What Does a Budget Analyst Do?
Budget Analysts can work in a variety of environments, including government organizations, academic institutions and traditional companies. Some Budget Analysts work in-house for an organization, regularly analyzing the company’s budget for effective spending while others work for financial firms that companies can hire for one review or recurring reviews. For those that work in-house, additional job responsibilities might include evaluating proposals and funding requests to determine the best allocation of funds for the organization. Day-to-day responsibilities for Budget Analysts can vary depending on where the company is in its budget cycle and the specific needs and goals of the organization.
Budget Analyst Skills and Qualifications
Successful Budget Analyst candidates will have a varied list of skills and qualifications. Most will have highly developed analytical skills with the ability to process large quantities of information to evaluate costs, benefits and project outcomes. Strong candidates will demonstrate the ability to analyze and solve problems while being able to clearly articulate complex ideas and communicate clearly and effectively.
Detail-oriented candidates will also have a developed ability to solve complicated math problems as the job entails the disaggregation of data to form recommendations for a business to run effectively. They will also be able to work with and understand spreadsheets, financial analysis programs and database functions. Budget Analyst candidates must also be able to present technical ideas clearly in writing for a wide array of audiences to understand.
Budget Analyst Salary Expectations
Salary estimates are based on information gathered anonymously and were last updated in October of 2019. The average salary for a Budget Analyst is $71,428 per year. Most Budget Analysts work a full-time schedule, and some can expect to work overtime when there are deadlines to be met.
Budget Analyst Education and Training Requirements
A bachelor’s degree is typically required as budget preparation requires extensive numeric and analytical skills. A foundational background in economics, accounting and statistics is helpful, and some financial institutions, government agencies or state regulations may require more extensive specializations. Some employers may also prefer a master’s degree in areas such as finance, accounting or public administration.
Budget Analyst Experience Requirements
Government Budget Analysts have the option of earning the Certified Government Financial Manager credential from the Association of Government Accountants. To qualify, candidates must have a bachelor’s degree, twenty-four credit hours of financial management study, two years of professional-level experience and a passing grade on a series of exams. Additionally, they must take 80 hours of continuing education courses every two years in order to maintain their certification.
Job Description Samples for Similar Positions
Tailoring job descriptions to the needs of a business, company or organization is an important task and when undertaken with care can simplify the process, resulting in quicker hiring of quality applicants. If this guide is not exactly what is needed, consider looking at these similar listings: