Occupation Profile for Budget Analysts
Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
Signficant Points
- Good job opportunities are expected.
- A bachelor’s degree generally is the minimum educational requirement, but many employers prefer or require a master’s degree.
- About 44 percent of all budget analysts work in Federal, State, and local governments.
Earnings
Salaries of budget analysts vary widely by experience, education, and employer. Median annual earnings of wage-and-salary budget analysts in May 2006 were $61,430. The middle 50 percent earned between $49,070 and $77,000. The lowest 10 percent earned less than $40,070, and the highest 10 percent earned more than $93,080. Median annual earnings in the industries employing the largest numbers of budget analysts were:
| Management of companies and enterprises | $65,280 |
| Federal Government | 65,240 |
| State government | 55,990 |
| Local government | 55,120 |
| Colleges, universities, and professional schools | 51,270 |
In the Federal Government, budget analysts usually start as trainees, earning $28,862 or $35,752 per year in 2007. Candidates with a master’s degree began at $43,731. Beginning salaries were slightly higher in areas where the prevailing local pay level was higher. The average annual salary in 2007 for budget analysts employed by the Federal Government was $71,267.
According to a 2007 survey conducted by Robert Half International—a staffing services firm specializing in accounting and finance—starting salaries of financial, budget, treasury, and cost analysts in small companies ranged from $32,750 to $39,250. In large companies, starting salaries ranged from $36,500 to $43,750.
Job Outlook
Budget analyst jobs are expected to increase about as fast as the average, and job prospects should generally be good, especially for applicants with a master’s degree.
Employment change. Employment of budget analysts is expected to increase by 7 percent between 2006 and 2016, which is about as fast as the average for all occupations. Employment growth will be driven by the continuing demand for sound financial analysis in both the public and the private sectors.
As businesses and other organizations become more complex and specialized, budget planning and financial control will demand greater attention. In recent years, computer applications used in budget analysis have become increasingly sophisticated, allowing more data to be processed in a shorter time. As a result, budget analysts have seen their workload broadened, and they are expected to produce more than they have in the past.
Budget analysts will also continue to acquire new responsibilities in other areas, such as policy analysis and performance evaluation, which make them more important to their organizations.
Job prospects. Good job prospects are expected for budget analysts over the 2006-16 decade. Job openings should result from employment growth and from the need to replace workers who retire or leave the occupation for other reasons. Candidates with a master’s degree are expected to have the best opportunities. Familiarity with spreadsheet, database, data-mining, financial-analysis, and graphics software packages also should enhance a jobseeker’s prospects.
Because of the importance of financial analysis, and because financial and budget reports must be completed during all phases of the business cycle, budget analysts usually are less vulnerable to layoffs than many other types of workers.
Employment
Budget analysts held 62,000 jobs throughout private industry and government in 2006. Federal, State, and local governments are major employers, accounting for 44 percent of budget analyst jobs. Many other budget analysts worked in manufacturing; financial services; management services; professional, scientific, and technical services; and schools.