Budget Analyst Salary
Job Description for Budget Analyst
The budget analyst is responsible for providing assistance and analysis during the budget-development process. They look at the organization's past performance in terms of funds allocation to ensure current and future budgets have the most effective, efficient allocation of financial resources throughout the company.Read More...
The budget analyst must be able to, on a periodic and ongoing basis, look at the company's budgets to assess current expenditures and the accuracy of the corporate financial planning for expenditures. This analysis must include the development and use of quantitative measures to be able to properly assess the status of budgetary goals and direct the future decision-making on company expenditures. The budget analyst must also be able to present this information to management, executives, and other team members in a clear, comprehensive manner that allows individuals without extensive financial training to understand the current and future budget situation.
The budget analyst must have a strong background in accounting and finance, which can include a combination of experience in similar roles and education ranging from a bachelor's degree to a more advanced degree. A solid understanding of financial principles is required, as is the ability to use and implement these principles in the execution of their responsibilities as a budget analyst. This position is mainly office-based and generally occurs during regular business hours.
Budget Analyst Tasks
- Perform trending analysis and projections.
- Maintain expense and audit records for inventories and budget balances.
- Prepare budgets for departments based on performance, revenue, and expenses.
- Review expenditures to ensure compliance within operational and capital budget limits.
- Provide insight to control and budget policies.
Common Career Paths for Budget Analyst
Budget Analysts' salaries may rise greatly for those who assume a higher-end position such as a Finance Director. The average Finance Director brings home $104K per year. It is quite typical for Budget Analysts to transition into roles as Senior Financial Analysts or Budget Managers, where reported median earnings are $19K and $16K higher per year.
Budget Analyst Job Listings
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Popular Employer Salaries for Budget Analyst
Budget Analysts seeking a sizable paycheck can earn the most at Department of Veteran's Affairs, where the average salary comes to $69K.
Popular Skills for Budget Analyst
Survey results suggest that Budget Analysts put a wide range of professional skills to use. Most notably, skills in Forecasting, Financial Modeling, Budget Management, and Financial Analysis are correlated to pay that is above average, with boosts between 4 percent and 7 percent. Skills that are correlated to lower pay, on the other hand, include Microsoft Excel. Most people familiar with Budget Management also know Budgeting and Microsoft Excel.
Pay by Experience Level for Budget Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Budget Analysts with a lot of experience do not necessarily enjoy more money. Although individuals who have less than five years' experience earn $52K on average, people with five to 10 years benefit from a notably larger average of $62K. After working for 10 to 20 years, Budget Analysts make a median salary of $66K. Survey participants who have spent more than 20 years on the job report a predictably higher median income of $71K, demonstrating that compensation is roughly commensurate with experience in the end.
Pay Difference by Location
Home to some of the best pay for Budget Analysts, Arlington offers exceptional salaries, 32 percent above the national average. Budget Analysts will also find cushy salaries in Boston (+25 percent), Washington (+12 percent), Houston (+8 percent), and Los Angeles (+5 percent). Baltimore is home to the smallest salaries in the field, lagging the national average by 16 percent. Below-median salaries also turn up in Richmond and Seattle (14 percent lower and 10 percent lower, respectively).