Budget Manager Salary
Budget Managers in the United States take home approximately $70K annually on average. Residence is the biggest factor affecting pay for this group, followed by tenure. Work is enjoyable for Budget Managers, who typically claim high levels of job satisfaction. Nearly all report receiving medical coverage from their employers and most collect dental insurance. Women make up the majority of Budget Managers (63 percent) who completed the questionnaire. The data for this snapshot was collected from individuals who took PayScale's salary survey.
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.
Budget Manager Job Listings
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Popular Skills for Budget Manager
Professional skills reported by Budget Managers are few in number. Most notably, skills in Financial Analysis, Budgeting, Budget Management, and Project Management are correlated to pay that is above average. Skills that pay less than market rate include Financial Reporting. Most people experienced in 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.
Experience does not seem to be a strong driver of pay increase in this role. Salaries of relatively inexperienced workers fall in the neighborhood of $61K, but folks who have racked up five to 10 years see a notably higher median of $72K. Budget Managers with one to two decades of relevant experience report an average salary of approximately $77K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $83K on average.
Pay Difference by Location
Washington offers some of the highest pay in the country for Budget Managers, 36 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).