Budget Analyst Salary Guide

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.

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 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.

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.

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.

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 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.

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.