Finding accurate data on budget analyst salaries can be challenging.
In this post, you'll get a detailed overview of key factors impacting earnings - from experience level to location and industry - to better understand the budget analyst salary outlook.
You'll see national average salaries, state and metro area breakdowns, how qualifications boost pay, and ultimate earning potential in fields like finance, government, and non-profits.Understanding these key details provides valuable insight for career planning and salary negotiations.
Introduction to Budget Analyst Salaries
Budget analysts play a critical role in organizations by monitoring spending, preparing budget reports, and reviewing financial plans. Their skills in data analysis, critical thinking, and communication make them valuable across industries. This section explores key details around budget analyst salaries.
National Average Budget Analyst Salary
The national average salary for a budget analyst is $77,030 per year, according to May 2021 data from the U.S. Bureau of Labor Statistics. This average accounts for budget analysts across industries, experience levels, and geographic locations. Entry-level positions often start below the average, while senior-level roles exceed it.
Budget Analyst Salary Range
Budget analyst salaries range widely, typically from $45,000 on the low end up to over $120,000 per year at the high end:
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Entry-level budget analyst roles generally range from $45,000 to $65,000 annually. These positions usually require a bachelor's degree.
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Mid-career budget analysts with 5-10 years of experience earn average salaries between $65,000 and $85,000 per year.
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Senior budget analysts in management roles or with over 10 years of specialized experience can earn $85,000 to $120,000+ per year.
The upper end exceeds $140,000 for high-level leadership positions. Geographic location, industry, education level, certifications, and other factors impact salaries within this broad range.
Key Factors Impacting Budget Analyst Earnings
Several key factors influence budget analyst salary potential:
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Location: Budget analysts earn the highest average salaries in areas with a high cost of living like New York, Washington DC, California, and Hawaii.
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Industry: Finance, accounting, insurance, and professional/technical services offer higher than average salaries. Government and education roles tend to pay below average.
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Experience: Each year of relevant work experience can increase earnings. More years on the job equate to higher salaries.
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Education: Advanced degrees like an MBA or Master's in Finance correlate to higher wages. Relevant certifications also boost salaries.
Understanding these salary factors helps budget analysts maximize their earning potential over their career journey.
Budget Analyst Salary by State and Region
States with the Highest Budget Analyst Salaries
According to the U.S. Bureau of Labor Statistics, the states with the highest average salaries for budget analysts are:
- New York ($83,740)
- California ($82,980)
- New Jersey ($80,880)
- Washington D.C. ($80,520)
These states offer strong job opportunities for budget analysts due to high demand from private sector financial services firms, consulting agencies, healthcare providers, and state/local governments. The high cost of living in these areas is offset by the above-average salaries.
States with the Lowest Budget Analyst Salaries
On the lower end of average budget analyst salaries are the following states:
- Mississippi ($57,170)
- Oklahoma ($59,300)
- Alabama ($60,690)
- Kentucky ($61,140)
While salaries are below the national average, these states also have lower costs of living, making real earnings more comparable. There may be fewer job opportunities and career advancement prospects compared to high-paying states.
Salary Differences in Major Metro Regions
Within states, budget analyst salaries can vary widely between rural and metro areas:
- New York City: $94,460
- San Francisco: $88,480
- Washington D.C.: $86,080
- Los Angeles: $77,430
Compared to:
- Non-metro New York: $68,950
- Non-metro California: $68,370
- Non-metro Washington: $64,190
- Non-metro Texas: $64,190
Major metro regions have more job opportunities and higher salaries, but also higher living expenses. Budget analysts may find favorable balances between earnings and costs in specific cities.
Impact of Experience and Qualifications
Entry-Level Budget Analyst Salaries
Entry-level budget analysts with 0-2 years of experience typically earn annual salaries ranging from $45,000 to $65,000. Developing core competencies in Excel, data analytics, communication skills, and accounting best practices are key to securing a role and advancing at this stage.
New budget analysts may start in assistant or associate roles focused on financial reporting, variance analysis, forecasting support, and master budget development. Strong attention to detail, organization, and team collaboration abilities are valued. Entry-level professionals have opportunities to gain well-rounded exposure to the budget cycle while developing specialized skills.
Mid-Career Budget Analyst Salaries
The average salary range for budget analysts with 5-10 years of experience is $65,000 to $90,000 per year. At the mid-career level, seasoned professionals leverage specialized industry, software, regulatory, and procedural knowledge to take on additional job duties and act in advisory capacities.
Common mid-career titles include Budget Analyst, Senior Budget Analyst, and Budget Manager. Expanding responsibilities may include budget administration, performance tracking, cost reduction analysis, and leading teams. Subject matter expertise within a specific business function or industry vertical enables greater impact and earning potential.
