salary||$26.51||$55,146|
|Missouri - Budget Analyst Salary||$25.99||$54,064|
|Florida - Budget Analyst Salary||$25.49||$53,024|
|North Carolina - Budget Analyst Salary||$23.21||$48,272|
Source: Ziprecruiter.com, January 2020.
The United States economy has seen robust growth in the last few years, and wages have been steadily climbing. As the US economy expands, it is expected there will be more demand for budget analysts, financial analysts, cost estimators, and related professions. Earning a bachelor’s degree in finance or business can put you in a position to earn $50,000 or more when you begin your career, and $80,000 or more with years of experience.