Budget Analyst Salary: How Much Do Budget Analysts Make in 2024?

A budget analyst is responsible for analyzing an organization’s financial data and assisting in the preparation, monitoring, and management of budgets. These professionals play an important role in ensuring that organizations allocate their financial resources efficiently, adhere to financial regulations, and achieve their fiscal goals.

Budget analysts work in various sectors, including government agencies, non-profit organizations, and private companies.

Who is a budget analyst?

A budget analyst is a financial expert who reviews budgets and makes recommendations on how to allocate money for projects, departments or entire businesses. Budget analysts can work independently or as part of a team of financial consultants, depending on the scope of their assignments.

They keep companies financially healthy by supervising spending, advising on business decisions using budget estimates and managing funding requests.

Budget analysts are important because they keep businesses accountable for how they spend their money, identify areas of waste and track a company’s budgeting practices. They also work closely with other departments to identify opportunities for cost savings and make recommendations to improve efficiency.

Organizations rely on budget analysts to help manage business growth and changing financial resources over time.

Types of budget analysts

Budget analysts can specialize in various sectors and industries, tailoring their expertise to specific organizational needs. Here are different types of budget analysts based on their areas of focus:

Corporate budget analysts

Corporate budget analysts in the private sector focus on managing the financial planning and budgeting processes within companies. They work closely with department heads to develop and monitor budgets, analyze financial data, and provide recommendations for cost-saving initiatives.

Budget analysts in nonprofit organizations manage budgets related to charitable activities, fundraising, and grants. They ensure that funds are allocated efficiently to support the organization’s mission and objectives.

Government budget analysts

Government budget analysts working at the federal level are involved in preparing and analyzing budgets for federal agencies. They ensure that allocated funds are used efficiently and comply with federal regulations. State budget analysts work at the state level, managing state budgets, analyzing revenue and expenditure patterns, and providing financial recommendations to state government officials.

Local government budget analysts work for cities, counties, and municipalities. They handle budgets for local services such as education, public safety, healthcare, and infrastructure.

Educational institution budget analysts

Budget analysts in higher education institutions handle budgets related to academic programs, research initiatives, student services, and campus infrastructure. They collaborate with various departments within the institution to allocate resources effectively.

Budget analysts in school districts manage budgets for K-12 education. They work with school administrators to ensure that funds are allocated appropriately for educational programs, teacher salaries, facilities, and student services.

Healthcare budget analysts

Budget analysts in healthcare organizations manage budgets for medical services, patient care, equipment, and facilities. They analyze healthcare costs, revenue streams, and insurance reimbursements to optimize financial planning.

International budget analysts

Budget analysts in international non-governmental organizations (NGOs) manage budgets related to humanitarian aid, development projects, and relief efforts in various countries. Analysts in institutions like the World Bank and the International Monetary Fund analyze budgets and provide financial recommendations for development projects and economic initiatives worldwide.

Public policy and research budget analysts

Budget analysts working in think tanks and research organizations analyze government budgets and policy proposals. They evaluate the financial implications of policy decisions and provide insights to policymakers and the public. Analysts in policy research institutes focus on researching budgetary and economic policies, providing data-driven recommendations to policymakers and stakeholders.

Duties and responsibilities

Budget analysts play a pivotal role in the financial planning and decision-making processes of organizations. Their duties and responsibilities encompass a range of tasks related to budget development, analysis, and management. Here are the key responsibilities of a budget analyst:

Budget monitoring and control

Budget analysts monitor budgets throughout the fiscal year, tracking expenses, revenues, and variances from the budgeted amounts. They identify discrepancies, investigate reasons for deviations, and provide regular reports to management. They also ensure compliance with budgetary regulations and internal policies.

Budget preparation

Budget analysts are responsible for preparing and developing budgets based on historical data, revenue projections, and organizational priorities. They collaborate with various departments to gather budget proposals, analyze funding needs, and ensure that budgets align with the organization’s goals and objectives.

