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Become A Budget Analyst

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Working As A Budget Analyst

  • Interacting With Computers
  • Getting Information
  • Analyzing Data or Information
  • Processing Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Mostly Sitting

  • Repetitive

  • $62,691

    Average Salary

What Does A Budget Analyst Do

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:

  • 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

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.

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How To Become A Budget Analyst

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.

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Budget Analyst jobs

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Real Budget Analyst Salaries

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 Jan 19, 2016 $112,840
Budget Analyst Soundview Broadcasting LLC Islandia, NY Jul 07, 2015 $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 Kilina America, Inc. Los Angeles, CA Jul 10, 2015 $93,226
Budget Analyst Mejoong Corporation Los Angeles, CA Nov 12, 2015 $93,226
Budget Analyst Jenifer & Janet Fashion, Inc. Diamond Bar, CA Jan 15, 2015 $93,226
Budget Analyst Mejoong Corporation Los Angeles, CA May 19, 2015 $93,226
Budget Analyst Ms International, Inc. Orange, CA Aug 12, 2015 $92,000
Budget Analyst M S International, Inc. Orange, CA Sep 18, 2015 $92,000
Budget Analyst Taola, Inc. San Jose, CA Sep 15, 2016 $61,965
Budget Analyst Southwest Fence & Deck, Inc. Carrollton, TX Jul 27, 2016 $61,797
Budget Analyst G.B.T. Inc. Industry, CA Sep 21, 2016 $61,149
Budget Analyst CJ Korea Express USA Corporation East Rancho Dominguez, CA Sep 21, 2016 $61,066
Budget Analyst Forest Travel Agency, Inc. North Miami Beach, FL Mar 09, 2016 $61,000
Budget Analyst Petits Pains & Co. LP Burlingame, CA Sep 25, 2015 $60,523
Budget Analyst Lori's Diner International, Inc. San Francisco, CA Aug 12, 2015 $60,523
Budget Analyst 14 Spring Street CAFE LLC New York, NY Jun 12, 2016 $60,523
Construction Budget Analyst Onsite Project Consulting LLC New York, NY Nov 09, 2016 $54,992
Budget Analyst Functional Life Achievement, Inc. New York, NY Dec 16, 2015 $54,951
Budget Analyst Cathay Home Inc. New York, NY Aug 17, 2016 $54,951
Budget Analyst New York Food & Drink Queens Boulevard, Inc. NY Jan 09, 2016 $54,951
Budget Analyst Endymed Medical Inc. New York, NY Aug 28, 2016 $54,951
Budget Analyst Cliff Young Ltd New York, NY Aug 28, 2016 $54,951
Budget Analyst Sun Sun Contracting, Inc. New York, NY Aug 28, 2016 $54,951
Budget Analyst Magaschoni, Inc. New York, NY Aug 28, 2016 $54,951

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Top Skills for A Budget Analyst

FinancialManagementFinancialStatusPersonnelPurchaseCardFinancialResourcesAnnualBudgetFinancialReportsPayrollBudgetExecutionAuditBudgetEstimatesFinancialDataBudgetFormulationGeneralLedgerFinancialSystemBudgetReportsBudgetDataFinancialAnalysisFinancialStatementsCostAnalysis

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Top Budget Analyst Skills

  1. Financial Management
  2. Financial Status
  3. Personnel
You can check out examples of real life uses of top skills on resumes here:
  • Provide financial management to Technology group tracking computer expenses through project codes.
  • Prepared and presented reports to management regarding budget financial status in connection with monitoring the general ledger.
  • Prepared budget variances, projections and made recommendations to resolve budgetary obstacles regarding other than personnel services.
  • Manage over 40 Government Purchase Card accounts in a timely manner.
  • Compiled / analyzed accounting spreadsheets and reports; determined financial resources required for funds implementation.

Top Budget Analyst Employers

Budget Analyst Videos

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