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The differences between budget managers and risk 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 risk manager. Additionally, a risk manager has an average salary of $116,072, 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 risk manager are oversight, risk assessments, and project management.
| Budget Manager | Risk Manager | |
| Yearly salary | $76,243 | $116,072 |
| Hourly rate | $36.66 | $55.80 |
| Growth rate | 17% | 17% |
| Number of jobs | 68,816 | 75,795 |
| Job satisfaction | - | - |
| 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 risk manager is responsible for analyzing potential risks that may affect the organization's operations, reputation, and market credibility. Risk managers identify risk controls and discuss business contingency plans for unforeseen circumstances to prevent delays in operational services. They also develop compliance training and programs for all the employees to provide them the awareness of the safety and security regulations within the company premises. A risk manager must have excellent communication and leadership skills, especially on handling and investigating cases that might compromise the business stability and financial status.
Budget managers and risk managers have different pay scales, as shown below.
| Budget Manager | Risk Manager | |
| Average salary | $76,243 | $116,072 |
| Salary range | Between $52,000 And $110,000 | Between $84,000 And $160,000 |
| Highest paying City | Sacramento, CA | San Francisco, CA |
| Highest paying state | New York | California |
| Best paying company | Apple | Credit Karma |
| Best paying industry | Manufacturing | Technology |
There are a few differences between a budget manager and a risk manager in terms of educational background:
| Budget Manager | Risk 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 risk managers' demographics:
| Budget Manager | Risk Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 59.1% Female, 40.9% | Male, 59.3% Female, 40.7% |
| 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, 7.5% Unknown, 4.1% Hispanic or Latino, 14.4% Asian, 10.1% White, 63.5% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 11% | 11% |