Continuous improvement

Budget analysts continuously evaluate budgeting processes, tools, and methodologies. They identify opportunities for process improvement, efficiency enhancement, and the implementation of best practices to optimize the budgeting process within the organization.

Cost-benefit analysis

Budget analysts perform cost-benefit analysis to evaluate the financial feasibility of proposed projects or programs. They assess the potential benefits against the costs involved, helping decision-makers prioritize initiatives that offer the highest return on investment for the organization.

Financial advising

Budget analysts provide financial guidance and recommendations to department heads and executives. They assist in making informed decisions related to budget adjustments, cost-saving measures, and resource allocation strategies.

Financial analysis

Budget analysts conduct in-depth financial analysis, examining budget proposals and expenditures to identify trends, anomalies, and areas for improvement. They use statistical techniques and financial modeling to assess the financial impact of different budget scenarios and make recommendations for adjustments.

Financial forecasting

Budget analysts engage in financial forecasting, predicting future financial trends based on historical data and economic indicators. They use this information to assist organizations in long-term financial planning, enabling them to anticipate challenges and make proactive financial decisions.

Funding allocation

Budget analysts allocate funds to various departments or projects based on established priorities and resource availability. They assess the needs of different departments, balance competing demands, and distribute funds strategically to ensure optimal utilization.

Policy and compliance

Budget analysts stay updated on financial regulations, governmental policies, and internal guidelines related to budgeting. They ensure that budget proposals and expenditures comply with legal and regulatory requirements, financial standards, and organizational policies.

Report generation

Budget analysts generate detailed reports and presentations summarizing budget proposals, financial analysis, and budgetary performance. These reports are often presented to senior management, stakeholders, and regulatory authorities, providing a comprehensive overview of the organization’s financial status.

Budget analyst salary

Currently, the average annual pay for a budget analyst is $81,698 a year. Just in case you need a simple salary calculator, that works out to be approximately $39.28 an hour. This is the equivalent of $1,571/week or $6,808/month.

While there are annual salaries as high as $116,500 and as low as $36,000, the majority of budget analyst salaries currently range between $59,500 (25th percentile) to $98,500 (75th percentile) with top earners (90th percentile) making $116,000 annually across the United States. The average pay range for a budget analyst varies little (about $39,000).

This suggests that, regardless of location, there are not many opportunities for increased pay or advancement, even with several years of experience.

There are ten cities where the typical salary for a budget analyst job is above the national average. Topping the list is Santa Clara, CA, with Federal Way, WA and Washington, DC close behind in the second and third positions. Washington, DC beats the national average by $15,195 (18.6%), and Santa Clara, CA furthers that trend with another $16,864 (20.6%) above the $81,698 average.

With these 10 cities having average salary ranges higher than the national average, the opportunities for economic advancement by changing locations as a budget analyst appears to be exceedingly fruitful.

Finally, another factor to consider is the average budget analyst salary for these top ten cities varies very little at 6% between Santa Clara, CA and Tracy, CA. This reinforces the limited potential for wage advancement. The possibility of a lower cost of living may be the best factor to use when considering location and salary for a budget analyst role.

Below is a list of the ten cities with a higher budget analyst range than the national average:

City	Annual Salary	Monthly Pay	Weekly Pay	Hourly Wage
Santa Clara, CA	$98,562	$8,213	$1,895	$47.39
Federal Way, WA	$97,068	$8,089	$1,866	$46.67
Washington, DC	$96,893	$8,074	$1,863	$46.58
San Francisco, CA	$95,266	$7,938	$1,832	$45.80
San Buenaventura, CA	$93,311	$7,775	$1,794	$44.86
San Jose, CA	$92,926	$7,743	$1,787	$44.68
Los Angeles, CA	$92,850	$7,737	$1,785	$44.64
Marysville, WA	$92,834	$7,736	$1,785	$44.63
Green River, WY	$92,445	$7,703	$1,777	$44.44
Tracy, CA	$92,088	$7,674	$1,770	$44.27

How to become a budget analyst

No college degree or professional credential guarantees a particular position or career. However, following an academic plan based on your career aspirations can improve your likelihood of professional success.

