Budget Analyst Salary Guide

ACC Staff Writers
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Updated on August 14, 2024
Learn about budget analyst salaries and career opportunities. See how education and location can impact how much budget analysts make.
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Featured ImageCredit: ArLawKa AungTun / iStock / Getty Images Plus

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.

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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

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.

Top-Paying States for Budget Analysts, 2021
StateNumber of Budget Analysts EmployedAverage Annual Salary
District of Columbia1,940$106,380
Maryland2,040$99,670
Virginia2,790$94,950
New Jersey1,030$94,750
California4,570$93,400
Source: BLS
Top-Paying Metropolitan Areas for Budget Analysts, 2021
Metropolitan AreaNumber of Budget Analysts EmployedAverage Annual Salary
San Jose-Sunnyvale-Santa Clara, CA350$114,670
Iowa City, IA40$108,870
Washington-Arlington-Alexandria, DC-VA-MD-WV4,380$106,380
Huntsville, AL510$102,120
Birmingham-Hoover, AL90$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.

Top-Employing States for Budget Analysts, 2021
StateNumber of Budget Analysts EmployedAverage Annual Salary
Texas5,090$77,030
California4,570$93,400
New York3,190$93,180
Florida2,820$73,840
Virginia2,790$94,950
Source: BLS
States With the Greatest Projected Increase in Employment for Budget Analysts, 2020-30
StatePercent Projected Change, 2020-30Average Annual Openings
Greatest Projected Percentage Increase
Utah24%50
Colorado14%100
New York14%360
Vermont14%10
Nevada12%20
Most Projected Average Annual Openings
California8%570
Texas11%410
New York14%360
Maryland7%340
Florida9%300
Source: O*NET
Top-Employing Metropolitan Areas for Budget Analysts, 2021
Metropolitan AreaNumber of Budget Analysts EmployedAverage Annual Salary
Washington-Arlington-Alexandria, DC-VA-MD-WV4,380$106,380
New York-Newark-Jersey City, NY-NJ-PA2,620$100,420
Los Angeles-Long Beach-Anaheim, CA1,400$98,640
Boston-Cambridge-Nashua, MA-NH1,220$92,500
Miami-Fort Lauderdale-West Palm Beach, FL1,050$72,920
Source: BLS

Best Budget Analyst Job Duties

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.

Top-Paying Industries for Budget Analysts, 2021
IndustryNumber of Budget Analysts EmployedAverage Annual Salary
Natural Gas Distribution40$120,430
Grantmaking and Giving Services140$112,770
Traveler Accommodation540$106,670
Data Processing, Hosting, and Related Services100$106,260
Support Activities for Air Transportation50$102,880
Source: BLS
Top-Employing Industries for Budget Analysts, 2021
IndustryNumber of Budget Analysts EmployedAverage 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 Schools3,440$72,670
Management of Companies and Enterprises3,170$87,480
Source: BLS

Questions About Budget Analyst Salary

According to the BLS, the median salary for a budget analyst is $79,940 per year.

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