What does a Budget Analyst do?
A budget analyst supports organizations and businesses by organizing their financial resources to develop and execute budgets for them. A budget analyst is also responsible for evaluating budget proposals, analyzing data, extra funds redistribution, recommending spending cuts, preparing reports annually, and estimating spending requirements in the future. A budget analyst explores alternative funding methods and uses cost-benefit analyses. In addition, budget analysts also look at past budgets and research any financial developments that could affect income and expenditures.
Budget analyst responsibilities
Here are examples of responsibilities from real budget analyst resumes:
- Write and document SAS, SPSS and SQL programs to automate standard processes.
- Manage accounting data of expenditures in ledgers; ensure all transactions are re-serve for obligation.
- Manage virtual war room database and prepare advanced PowerPoint presentations for high-level briefings.
- Manage credit card revenue reporting and reconciliations for multiple credit card merchant accounts which include recommending and implementing process improvements.
- Provide corporate financial support services for multiple contracts and various contract types (FFP, CPFF, CPAF, etc . )
- Prepare and present EAC projections, customer financial reports, and documents for program reviews.
- Update monthly accruals and projections and perform variance analysis to support forecasting accuracy and for preparation of monthly and quarterly reports.
- Perform required tests for SOX compliance.
- Document work as per establish practices and SOX standards.
- Process invoices for government contracts and other FFP contracts.
- Compare actuals to forecast and AOP and explain variances.
- Provide PPBE support to the client's system/program specific requirements.
- Build and run Hyperion queries to obtain weekly metrics for department and clients.
- Ensure all actions have been taken to safeguard the interests of the DHS.
- Design financial side of ERP system, coordinate implementation and conversion from old system.
Budget analyst skills and personality traits
We calculated that 8% of Budget Analysts are proficient in Financial Management, Budget Analysis, and Financial Reports. They’re also known for soft skills such as Writing skills, Analytical skills, and Communication skills.
We break down the percentage of Budget Analysts that have these skills listed on their resume here:
- Financial Management, 8%
Promoted through progressive budget analyst positions involving increasing levels of authority and responsibility in the Comptroller Department, Financial Management Division.
- Budget Analysis, 6%
Created operating and ancillary budget material templates using MS-Excel, leading to better accuracy for budget analysis of battalion needs.
- Financial Reports, 5%
Maintained financial operations of grants including budgeting, quarterly reconciliations, and submission of financial reports to state regulatory agencies.
- Financial Data, 4%
Managed six different financial data systems to ensuring timely and accurate reporting of expenditures and obligations for 3D Marine Aircraft Wing.
- PowerPoint, 4%
Provided budget forecasting and planning, allocated funding for multiple sub-tasks, and conducted One-on-One Project Review PowerPoint presentations with managers.
- Budget Estimates, 3%
Provided complete and final budget estimates by established deadlines, identified budget changes and demonstrated how those changes impacted agency operations.
Common skills that a budget analyst uses to do their job include "financial management," "budget analysis," and "financial reports." You can find details on the most important budget analyst responsibilities below.
Writing skills. The most essential soft skill for a budget analyst to carry out their responsibilities is writing skills. This skill is important for the role because "budget analysts must present written technical information in a way that is understandable to the intended audience." Additionally, a budget analyst resume shows how their duties depend on writing skills: "developed and monitored departmental budgets, including writing budget narratives and historical research to resolve budget issues. "
Analytical skills. Another essential skill to perform budget analyst duties is analytical skills. Budget analysts responsibilities require that "budget analysts must be able to process a variety of information, evaluate costs and benefits, and solve complex problems." Budget analysts also use analytical skills in their role according to a real resume snippet: "formulated dc services center financial reports and budgetary data in a logistical format to develop the necessary budgetary estimates for cfo. "
Communication skills. budget analysts are also known for communication skills, which are critical to their duties. You can see how this skill relates to budget analyst responsibilities, because "budget analysts must be able to explain and defend their analyses and recommendations in meetings and legislative committee hearings." A budget analyst resume example shows how communication skills is used in the workplace: "suggested and implemented numerous recommendations to bridge communication and information gaps between project management and financial management. "
Detail oriented. A big part of what budget analysts do relies on "detail oriented." You can see how essential it is to budget analyst responsibilities because "creating an efficient budget requires careful analysis of each budget item." Here's an example of how this skill is used from a resume that represents typical budget analyst tasks: "conducted monthly and quarterly audits, projections and detailed forecasts and prepared financial reports for congressional hearings. "
Math skills. Another common skill required for budget analyst responsibilities is "math skills." This skill comes up in the duties of budget analysts all the time, as "budget analysts need math skills and the ability to use financial-management software and programs." An excerpt from a real budget analyst resume shows how this skill is central to what a budget analyst does: "developed and improved the monthly presentation of the hospitals' financial reports and statistics. "
The three companies that hire the most budget analysts are:
- Northrop Grumman23 budget analysts jobs
- Johns Hopkins University17 budget analysts jobs
- Robert Half9 budget analysts jobs
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Compare different budget analysts
Budget analyst vs. Finance planner
A financial planner is responsible for handling client accounts and providing financial advice to determine the best investment options according to the clients' interests and risk appetite. Financial planners record the clients' living expenses as a part of their portfolio, identifying their long-term goals and objectives, and giving tax advice. They also educate clients with investment options and opportunities to improve the clients' account performance and sell financial products. A financial planner must have excellent analytical and communication skills to conduct data and statistical analysis, especially in researching financial instruments in the market.
