Budget Analyst Job Description – A budget analysts help organizations to reach their financial objectives by developing and overseeing budgets and monitoring institutional spending. They may work for private businesses, government agencies or non-profit organizations.
Budget analysts keep companies financially strong, using their expertise to analyze the costs and benefits of various business operations. They study trends, make recommendations and ensure that organizations make sound financial decisions.
Budget analysts also advise various institutions including governments, universities, and businesses on how to organize their finances. They prepare annual and special reports and evaluate budget proposals. They analyze data to determine the costs and benefits of various programs and recommend funding levels based on their findings.
Although elected officials or top executives usually make the final decision on an organization’s budget, they rely on the work of budget analysts to prepare the information for that decision.
These professionals may work in a variety of industries, with companies large and small. Budget analyst jobs can be found with government agencies, educational institutions, healthcare providers, financial firms and more. Read on to see a budget analyst job description and salary expectations.
Budget Analyst Job Responsibilities
Below are the responsibilities of a budget analyst.
- Work with program and project managers to develop the organization’s budget.
- Review managers’ budget proposals for completeness, accuracy, and compliance with laws and other regulations.
- Combine all the program and department budgets together into a consolidated organizational budget and review all funding requests for merit.
- Explain their recommendations for funding requests to others in the organization, legislators, and the public.
- Help the chief operations officer, agency head, or other top managers analyze proposed plans and find alternatives if the projected results are unsatisfactory.
- Monitor organizational spending to ensure that it is within budget.
- Inform program managers of the status and availability of funds.
- Estimate future financial needs.
- Evaluating budget proposals and funding requests.
- Collaborating with project managers to develop a budget.
- Conducting cost-benefit analyses to determine value.
- Approving or rejecting funding requests.
- Determining whether budget proposals are in compliance with regulations.
- Defending budget recommendations against management.
- Developing a final budgetary agreement with management.
- Monitoring spending to ensure it remains within budget.
- Estimating and forecasting future financial need.
- Submit budget recommendations for approval or rejection of funding requests.
- Ensure the organization’s budget adheres to legal regulations.
- Oversee expenditure and identify trends in spending.
- Make forecasts for future budget needs.
- Suggest improvements to increase profits (e.g. spending cuts).
- Prepare periodical and special reports.
- Prepare, maintain, and analyze balance sheets, income statements, and other financial records and reports.
- Analyze and interpret accounting records.
Budget Analysts Jobs Required Education Qualifications
Qualifications for entry-level budget analyst jobs generally include a bachelor’s degree at minimum. Some employers and higher-level positions require advanced degrees, such as a master’s in business, finance or economics.
Recommended coursework for prospective budget analysts includes statistics, math, economics, accounting, political science, public administration, and sociology. Some employers may prefer candidates with finance-related work experience.
Government budget analysts are eligible to apply for the Certified Government Financial Manager credential from the Association of Government Accountants, which can boost their employment prospects. Qualifications include minimum educational and professional experience, and passing a series of exams.
Entry-level budget analysts typically begin their careers with limited responsibilities. Gaining work experience and advanced education can lead to advancement opportunities, such as intermediate and senior budget analyst positions.
Budget Analyst Related Requirements:
- Proven experience as a budget analyst.
- Knowledge of data analysis and forecasting methods.
- Understanding of budgeting and regulatory requirements.
- Proficient in MS Office and databases; knowledge of graphics software is a plus.
- Experience managing budgets.
- Proficiency in data analysis and statistical forecasting.
- Good problem-solving skills.
- Exceptional interpersonal skills.
- Analytical skills: Budget analysts must be able to process a variety of information, evaluate costs and benefits, and solve complex problems.
- Communication skills: Budget analysts need strong communication skills because they often have to explain and defend their analyses and recommendations in meetings and legislative committee hearings.
- Detail oriented: Creating an efficient budget requires careful analysis of each budget item.
- Math skills:Most budget analysts need math skills and should be able to use certain software, including spreadsheets, database functions, and financial analysis programs.
- Writing skills: Budget analysts must present technical information in writing that is understandable for the intended audience.
- Broad-based business knowledge.
- Strong computer skills.
- Sound judgment.
- The ability to present technical information in a clear and understandable way.
- Budget analysts must adhere to strict ethical standards and demonstrate integrity, confidentiality and objectivity.
Budget Analyst Salary Scale
The salaries of budget analysts vary greatly, depending on factors such as specific job, geographic location, and level of education.
For budget analysts, the median salary is $65,320 with the middle 50 percent earn between $52,290 and $82,150. When looking at the biggest industry employers of budget analysts, the salaries were:
1. Aerospace Manufacturing
- N25, 532,900.72
2. Federal Government
- N25, 468,173.13
3. Private Company Management
- N25, 399,512.98
4. Colleges and Universities
- N20, 976,423.68
5. Elementary and Secondary Schools
- N20, 799,747.98
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