Budget Analysts: Salary Overview
Budget analysts help private and public institutions organize their funding and finances.
They write budget reports and ensure that the institution spends money in an efficient manner and stays within budget.
Their exact role in the organization depends on the employer.
Sometimes they use cost-benefit analysis to assess program tradeoffs and find alternative funding methods and they may also examine past budgets and research the economic developments that affect the organization’s income and spendings.
In some situations, budget analysts recommend cutting spending.
Most budget analysts work full time and they may have to work long hours to meet deadlines; this can make this profession quite stressful.
According to the Bureau of Labor Statistics(BLS), the median annual wage for budget analysts was $76,540 as of May 2018.
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Salaries in this field are influenced by a variety of factors, including the analyst’s level of experience, the region, and the employer.
The lowest 10% earned less than $50,230 a year while the highest 10% earned more than $116,510, according to the numbers published by BLS.
Budget Analyst Salary by Industry
According to the Bureau of Labor Statistics, budget analysts held about 51,460 jobs in 2019.
The largest employer of budget analysts was the federal government.
The numbers show that in 2018 13% of budget analysts worked for the industry of Educational Services, while 11% worked for companies that provide professional, scientific, and technical services.
State governments employed about 11% of all budget analysts while local governments employed 10% of them.
According to BLS, the top-paying industry of budget analysts was the field of Other Pipeline Transportation.
Budget analysts who worked in this field earned, on average, around $158,300 a year meaning that their hourly rate was $76.11.
Budget analysts who worked for the field of Other Professional, Scientific, and Technical Services earned a mean annual wage of $100,330.
Software publishers employed around 160 budget analysts in 2019 and their average annual salary was $99,290.
Semiconductor and Other Electronic Component Manufacturers employed around 160 budget analysts in 2019 and offered an average annual wage of $98,270.
Another field that offers a few jobs to budget analysts is Communication Equipment Manufacturing- a field that employed 140 budget analysts in 2019 and paid them, on average, with $97,410 a year.
Typically the industries that offer the highest salaries hire only a few budget analysts; here job openings are scarce and candidates who already have a few years of experience in the field should have better chances of getting a higher-paying job.
The largest employer, the Federal Executive Branch, offered a mean annual wage for budget analysts of $85,560 as of May 2019 while the local government offered an average annual salary of $76,040.
Budget analysts who work for state governments earned, on average, $69,430 as of May 2019 while those employed by colleges, universities, and professional schools earned a mean annual wage of $71,360.
Companies that provide management services to other companies paid their budget analysts, an average of $83,700 a year while budget analysts who work for companies who provide scientific research and development services earned a mean annual wage of $84,230 a year as of May 2019.
Budget Analyst Salary by Compensation Structure
Most budget analysts are paid a fixed salary but some employers also offer bonuses and profit sharing.
Budget analysts may earn between less than $1,000 and $8,000 in bonuses and up to $5000 a year in profit sharing, according to payscale.com.
These numbers vary depending on the employer’s level of experience and his/her role within the organization.
Many budget analysts also receive health insurance, paid leave, vacation days, and other benefits.
According to the Bureau of Labor Statistics, the employment of budget analysts is projected to grow 4 percent from 2018 to 2028.
Budget analysts will continue to be needed in order to ensure that public funds at the federal, state and local levels are used in an efficient manner.
However, this profession usually has only a few job openings so competition, especially for better-paying positions, is expected to be strong.
* Based on information from the May 2019 salary report from the BLS. The figures represent accumulated data for all states of employment for Budget Analysts. BLS data represents averages and medians for workers at all levels of education and experience. This data doesn't represent starting salaries.
* Employment conditions in your area may vary.
