Budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.Duties
Budget analysts typically do the following:
Budget analysts 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 (in government) or top executives (in a private company) 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.
Sometimes, budget analysts use cost-benefit analyses to review financial requests, assess program tradeoffs, and explore alternative funding methods. Budget analysts also may examine past budgets and research economic and financial developments that affect the organization's income and expenditures. Budget analysts may recommend program spending cuts or redistributing extra funds.
Throughout the year, budget analysts oversee spending to ensure compliance with the budget and determine whether changes to funding levels are needed for certain programs. Analysts also evaluate programs to determine whether they are producing the desired results.
In addition to providing technical analysis, budget analysts must effectively communicate their recommendations to officials within the organization. For example, if there is a difference between the approved budget and actual spending, budget analysts may write a report explaining the variations and recommend changes to reconcile the differences.
Budget analysts working in government attend committee hearings to explain their recommendations to legislators. Occasionally, budget analysts may evaluate how well a program is doing, provide policy analysis, and draft budget-related legislation.
A bachelor’s degree is typically required to become a budget analyst, although some employers prefer candidates with a master’s degree.Education
Employers generally require budget analysts to have at least a bachelor's degree. However, some employers may require candidates to have a master’s degree. Because developing a budget requires strong numerical and analytical skills, courses in statistics or accounting are helpful. Federal, state, and local governments have varying requirements, but usually require a bachelor's degree in one of many areas, such as accounting, finance, business, public administration, economics, statistics, political science, or sociology.
Sometimes, budget-related or finance-related work experience can be substituted for formal education.Licenses, Certifications, and Registrations
Government budget analysts may earn the Certified Government Financial Manager credential from the Association of Government Accountants. To earn this certification, candidates must have a minimum of a bachelor's degree, 24 credit hours of study in financial management, 2 years of professional-level experience in governmental financial management, and they must pass a series of exams. To keep the certification, budget analysts must take 80 hours of continuing education every 2 years.Advancement
Entry-level budget analysts begin with limited responsibilities, but advancement is common. As analysts gain experience, they have the opportunity to advance to intermediate and senior budget analyst positions.Important Qualities
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.
|Job Title||Company||Location||Start Date||Salary|
|Budget Analyst||Park Fragrance LLC||New York, NY||Dec 21, 2016||$147,243|
|Budget Analyst||Fidai International Inc.||Carrollton, TX||Apr 08, 2016||$114,483|
|Budget Analyst||Soundview Broadcasting LLC||Islandia, NY||Jul 07, 2015||$112,840|
|Budget Analyst||Soundview Broadcasting LLC||Islandia, NY||Jan 19, 2016||$112,840|
|Budget Analyst||Appnexus, Inc.||New York, NY||Dec 30, 2015||$112,500|
|Budget Analyst, Producing Cost & Inventories||American Glasscrafters, Inc.||Carlstadt, NJ||Apr 11, 2016||$108,118|
|Budget Analyst II||DOF Subsea USA, Inc.||Houston, TX||Nov 17, 2016||$105,435|
|Budget Analyst||Cathay Home Inc.||New York, NY||Dec 29, 2016||$94,640|
|Budget Analyst||Mejoong Corporation||Los Angeles, CA||May 19, 2015||$93,226|
|Budget Analyst||Mejoong Corporation||Los Angeles, CA||Nov 12, 2015||$93,226|