Advanced Budget Analyst Salaries
With 10+ years of progressive budget analysis experience, senior professionals and subject matter experts can earn over $100,000 annually, especially in high cost-of-living regions. They strategically apply their expertise to enterprise planning initiatives, capital budgeting, long-range forecasting, and financial modeling for executive decision-making.
Advanced roles like Budget Director/VP, Finance Controller, and CFO leverage specialized credentials (e.g. CPA, CMA, MBA) and thought leadership. Key drivers of salary growth include budget ownership, process improvements, leveraging technology, and alignment to organizational objectives. Proven senior leadership ability also boosts compensation.
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Industry Impact on Budget Analyst Salaries
Budget analyst salaries can vary significantly depending on the industry. Factors like budget size, revenue, and organization type all impact average pay.
Finance and Banking Budget Analyst Salaries
The finance and banking industry offers strong salary potential for budget analysts, with average earnings around $85,000. Senior analysts or managers often make over $120,000 annually. Major drivers include:
- Managing large budgets and portfolios
- Forecasting risks and opportunities
- Reporting to executives and stakeholders
Commercial banking budgets can reach billions, requiring advanced analytical skills that command higher pay.
Government Budget Analyst Salaries
Government budget analysts generally earn less than private sector counterparts. Average salaries are around $70,000. However, government positions offer unmatched job security and benefits. Pay is determined by:
- Federal, state or local agencies
- Years of experience
- Performance ratings
- Cost of living adjustments
Many budget analysts work with government agencies managing taxpayer funds and public services. There is room for salary growth into six figures with promotions.
Non-Profit Budget Analyst Salaries
Non-profit budget analysts earn below average salaries, with mid-career pay around $60,000 annually. However, earnings potential still exists up to $100,000 for senior analysts. Key factors include:
- Organization size and funding
- Grant writing impact
- Planning short and long-term budgets
Non-profits have unique constraints, but budget mastery allows directing more resources to fulfill missions. Analysts enable achieving program goals through careful spending optimization.
Education Level Impact on Budget Analyst Salaries
Getting additional education and training can have a significant impact on budget analyst salaries. Let's analyze how pursuing credentials beyond a bachelor's degree can boost earnings potential in this field.
Value of Budget Analyst Certifications
Earning certifications demonstrates specialized expertise and can lead to higher pay. Popular options include:
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Chartered Financial Analyst (CFA): Obtaining a CFA charter signals advanced financial analysis skills and can increase salaries by $5,000-$10,000 per year on average. The CFA program requires passing three exam levels and has a heavy focus on portfolio management.
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Certified Management Accountant (CMA): A CMA shows proficiency in financial planning, analysis, control, and decision support. Estimated pay bump is $5,000-$7,000 annually. Earning this accounting-centric certification involves passing two exam parts.
Bachelor's Degree Salary Impact
A budget analyst bachelor's degree is typically the minimum required education. Common majors include:
- Finance
- Accounting
- Economics
New graduates can expect to earn $45,000-$65,000 in entry-level budget analyst roles. Getting work experience via internships in college can lead to higher starting salaries.
Master's Degree Salary Effect
While a master's degree is not always mandatory, it can increase earnings potential by $3,000-$5,000 on average. Relevant graduate programs for budget analysts include:
- Master's in Finance
- MBA with a concentration in finance or accounting
- Master's in Public Administration
The advanced coursework and specialized skills gained make candidates more competitive. Completing graduate-level research also signals greater analytical capabilities.
Pursuing additional credentials like certifications or advanced degrees can lead to higher budget analyst salaries. The education investments demonstrate specialized expertise in areas like financial modeling, data analysis, and managerial accounting that drive value for organizations.
Key Takeaways on Budget Analyst Salaries
In summary, average budget analyst salaries are around $77K nationally but vary based on location, experience, industry, education and more. Significant growth potential exists into the six figures.
National Salary Overview
On average, budget analysts earn approximately $77,000 per year across industries according to 2020 data from the U.S. Bureau of Labor Statistics. Entry-level positions start around $50,000, while senior-level roles can reach over $100,000.
Key factors impacting salary include:
- Location - Major metropolitan areas and finance hubs tend to pay more
- Experience level - Salaries increase steadily with more years in the field
- Industry - Banking, finance, and technology tend to pay higher than government and non-profit
Experience-Based Salary Growth
Proven budget analysis expertise, specialized skills and management roles enable experienced analysts to earn well into six figures over the course of their career. Specifically:
- 5+ years experience - Salaries typically exceed $90,000
- 10+ years experience - Many earn over $100,000
- Management roles - Budget managers can make $120,000+
Developing specialized skills in financial modeling, data analysis, and forecasting also boost salary potential.
Location and Industry Salary Differences
Budget analysts in major metro finance hubs and certain high-paying industries stand to earn much higher lifetime salaries. Specifically:
- New York, San Francisco - Salaries 15-20% above national average
- Investment banks, hedge funds - Often pay 20-30% premiums
While potentially lower paying, government and non-profit offer better work-life balance.
