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Budget analysts review financial budgets. They look for ways to improve spending so organizations can use available funds to meet their objectives.
The budget analyst profession may be a good fit for detail-oriented, analytical people that are good with numbers. The Bureau of Labor Statistics (BLS) reports that budget analysts earn a median salary of $79,940, higher than the median average salary of all occupations. Budget analysts in the top 90th percentile earn $124,440.
Continue reading to explore in-depth potential salary and job prospects for budget analysts.
How Much Do Budget Analysts Make?
According to the BLS, budget analysts earn annual salaries of $49,330-$124,440, with a median salary of $79,940. Salary potential depends on location, employer, relevant experience, and education level.
Like professionals in many fields, budget analysts may earn pay increases as they progress from entry-level positions to more advanced roles. Many budget analysis professionals receive salary raises as they gain knowledge, skills, and professional experience. Compensation may also vary based on the industry.
Budget Analysts
Median Annual Salary, May 2021
$79,940
Source: Bureau of Labor Statistics
Salary by Education
Budget analyst salaries can vary based on the job seeker’s education level. Most employers require budget analysts to have a bachelor's degree. Majoring in accounting, economics, finance or business can help candidates obtain budget analyst positions. Having a master’s degree in a relevant field and experience can lead to higher salaries and management-level opportunities.
A specific breakdown of budget analyst salaries by education level is not available. However, since most budget analysts study accounting or related fields, the average salary of graduates in these degree majors can provide insight into potential salaries for budget analysts.
Gaining advanced education and credentials may increase a budget analyst’s earning potential. However, pursuing a graduate degree can be expensive. Those interested in becoming budget analysts may want to explore professional certifications such as certified government financial manager (CGFM). Some professionals also earn CPA certification to improve employment opportunities.
Salary by Experience
Budget analyst salaries typically increase with experience. The most dramatic increase in compensation often comes during the transition from early career to mid career. Good job performance may lead to bonuses, promotional opportunities, and additional benefits from employers. However, income can continue to shift during a budget analyst’s career.
Salary by Location
Budget analysts' salaries vary by geographic location. Professionals earn the highest average salaries in the District of Columbia, Maryland, and Virginia. New Jersey and California also offer high salaries to budget analysts.
Many of the higher-paying states for budget analysts also have a higher cost of living. It is best to take local housing costs into consideration when comparing salaries across multiple states. Some of the regions on this list such as New Jersey and California have some of the highest costs of living, according to this 2022 Forbes article.
| State | Number of Budget Analysts Employed | Average Annual Salary |
|---|---|---|
|
District of Columbia |
1,940 |
$106,380 |
|
Maryland |
2,040 |
$99,670 |
|
Virginia |
2,790 |
$94,950 |
|
New Jersey |
1,030 |
$94,750 |
|
California |
4,570 |
$93,400 |
Source: BLS
| Metropolitan Area | Number of Budget Analysts Employed | Average Annual Salary |
|---|---|---|
|
San Jose-Sunnyvale-Santa Clara, CA |
350 |
$114,670 |
|
Iowa City, IA |
40 |
$108,870 |
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
4,380 |
$106,380 |
|
Huntsville, AL |
510 |
$102,120 |
|
Birmingham-Hoover, AL |
90 |
$101,030 |
Source: BLS
Where Should I Work as a Budget Analyst?
The demand for budget analysts is slowly increasing. The BLS projects a job growth rate of 5% between 2020 and 2030. This is lower than the average growth for all occupations but still indicates that some new roles will become available.
Employment options for budget analysts can vary based on location, industry, experience, and education level. Budget analysts are in high demand in the federal government, with job opportunities centered in the Washington, D.C. area.
Budget Analysts
Change in Projected Employment from 2020-2030
5%
Source: BLS
Best Areas
Budget analysts can find jobs in many states and regions. Some of the top states for budget analysts are Texas, California, New York, Florida, and Virginia.
Many budget analysts work in government, particularly the federal government. Because of this, budget analyst jobs are more widely available near Washington, D.C. or state capitals. Job seekers may have greater difficulty finding available budget analyst positions in rural areas.
Remote work opportunities are increasing across all industries and job roles, reports Forbes. As such, location is not always the determining factor when it comes to budget analyst job availability. However, remote work may be more widely available for budget analysts in the private sector.
| State | Number of Budget Analysts Employed | Average Annual Salary |
|---|---|---|
|
Texas |
5,090 |
$77,030 |
|
California |
4,570 |
$93,400 |
|
New York |
3,190 |
$93,180 |
|
Florida |
2,820 |
$73,840 |
|
Virginia |
2,790 |
$94,950 |
Source: BLS
| State | Percent Projected Change, 2020-30 | Average Annual Openings |
|---|---|---|
|
Greatest Projected Percentage Increase |
||
|
Utah |
24% |
50 |
|
Colorado |
14% |
100 |
|
New York |
14% |
360 |
|
Vermont |
14% |
10 |
|
Nevada |
12% |
20 |
|
Most Projected Average Annual Openings |
||
|
California |
8% |
570 |
|
Texas |
11% |
410 |
|
New York |
14% |
360 |
|
Maryland |
7% |
340 |
|
Florida |
9% |
300 |
Source: O*NET
| Metropolitan Area | Number of Budget Analysts Employed | Average Annual Salary |
|---|---|---|
|
Washington-Arlington-Alexandria, DC-VA-MD-WV |
4,380 |
$106,380 |
|
New York-Newark-Jersey City, NY-NJ-PA |
2,620 |
$100,420 |
|
Los Angeles-Long Beach-Anaheim, CA |
1,400 |
$98,640 |
|
Boston-Cambridge-Nashua, MA-NH |
1,220 |
$92,500 |
|
Miami-Fort Lauderdale-West Palm Beach, FL |
1,050 |
$72,920 |
Source: BLS
Best Industries
Budget analysts can work in diverse industries. Many budget analysts work for government offices at various levels or other public sector industries. However, there are also plenty of well-playing private sector roles as well.
The top-employing industry for budget analysts is the public sector. Federal, state, and local government agencies employ the largest number of budget analysts, according to the BLS. The federal executive branch is the top employer of budget analysts.
Private sector roles are less widely available but may offer higher salaries. Budget analysts working in industries such as natural gas distribution or travel accommodation can earn six-figure salaries. But, candidates may face more competition due to the lower number of jobs available in these sectors.
| Industry | Number of Budget Analysts Employed | Average Annual Salary |
|---|---|---|
|
Natural Gas Distribution |
40 |
$120,430 |
|
Grantmaking and Giving Services |
140 |
$112,770 |
|
Traveler Accommodation |
540 |
$106,670 |
|
Data Processing, Hosting, and Related Services |
100 |
$106,260 |
|
Support Activities for Air Transportation |
50 |
$102,880 |
Source: BLS
| Industry | Number of Budget Analysts Employed | Average Annual Salary |
|---|---|---|
|
Federal Executive Branch (OES Designation) |
11,480 |
$90,830 |
|
State Government, excluding schools and hospitals (OES Designation) |
5,430 |
$76,430 |
|
Local Government, excluding schools and hospitals (OES Designation) |
5,300 |
$80,190 |
|
Colleges, Universities, and Professional Schools |
3,440 |
$72,670 |
|
Management of Companies and Enterprises |
3,170 |
$87,480 |
Source: BLS
Questions About Budget Analyst Salary
What is the median salary of a budget analyst?
According to the BLS, the median salary for a budget analyst is $79,940 per year.
What are the highest-paying budget analyst jobs?
The highest-paying budget analyst jobs are in the natural gas distribution industry, where professionals can earn six-figure salaries.
Where is the best state to work as a budget analyst?
The best area for budget analysts to work is the DC metropolitan area. The District of Columbia, Virginia, and Maryland are the best states and territories to work in for budget analysts.
What is the best industry to work in as a budget analyst?
Top industries for budget analysts vary by a candidate’s qualifications and geographic preferences. The natural gas distribution industry is the best for budget analysts in terms of compensation. The federal government is the best industry for budget analysts in terms of job availability.
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