Even for individuals with a single bank account and one income source, managing finances can be difficult. For large companies, universities, and government agencies, this complex task falls to budget analysts. This career is ideal for detail-oriented people with exceptional skills in mathematics, organization, and analysis. The need for efficient use of government funds at local, state, and national levels drives the continued demand for skilled budget analysts.
The sections below explore salary and job growth data for budget analysts in the United States. This page covers several topics, including top-paying industries and states, historical and projected career growth, and average salaries by job experience.
HOW MUCH DO BUDGET ANALYSTS MAKE?
According to the U.S. Bureau of Labor Statistics (BLS), budget analysts earn annual salaries of $49,860-$116,300, with a median salary of $76,220. Individual earning potential depends on factors such as geographic location, employer, years of experience, and education level.
Like most professionals, budget analysts typically earn higher salaries as they progress from entry-level positions to more advanced roles. Most budget analysis professionals receive pay raises as they gain knowledge, skills, and professional experience. Note that the budget analyst salary data in the table below, as reported by PayScale users, may not be representative of every individual’s experience.
Salary by Degree
Popular majors for aspiring business analysts include accounting, business, economics, and finance. The table below displays salary data for graduates of bachelor’s and master’s in accounting programs. Note that this information is for illustrative purposes only. No degree can guarantee a specific salary or position.
Accounting Degree Salaries
Median Salary: $69,000
Median Salary: $91,000
After gaining work experience, some budget analysts advance to higher-paying positions within their company. Advancement for budget analysts is generally limited to similar work in the finance department. The table below details average salaries for these positions.
|POTENTIAL NEXT STEP||SALARY|
|Senior Budget Analyst||$77,764|
|Senior Financial Analyst||$79,447|
What Are the Top States for Budget Analyst Pay?
As the hub for the U.S. federal government and its multi-trillion-dollar budget, Washington, D.C., employs a large number of budget analysts. D.C. analysts also earn the highest compensation rates in the country, with the average budget analyst salary reaching six figures. Other top-paying states for this occupation include Virginia, California, Maryland, and Massachusetts.
- WASHINGTON, D.C.Annual Median Wage: $100,510
- VIRGINIAAnnual Median Wage: $91,000
- CALIFORNIAAnnual Median Wage: $90,780
- MAYLANDAnnual Median Wage: $89,940
- MASSACHUSETTSAnnual Median Wage: $85,320
According to data from the BLS, budget analysts earn the largest salaries when working in certain manufacturing industries, grantmaking services, and software publishing. However, the highest-paying, top industries for budget analysts are not necessarily the top employers. Collectively, the five industries below account for less than 1% of all budget analyst jobs.
|INDUSTRY||ANNUAL MEDIAN WAGE|
|Medical Equipment and Supplies Manufacturing||$101,100|
|Grantmaking and Giving Services||$97,200|
|Semiconductor and Other Electronic Component Manufacturing||$96,410|
|Navigational, Measuring, Electromedical, and Control Instruments Manufacturing||$95,750|
ARE BUDGET ANALYSTS IN DEMAND?
Historical Career Growth
According to historical data from the BLS, more than 400,000 new business and financial operations jobs became available from 2000-2005, which translates to a 9% growth rate. While occupation-specific data is not available, one can safely assume budget analysts were later impacted by the Great Recession, which caused a peak national unemployment rate of 10% in October 2009.
Future Career Growth
The U.S. workforce has largely recovered from the Great Recession in the last decade, with an overall unemployment rate of 3.7% reported in June 2019. Although job growth expectations are never certain, current BLS data projects budget analyst jobs to increase 7% from 2016-2026.
Top States for Job Growth
National projection data provides useful information, but it lacks the narrow context job seekers need to understand local employment rates. The top states for budget analysts employment include Utah, Nevada, and Texas. The growth rate for budget analysts in each of these states is projected to be more than double the national growth rate for this occupation from 2016-2026.
22.4% Change from 2016-2026
20% Change from 2016-2026
15.2% Change from 2016-2026
13.6% Change from 2016-2026
12.8% Change from 2016-2026
HOW DO BUDGET ANALYSTS COMPARE TO OTHER ACCOUNTING CAREERS?
The information below uses BLS data to compare the prospects of a budget analyst to those for two other popular accounting careers.
|BUDGET ANALYSTS||BOOKKEEPERS AND ACCOUNTING CLERKS||ACCOUNTANTS AND AUDITORS|
|Bachelor’s degree required$76,220 median salary7% growth projected from 2016-2026, with high competition expected for job openings due to low employee turnover||Some postsecondary education required$40,240 median salaryLittle to no growth projected between 2016-2026, but a large number of job openings expected due to employee turnover||Bachelor’s degree required, CPA certification encouraged$70,500 median salary10% growth projected between 2016-2026, large number of job openings expected at entry level, with higher competition for positions at prestigious firms|
TAKE THE FIRST STEP IN YOUR CAREER TODAY
LEARN MORE ABOUT BUDGET ANALYST SALARIES AND JOB GROWTH
- U.S. Bureau of Labor Statistics Occupational Outlook HandbookThe BLS occupational outlook handbook provides free information about hundreds of careers. Users can browse for careers by occupational group, learn about tasks and education requirements, and explore national salary and job growth data.
- PayScalePayScale provides free access to salary reports on hundreds of careers, made possible by data collected from user surveys. Available information includes job descriptions, job satisfaction rates, and compensation by experience and location.
- Projections CentralProjections Central integrates local, state, and national job growth data. The resource provides free access to relevant and reliable outlook information for individual careers and entire industries.
- O*NET OnlineThe O*NET database provides free, public information on nearly 1,000 careers. Users can investigate occupations by keyword, industry, or interest. The database also provides information regarding salary, skills, and job growth.
- GlassdoorPowered primarily by user-reported data, Glassdoor provides a wealth of information for job seekers. Users can view national salary information for specific careers and can browse individual company salaries and satisfaction reviews.
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