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The differences between senior cost analysts and budget 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 senior cost analyst and a budget analyst. Additionally, a senior cost analyst has an average salary of $77,845, which is higher than the $56,598 average annual salary of a budget analyst.
The top three skills for a senior cost analyst include financial analysis, cost analysis and cost estimates. The most important skills for a budget analyst are financial management, budget analysis, and financial reports.
| Senior Cost Analyst | Budget Analyst | |
| Yearly salary | $77,845 | $56,598 |
| Hourly rate | $37.43 | $27.21 |
| Growth rate | 3% | 3% |
| Number of jobs | 53,872 | 50,081 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 70% |
| Average age | 47 | 47 |
| Years of experience | 4 | 4 |
Senior cost analysts are lead professionals who collaborate with a variety of departments to gather financial data and perform analysis to uncover inefficiencies. These analysts are required to develop accurate cost estimates that are used in producing pricing quotations on products and programs. They must utilize the enterprise resource planning (ERP) business system to track the quotation process and maintain standard costs through cost roll activities. Senior cost analysts must also collaborate with managers to facilitate initiatives and projects that are cost-saving.
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.
Senior cost analysts and budget analysts have different pay scales, as shown below.
| Senior Cost Analyst | Budget Analyst | |
| Average salary | $77,845 | $56,598 |
| Salary range | Between $57,000 And $105,000 | Between $42,000 And $76,000 |
| Highest paying City | Washington, DC | Washington, DC |
| Highest paying state | California | Virginia |
| Best paying company | Apple | Shenzhen Capital Group |
| Best paying industry | Automotive | Government |
There are a few differences between a senior cost analyst and a budget analyst in terms of educational background:
| Senior Cost Analyst | Budget Analyst | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 70% |
| Most common major | Accounting | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior cost analysts' and budget analysts' demographics:
| Senior Cost Analyst | Budget Analyst | |
| Average age | 47 | 47 |
| Gender ratio | Male, 63.5% Female, 36.5% | Male, 45.7% Female, 54.3% |
| Race ratio | Black or African American, 10.1% Unknown, 4.5% Hispanic or Latino, 15.6% Asian, 7.9% White, 60.8% American Indian and Alaska Native, 1.0% | 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% |
| LGBT Percentage | 13% | 13% |