Salary Information for Budget AnalystsCareer News October 30, 2013
Budget analysts are in charge of analyzing account records and repairing systems that need efficient changes. They implement programs to improve budgeting, minimize spending, and ensure compliance to all limits of the state, federal government, or within the company culture itself.
Budget analysts typically make good money; the median average is just over $75,000. The lowest bracket of workers, equally to 10 percent of the total, earned about $46,000 while the top tier of workers, 10 percent of the total, earned $145,000. The salary spike seemed to happen in large or wealthy cities, including New York, San Francisco, and even Bridgeport, Connecticut. The salary range has consistently gone up on average, rising nearly $12,000 since 2002.
The Job Market and Salary
The budget analyst profession is expected to grow 10 percent over the next several years, about average for all professions, but a job that is increasing in demand. Budget analysts, who do hold jobs, are hard to replace, especially as the daily tasks are becoming more complex. More complicated systems and statistical techniques are required, and more jobs are being added to the job description.
Whenever there are budget cutbacks, a trend in almost every business nowadays, public funding is limited, and the budget analyst position goes up in demand. This means job stability. There are an estimated 68,000 jobs that will become available from now and until 2020. Understand that your salary will be partly determined by where you work, the channel and sub-field of your choice. There are budget analysts working in government, as well as at the university level. There are office workers and corporate analysts.
Naturally, the more obligations you have, the higher salary you get. If you have to travel, and traveling is common in this profession, then you will be handsomely rewarded. Federal jobs, educational jobs and state office positions typically pay more than small to mid-range companies. Government jobs are also the most common you will find, as they represent over 20 percent of available positions.
Why Education Matters
A college background is recommended for this position, particularly from government agencies who will expect a bachelor’s degree. Some managers and company owners may request clients with master’s degrees, as they bring something extra to the table, an asset the company can use. Work experience, particularly in the finance industry, can also be invaluable and perhaps make up for a lack of extensive college schooling.
Besides this, certification is an area of concern, and Certified Government Financial Managers, as titled by the Association of Government Accountants, can go a long way. This certification requires continuing education, at least 80 hours every two years.
This is a job that rewards planners and strategists, just as it rewards those who work hard in their efforts to stay on top of financial matters. This may be just what you need to find the career you want, one that pays well and that will keep you challenged and appreciated by your peers.