Most employers require analysts to hold a bachelor’s degree. Popular majors for this career field include accounting, business, economics, and finance. Some budget analysts hold a degree in another field, such as statistics, public administration, or political science. Generally, any undergraduate degree satisfies the minimum education requirements for entry-level work in this field, as long as the candidate has the necessary analytical and accounting skills.

Here is how to become a budget analyst:

Educational requirements

Earn a Bachelor’s degree

Aspiring budget analysts usually need to earn a bachelor’s degree. Common undergraduate majors of budget analysts include accounting, business, economics, and finance. Some employers hire entry-level budget analysts who hold a degree in another discipline, as long as the candidate can verify their qualifications through other credentials or experience. Aspiring budget analysis professionals should take classes in statistics, accounting, and economics.

Bachelor’s degrees traditionally require 120 credits, which most full-time students complete in four years. Part-time learners generally take longer to graduate; degree completion times depend on the number of classes a student takes each term.

Gain work experience

Financial firms; higher education institutions; and local, state, and federal government agencies typically require budget analysts to hold at least a bachelor’s degree. However, some employers, such as small businesses, may accept candidates with several years of relevant work experience in lieu of a formal education. Qualifying experience can include paid work involving budgeting or financial planning.

For bachelor’s degree holders, gaining work experience outside the classroom is a vital step toward employment. Before graduation, learners should look into local internships to bolster their resume.

Pursue and maintain certification

Not all budget analysts need professional certification, but local, state, and federal government offices often prefer certified job candidates. For example, the certified government financial manager (CGFM) credential from the Association of Government Accountants requires candidates to hold a bachelor’s degree, at least 24 college credits in financial management, and at least two years of professional experience working for the government.

Candidates for the CGFM credential must pay an application fee, submit required documentation, and pass a series of examinations. To maintain active CGFM certification, professionals must complete 80 hours of continuing education every two years.

Earn a Master’s degree

While a bachelor’s degree is the standard minimum education requirement for entry-level budget analyst positions, ambitious professionals can consider pursuing a graduate degree. Master’s degree holders often secure high-demand jobs at prestigious financial firms. A master’s degree can also help professionals advance into intermediate and senior budget analyst roles. Most master’s programs require two years of full-time study.

Skill requirements

Budget analysts work extensively with both abstract and concrete information. They also collaborate and communicate with other professionals and interact with technology daily. Below are five major skills budget analysts need to succeed. College programs help students develop and hone these abilities.

Analytical thinking
Analytical thinking involves breaking down large ideas and studying their individual parts. Budget analysts employ this skill frequently to identify budgetary strengths and weaknesses, draw objective conclusions, and develop solutions.
Mathematics
Since budget management deals with finance and the allocation of funds, numerical and mathematical skills are crucial. Budget analysts must quickly and accurately add, subtract, multiply, and divide — on paper or with a calculator.
Communication
Effective communication skills help analysts convey information to others. These professionals use written and verbal communication to collaborate with staff and executives, share and justify financial recommendations, and condense complex information. Budget analysts produce informative materials including reports, charts, and graphs.
Reading comprehension
Budget analysts must be able to understand the meaning and context of written words. Professionals in the field apply reading comprehension skills while researching trends and data, reading publications, and dealing with internal communications.
Technology
Technology skills allow budget analysts to complete daily tasks quickly and efficiently. Budget analysts use various types of hardware and software to retrieve and enter data, process information, perform calculations, and communicate with others.

Conclusion on budget analyst salary

Budget analysts examine organizational budgets to determine their appropriateness, accuracy, completeness, and compliance with legal and internal regulations. They may submit recommendations regarding the allocation of funds and the disapproval or approval of funding requests.

These professionals are required to stay informed of changes in industry or supplier market trends and to adjust budgets and budget estimates accordingly. They may also confer with management regarding program changes, and run cost-benefit analyses as needed. Professionals in this field generally have at least a Bachelor’s degree, although many may have their Master’s degree as well.