Budget analyst vs cost analyst

The differences between budget analysts and cost analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a budget analyst and a cost analyst. Additionally, a budget analyst has an average salary of $56,598, which is higher than the $54,158 average annual salary of a cost analyst.

The top three skills for a budget analyst include financial management, budget analysis and financial reports. The most important skills for a cost analyst are cost analysis, financial analysis, and cost estimates.

Budget analyst vs cost analyst overview

	Budget Analyst	Cost Analyst
Yearly salary	$56,598	$54,158
Hourly rate	$27.21	$26.04
Growth rate	3%	3%
Number of jobs	50,081	60,034
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 70%	Bachelor's Degree, 74%
Average age	47	47
Years of experience	4	4

What does a budget analyst do?

A budget analyst supports organizations and businesses by organizing their financial resources to develop and execute budgets for them. A budget analyst is also responsible for evaluating budget proposals, analyzing data, extra funds redistribution, recommending spending cuts, preparing reports annually, and estimating spending requirements in the future. A budget analyst explores alternative funding methods and uses cost-benefit analyses. In addition, budget analysts also look at past budgets and research any financial developments that could affect income and expenditures.

What does a cost analyst do?

Cost Analysts are employees with a strong background in finance or accounting. They are in charge of collecting financial data and analyzing the entries. They study the company's expenses and prepare pertinent reports. Cost Analysts look for inconsistencies in the financial data. This way, they can assist in auditing the company's spending. Cost Analysts also look for inefficiencies. They do so by tracking item costs and department budgets and monitoring department expenses. They are also involved in budget-setting activities.

Budget analyst vs cost analyst salary

Budget analysts and cost analysts have different pay scales, as shown below.

	Budget Analyst	Cost Analyst
Average salary	$56,598	$54,158
Salary range	Between $42,000 And $76,000	Between $39,000 And $73,000
Highest paying City	Washington, DC	Washington, DC
Highest paying state	Virginia	Virginia
Best paying company	Shenzhen Capital Group	General Motors
Best paying industry	Government	Automotive

Differences between budget analyst and cost analyst education

There are a few differences between a budget analyst and a cost analyst in terms of educational background:

	Budget Analyst	Cost Analyst
Most common degree	Bachelor's Degree, 70%	Bachelor's Degree, 74%
Most common major	Business	Business
Most common college	University of Pennsylvania	University of Pennsylvania

Budget analyst vs cost analyst demographics

Here are the differences between budget analysts' and cost analysts' demographics:

	Budget Analyst	Cost Analyst
Average age	47	47
Gender ratio	Male, 45.7% Female, 54.3%	Male, 54.2% Female, 45.8%
Race ratio	Black or African American, 12.4% Unknown, 4.7% Hispanic or Latino, 15.3% Asian, 8.9% White, 57.7% American Indian and Alaska Native, 1.0%	Black or African American, 10.1% Unknown, 4.7% Hispanic or Latino, 16.1% Asian, 8.6% White, 59.5% American Indian and Alaska Native, 1.0%
LGBT Percentage	13%	13%

Differences between budget analyst and cost analyst duties and responsibilities

Budget analyst example responsibilities.

Write and document SAS, SPSS and SQL programs to automate standard processes.
Manage accounting data of expenditures in ledgers; ensure all transactions are re-serve for obligation.
Manage virtual war room database and prepare advanced PowerPoint presentations for high-level briefings.
Manage credit card revenue reporting and reconciliations for multiple credit card merchant accounts which include recommending and implementing process improvements.
Provide corporate financial support services for multiple contracts and various contract types (FFP, CPFF, CPAF, etc . )
Prepare and present EAC projections, customer financial reports, and documents for program reviews.

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Cost analyst example responsibilities.

Manage general ledger expense accounts assign to ERP implementation project.
Develop, maintain financial models/applications (VBA Excel/Access) to automate and streamline business processes and perform financial analysis.
Perform cost control, revenue analysis and variance analysis for several DOD contracts.
Identify parts that need to be realign to correct WBS s in order to bring costs inline.
Ensure that purchase orders and work orders are setup in accordance with establish DuPont procedures and appropriate WBS structures.
Perform fixed asset and manufacturing accounting within ERP system.

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Budget analyst vs cost analyst skills

Common budget analyst skills

Financial Management, 8%
Budget Analysis, 6%
Financial Reports, 5%
Financial Data, 4%
PowerPoint, 4%
Budget Estimates, 3%

Common cost analyst skills

Cost Analysis, 8%
Financial Analysis, 6%
Cost Estimates, 6%
Data Analysis, 4%
DOD, 4%
Variance Analysis, 4%

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Updated January 8, 2025

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