While similarities exist, there are also some differences between budget analysts and finance planner. For instance, budget analyst responsibilities require skills such as "financial management," "budget analysis," "powerpoint," and "budget estimates." Whereas a finance planner is skilled in "financial aid," "financial services," "client facing," and "retirement planning." This is part of what separates the two careers.
Finance planners tend to make the most money working in the insurance industry, where they earn an average salary of $71,594. In contrast, budget analysts make the biggest average salary, $60,887, in the government industry.finance planners tend to reach lower levels of education than budget analysts. In fact, finance planners are 6.1% less likely to graduate with a Master's Degree and 0.6% more likely to have a Doctoral Degree.Budget analyst vs. Finance consultant
A finance consultant is responsible for providing financial plans and advice for clients, managing their finances and investment decisions, and helping them achieve their long-term financial goals. Finance consultants carefully evaluate clients' financial situations, help them decide on insurance options, and patiently respond to finance-related inquiries and concerns. They should be able to monitor financial market conditions to decide on the right strategies for the clients' best interests. A finance consultant must have excellent analytical skills, as well as broad knowledge of the financial industry and stock market movements.
While some skills are similar in these professions, other skills aren't so similar. For example, resumes show us that budget analyst responsibilities requires skills like "budget analysis," "powerpoint," "budget estimates," and "budget formulation." But a finance consultant might use other skills in their typical duties, such as, "financial services," "cpa," "business development," and "wealth management."
Finance consultants earn a higher average salary than budget analysts. But finance consultants earn the highest pay in the technology industry, with an average salary of $88,094. Additionally, budget analysts earn the highest salaries in the government with average pay of $60,887 annually.Average education levels between the two professions vary. Finance consultants tend to reach similar levels of education than budget analysts. In fact, they're 0.1% more likely to graduate with a Master's Degree and 0.6% more likely to earn a Doctoral Degree.Budget analyst vs. Accountant
An accountant is an individual whose primary task is to prepare, keep, examine, and interpret financial records. Most accountants are in charge of a wide scope of finance-related tasks, either for private individuals or for large-scale businesses and organizations they are employed with. They make sure that financial statements and records are accurate and comply with laws and regulations. They also compute for taxes, prepare tax returns, and ensure being paid properly and on time. As they keep track and record the flow of money, they can offer guidance on how to reduce costs, enhance revenue, and help in profit maximization.
There are many key differences between these two careers, including some of the skills required to perform responsibilities within each role. For example, a budget analyst is likely to be skilled in "financial management," "budget analysis," "powerpoint," and "budget estimates," while a typical accountant is skilled in "general ledger accounts," "account reconciliations," "gaap," and "payroll tax returns."
Accountants earn the best pay in the technology industry, where they command an average salary of $60,365. Budget analysts earn the highest pay from the government industry, with an average salary of $60,887.Most accountants achieve a lower degree level compared to budget analysts. For example, they're 5.5% less likely to graduate with a Master's Degree, and 0.3% less likely to earn a Doctoral Degree.Budget analyst vs. Tax accountant
A tax accountant is an individual who works with clients to produce tax return documents that follow tax laws and regulations while keeping them updated on their return information. Tax accountants must determine tax strategies for their clients that may minimize or eliminate tax payments while arranging audits with taxation authorities. They prepare tax documents for different clients, including private companies, non-profit organizations, and private individuals. Tax accountants are also required to obtain a bachelor's degree in accounting and should understand business concepts.
Types of budget analyst
Updated January 8, 2025
