Why We Love It
$75,150Potential Avg. Salary
2.5%Job Growth Rate
Growing DemandJob Outlook
Deal MakingCareer Attribute
Budget analysts work for public and private businesses and government agencies. They make budget recommendations, review funding proposals, and prepare thorough budget documentation. Additionally, they present budgets to government and business leaders and explain any discrepancies.
What is a Budget Analyst?
The following job responsibilities are common for individuals in budget analyst roles:
- Determine the overall annual budget for an organization
- Review budget proposals and requests from multiple departments within an organization
- Make recommendations on which proposals should be funded
- Work with leaders to revise proposals when budget restrictions do not accommodate full monetary support
- Watch spending throughout the year to ensure spending does not exceed allocated budget
A Day in the Life
Budget analysts hold senior-level positions at government agencies and large public and private businesses. They are responsible for creating and establishing annual budgets that allow innovation and progress to occur while also ensuring profitability. They create both overall company/agency budgets and allocate funds to individual departments within the organization/agency. Their work is designed to ensure all budgeted funds fall in line with what a company can spend, and that funds are allocated to the most beneficial programs.
When forming an annual budget, the budget analysts receives many proposals requesting funds. The budget analyst reviews these proposals and determines that merit of proposals by weighing all proposals against each other. Sometimes, the budget analyst must work with the proposal submitter to revise the proposal to meet budget requirements. After reviewing all proposals and making recommendations, the budget analyst present the plan to leadership for approval.
Throughout the year, budget analysts are responsible for ensuring all departments adhere to established budgets. If departments are at risk for exceeding budgets, they must work with the budget analyst to secure additional funds. If they budget analyst approves the request for additional funds, he/she may need to reallocate funds from projects that have excess funds available. The budget analyst is also responsible for reporting any changes/discrepancies to company leadership throughout the year.
Typical Work Schedule
For the most part, budget analysts work full-time schedules during normal business hours. However, overtime is common during annual budget planning periods to ensure all work is completed on time.
Budget analysts may work in government for all types of federal, state, or local agencies. They also commonly work for large businesses and corporations in many different industries.
How To Become a Budget Analyst
The minimum requirement for working as a budget analyst is a bachelor’s degree in a related field. Popular majors for aspiring budget analysts include accounting, finance, business, economics, or public administration. Budget analysts must be expert mathematicians, adept negotiators, and effective presenters, so coursework in advanced algebra, calculus, and public speaking are beneficial, and students should also take computer courses to learn to create effective reports and presentations.
Some employers may also require budget analysts to hold master’s degrees, though this is more commonly a requirement in the private sector than for government positions. A master’s in business administration (MBA) is a popular degree for aspiring budget analysts because it provides a thorough education in project management, which will be important when setting budgets and working with other project managers within an organization.
Government budget analysts may need to be licensed in order to work for government agencies. Many move on from earning a bachelor’s degree to pursue the Certified Government Financial Manager certification from the Association of Government Accountants. This program requires completion of a bachelor’s degree, two years of professional experience in accounting or finance management roles, and passing a series of written exams. Additionally, continuing education is required to maintain your license over the course of your career.
Budget Analyst Salary Data
We’ve provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.
National Anual Salary
National Hourly Wage
How do Budget Analyst salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Budget Analyst's can make an average annual salary of $75,150, or $36 per hour. On the lower end, they can make $57,950 or $28 per hour, perhaps when just starting out or based on the state you live in.
Salary Rankings And Facts
#166 Nationally for All Careers
Above Average Salary Nationally
Programs and Degrees
Here are the most common degrees for becoming a Budget Analyst. a is usually recommended and specifically a degree or coursework that prepares you for the particular field, see below.
Highest Education Among Budget Analysts
- 1.1% Doctorate
- 26.1% Masters
- 46.4% Bachelors
- 6.8% Associates
- 15.2% College
- 4% High School
- 0.4% Less than High School
Job Growth Projections and Forecast
2014 Total Jobs60,800
2024 Est. Jobs62,300
Job Growth Rate2.5%
Est. New Jobs1,500
How does Budget Analyst job growth stack up to other jobs across the country? By 2024, there will be a change of 1,500 jobs for a total of 62,300 people employed in the career nationwide. This is a 2.5% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.
Growth Rankings And Facts
#535 Nationally for All Careers
Above Avg. Growth Nationally
What Companies Employ The Most Budget Analysts
|Industry||Current Jobs||New Jobs Needed||% Increase|
|Federal government, excluding postal service||11,900||-1,200||-1%|
|State government, excluding education and hospitals||7,600||100||0%|
|Local government, excluding education and hospitals||6,100||300||0%|