Budget Manager Salary
Budget Managers in the United States can expect to earn an average of $70K annually. Geographic location is the biggest factor affecting pay for this group, followed by experience level. Nearly all report receiving medical coverage from their employers and a strong majority collect dental insurance. Job satisfaction is reported as high by the vast majority of workers. More than half of Budget Managers (65 percent) survey participants are women. The data for this snapshot was collected from individuals who took PayScale's salary survey.
|Salary||$46,637 - $108,017|
|Bonus||$0.00 - $15,000|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$42,942 - $110,307|
|Bonus||$0.00 - $15,000|
|Total Pay (||$42,942 - $110,307|
Job Description for Budget Manager
The role of a budget manager is essential in organizations of all sizes. They are the people who control incomes and spending patterns throughout each financial year, deal the government's tax and rebate systems, and provide payroll support for all employees of the organization. The position requires a good head for numbers and the ability to use multiple types of financial software and, in some cases (especially in larger organizations), the role may include leading a team of financial analyzers.Read More...
Budget managers spend most of their time in an office environment and the majority of their work is done independently. Occasionally, they will need to attend meetings to provide financial updates and receive directions regarding the overall financial goals of the organization.
Due to the independent nature of most budget manager positions, employers generally prefer applicants with excellent computer and problem-solving skills over those with high social skills. However, these managers will need to produce reports for upper-level managers and collect information from other departments, so a certain ability work well with others is necessary.
It is difficult to get into the field of budget management without a string of qualifications. The most basic is a Bachelor's degree in Finance or Accounting, and further pay grades are available to those who are recognized accountants. Most employers search for those with long histories of financial management success and strong knowledge and skills in financial software. Finally, successful candidates should demonstrate the abilities to manage their time effectively, meet all deadlines, and dealing with multiple calls simultaneously.
Budget Manager Tasks
- Manages day-to-day operation of budget unit staff and gives technical direction.
- Ensures internal processes are in compliance with state and federal standards and regulations.
- Monitors the preparation of budgets for departments based on performance, revenue, and expenses.
- Oversees expenditures to ensure compliance within operational and capital budget limits.
- Informs management regarding budgeting systems, policies and procedures and projections.
Common Career Paths for Budget Manager
Budget Managers might see a strong upturn in salary after transitioning into upper-level roles such as Chief Financial Officer, a seemingly popular career choice. People currently working in the latter position report a noticeably higher median income of $123K per year.
Popular Skills for Budget Manager
Survey results show that Budget Managers use a fair number of skills. Most notably, skills in Financial Analysis, Budgeting, Budget Management, and Project Management are correlated to pay that is above average. At the other end of the pay range are skills like Microsoft Excel, Financial Reporting, and Accounting. Most people who know Budget Management also know Budgeting.
Pay by Experience Level for Budget Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Budget Managers, extensive experience does not lead to significantly more money. The average beginner in this position makes around $61K, but folks who have been around for five to 10 years see a markedly higher median salary of $71K. Budget Managers with one to two decades of relevant experience report an average salary of approximately $81K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $85K.
Pay Difference by Location
For those looking to make money, Budget Managers in Washington enjoy an exceptional pay rate, 35 percent above the national average. Budget Managers can also look forward to large paychecks in cities like Chicago (+24 percent), Boston (+11 percent), Atlanta (+10 percent), and Los Angeles (+5 percent). In New York, salaries are 3 percent below the national average and represent the lowest-paying market.
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Key Stats for Budget Manager
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