Budget Analyst Salary Guide

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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.

LEARN MORE ABOUT A CAREER AS A BUDGET ANALYST

HOW MUCH DO BUDGET ANALYSTS MAKE?

Median Salary

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.

EXPERIENCESALARY
< 1 year$49,000
1-4 years$54,000
5-9 years$63,000
10-19 years$69,000

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

BACHELOR’S DEGREE

Median Salary: $69,000

MASTER’S DEGREE

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 STEPSALARY
Senior Budget Analyst$77,764
Financial Analyst$59,890
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.

INDUSTRYANNUAL MEDIAN WAGE
Medical Equipment and Supplies Manufacturing$101,100
Software Publishers$98,910
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.

Utah

22.4% Change from 2016-2026

Nevada

20% Change from 2016-2026

Texas

15.2% Change from 2016-2026

Colorado

13.6% Change from 2016-2026

Arizona

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 ANALYSTSBOOKKEEPERS AND ACCOUNTING CLERKSACCOUNTANTS 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 turnoverSome 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 turnoverBachelor’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

EXPLORE ACCOUNTING DEGREE PROGRAMS

 LEARN MORE ABOUT WHAT BUDGET ANALYSTS DO

 EXPLORE MORE ABOUT BUDGET ANALYSTS 

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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