Budget Analyst Job Description: Overview, Education & Training Requirements, Job Outlook and Salary
Submitted by: Gypsy Santiago
Job Overview: The main role of budget analysts is to develop, analyze and implement budgets of an organization, which are used in assessing future financial needs. They prepare financial plans; monitor and control resources, research; update and compile financial information; advise clients on financial matters such as loans; make revenue forecasts and supervise the spending of money within a company.
Education, Training and Knowledge Requirements: A budget analyst must obtain a bachelor’s degree in economics, political science, finance, business, public administration, sociology, statistics or accounting. Large states and bigger firms usually require a master’s degree and strong policy and analytic analysis backgrounds. Some firms may hire entry-level professionals with finance- or budget-related experience. Continuing education in a chosen industry is needed.
Those who have worked with government agencies may earn a Certified Government Financial Manager designation, which is given to professionals who possess a bachelor’s degree, 24 credit hours of financial management study and has at least 2 years work experience at the local, state or federal government. To maintain this designation, one must complete 80 hours of continuing education every two years.
Skills & Abilities: To succeed in this field, one must have strong mathematical skills, knowledge of basic computer programs such as spreadsheet and data-mining, graphics or financial analysis programs.
Analysts should also possess excellent written and verbal communication skills, sound decision-making skills, analytical skills and knowledge of a wide range of subjects, including accounting and its practical applications, public administration, salary and their types, presentation skills, and organizational skills.
Compliance with strict ethical standards is also needed in this field. The analysts should be able to maintain confidentiality and objectivity when dealing with budget analysis and other financial information of a company to avoid conflict of interest.
Duties: The work of a budget analyst may vary largely depending on the industry they work in, but they are generally responsible for analyzing monthly budgeting and accounting reports of a department or company; consulting with managers to check if budget adjustments are made after program changes; working as an advisor regarding fiscal allocation, budget preparation and cost analysis; summarizing budgets and preparing recommendations of fund request approval or disapproval; developing ways to increase profits; interpreting budget directives and policies; as well as examining budget estimates and records to ensure accuracy and conformance with regulations, among others.
Earnings & Job Outlook: Employment in this field is expected to increase as fast as average through 2016, but those with a master’s degree receive better opportunities. The median annual salary of budget analysts in 2006 was pegged at $61,500, with about 10% earning more than $93,000 and 10% below $40,000. Professionals working in government agencies may earn from $28,000 to up to $71,000.
Gypsy Santiago is a professional resume writer and career search strategy/career branding coach with years of experience in assisting job seekers prepare for the job market. She helps create career-targeted resumes, provides useful tips about career transition, offers future career ideas and guide jobseekers about effective job search techniques.
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