“Budget Manager” is a job title that covers wide range of financial and accounting responsibilities for both private and municipal employers. But while the finer details of a given job description will vary based on the nature of the position and the experience level of the employee, most budget manager positions can be broadly summed up: The employee in this role will take responsibility for the oversight and management for any number of active accounts.
Budget managers allocate budget resources across a department or division in order to cover company needs, and they also typically seek authorization and approval for new expenditures. They monitor incoming revenue, they track the value of purchases and vendor contracts year over year, and they review available data to make cost effective equipment decisions including repair versus replacement. Sometimes they manage payroll budgets and make financial decisions related to staffing needs.
Budget managers who take responsibility for small accounts often control all aspects of allocation and approval. But for larger accounts, managers may take responsibility for staffing and delegation decisions as well, which can include hiring and training.
Budget managers usually begin their careers by pursuing a four year college degree in finance, accounting, or business management. Later they may choose to continue their educations with a master’s degree or MBA. They often step into the workplace in lower level or supporting roles and work their way up to higher positions of responsibility or more lucrative positions with larger organizations.
Across the US, the annual median mid-career salary for a budget manager with a mid-sized organization equals approximately $99,768 dollars plus standard health and other insurance benefits. At the highest end of the salary spectrum, budget managers earn about $126, 523 per year, and at the lowest end, salaries fall at about $74,672.
In the DC area, mid-level budget managers can expect to make a median salary of $110,144. At the highest end, budget managers in DC typically earn $139,682 and in the lowest ten percent, salaries fall at around $82,437 per year.
To determine how your budget manager salary stacks up, and gather some data before you accept a job offer, reach out to the financial staffing experts at Cordia.