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The differences between budget analysts and finance planners 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 finance planner. Additionally, a finance planner has an average salary of $71,607, which is higher than the $56,598 average annual salary of a budget analyst.
The top three skills for a budget analyst include financial management, budget analysis and financial reports. The most important skills for a finance planner are financial aid, financial services, and client facing.
| Budget Analyst | Finance Planner | |
| Yearly salary | $56,598 | $71,607 |
| Hourly rate | $27.21 | $34.43 |
| Growth rate | 3% | 15% |
| Number of jobs | 50,081 | 91,557 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 73% |
| Average age | 47 | 45 |
| Years of experience | 4 | 4 |
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.
A financial planner is responsible for handling client accounts and providing financial advice to determine the best investment options according to the clients' interests and risk appetite. Financial planners record the clients' living expenses as a part of their portfolio, identifying their long-term goals and objectives, and giving tax advice. They also educate clients with investment options and opportunities to improve the clients' account performance and sell financial products. A financial planner must have excellent analytical and communication skills to conduct data and statistical analysis, especially in researching financial instruments in the market.
Budget analysts and finance planners have different pay scales, as shown below.
| Budget Analyst | Finance Planner | |
| Average salary | $56,598 | $71,607 |
| Salary range | Between $42,000 And $76,000 | Between $42,000 And $120,000 |
| Highest paying City | Washington, DC | Springfield, MA |
| Highest paying state | Virginia | Massachusetts |
| Best paying company | Shenzhen Capital Group | Northern Trust |
| Best paying industry | Government | Insurance |
There are a few differences between a budget analyst and a finance planner in terms of educational background:
| Budget Analyst | Finance Planner | |
| Most common degree | Bachelor's Degree, 70% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between budget analysts' and finance planners' demographics:
| Budget Analyst | Finance Planner | |
| Average age | 47 | 45 |
| Gender ratio | Male, 45.7% Female, 54.3% | Male, 62.0% Female, 38.0% |
| 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, 5.7% Unknown, 4.4% Hispanic or Latino, 9.6% Asian, 8.4% White, 71.8% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 13% | 5% |