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The differences between budget managers and finance managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 6-8 years to become both a budget manager and a finance manager. Additionally, a finance manager has an average salary of $101,374, which is higher than the $76,243 average annual salary of a budget manager.
The top three skills for a budget manager include financial analysis, budget management and financial management. The most important skills for a finance manager are financial analysis, CPA, and customer service.
| Budget Manager | Finance Manager | |
| Yearly salary | $76,243 | $101,374 |
| Hourly rate | $36.66 | $48.74 |
| Growth rate | 17% | 17% |
| Number of jobs | 68,816 | 125,345 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Average age | 46 | 46 |
| Years of experience | 8 | 8 |
Budget managers are financial professionals who are responsible for evaluating the financial needs of an organization by developing budget strategies to increase profitability. These managers are must observe the financial trends with the organization's expenditure while communicating budget issues with the different departments within the organization. They are required to formulate strategic business plans by analyzing previous budgets and financial developments that may impact their potential income. Budget managers must also produce expenditure reports for the upper management as well as informing department managers about the availability of funds.
A finance manager is responsible for monitoring the financial system of a company. Their tasks include handling their organization's financial status, generating cost estimates and budget goals, identifying business opportunities to increase revenues and profitability, improving financial strategies, reducing costs, analyzing account statements, processing invoice as needed, analyzing market trends, searching potential partnerships, and presenting reports. A finance manager must have excellent analytical skills and knowledge of the accounting and financial industry. They are responsible for providing the best recommendations for the organization's growth.
Budget managers and finance managers have different pay scales, as shown below.
| Budget Manager | Finance Manager | |
| Average salary | $76,243 | $101,374 |
| Salary range | Between $52,000 And $110,000 | Between $71,000 And $144,000 |
| Highest paying City | Sacramento, CA | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Apple | Barclays |
| Best paying industry | Manufacturing | Finance |
There are a few differences between a budget manager and a finance manager in terms of educational background:
| Budget Manager | Finance Manager | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 66% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between budget managers' and finance managers' demographics:
| Budget Manager | Finance Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 59.1% Female, 40.9% | Male, 60.0% Female, 40.0% |
| Race ratio | Black or African American, 7.8% Unknown, 4.1% Hispanic or Latino, 15.0% Asian, 9.0% White, 63.9% American Indian and Alaska Native, 0.3% | Black or African American, 7.6% Unknown, 4.1% Hispanic or Latino, 14.6% Asian, 10.2% White, 63.2% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |