What does a budget manager do?
Budget managers are financial professionals who are responsible for evaluating the financial needs of an organization by developing budget strategies to increase profitability. These managers are must observe the financial trends with the organization's expenditure while communicating budget issues with the different departments within the organization. They are required to formulate strategic business plans by analyzing previous budgets and financial developments that may impact their potential income. Budget managers must also produce expenditure reports for the upper management as well as informing department managers about the availability of funds.
Budget manager responsibilities
Here are examples of responsibilities from real budget manager resumes:
- Manage senior financial analysts responsible for evaluating the financial risks of a portfolio of large property and casualty insurance programs.
- Prepare financial statements in accordance with GAAP.
- Assist controller in developing and maintaining accounting policies and procedures to comply with GAAP and , 10Q & 10K filing.
- Process payroll for community assistants in residence halls.
- Review contracts and develop appropriate accruals base on timetables.
- Work with finance to accurately produce monthly billing reconciliations and client facing accruals.
- Develop time and attendance, payroll and operational and capital budgeting systems into proactive decision management tools.
- Implement oversight policies and review to capture accurate and timely data and enhance internal reports for management purposes.
- Create productivity models as a baseline for staffing plans and FTE monitoring.
- Execute monthly financial reporting including volume statistics, profit and loss reports, and FTE data.
- Play pivotal role in advance use of ERP systems to provide critical insight in response to changing environments.
- Key accomplishments include a revise reporting system that improve and clarify cost of goods calculations.
Budget manager skills and personality traits
We calculated that 7% of Budget Managers are proficient in Financial Analysis, Budget Management, and Financial Management. They’re also known for soft skills such as Organizational skills, Analytical skills, and Communication skills.
We break down the percentage of Budget Managers that have these skills listed on their resume here:
- Financial Analysis, 7%
Performed complex financial analysis with regard to account reconciliation and schedule preparation for annual audit compliance.
- Budget Management, 6%
Provided administrative and budget management support for two centers.
- Financial Management, 6%
Increased productivity and eliminated performance gaps by creating innovative systems, tools and applications that expedited budgeting and financial management.
- Budget Development, 5%
Strengthened coordination of budget activities by systematizing financial models which aided IT division in budget development and performance analysis.
- Payroll, 4%
Supervised Business Office administration, including accounts payable and payroll activities.
- Variance Analysis, 4%
Led financial operations relating to monthly forecast analysis and modeling, financial reporting and variance analysis.
"financial analysis," "budget management," and "financial management" are among the most common skills that budget managers use at work. You can find even more budget manager responsibilities below, including:
Organizational skills. One of the key soft skills for a budget manager to have is organizational skills. You can see how this relates to what budget managers do because "because financial managers deal with a range of information and documents, they must have structures in place to be effective in their work." Additionally, a budget manager resume shows how budget managers use organizational skills: "developed business plans, organizational structure, and budget analysis for a myriad of entities. "
Analytical skills. Another essential skill to perform budget manager duties is analytical skills. Budget managers responsibilities require that "to assist executives in making decisions, financial managers need to evaluate data and information that affects their organization." Budget managers also use analytical skills in their role according to a real resume snippet: "analyzed budget variance; provided financial, budgets, forecasting reports; assisted management on budget reporting and information requirements. "
Communication skills. Another skill that relates to the job responsibilities of budget managers is communication skills. This skill is critical to many everyday budget manager duties, as "financial managers must be able to explain and justify complex financial transactions." This example from a resume shows how this skill is used: "manage expense and capital budgets in excess of $5 million for advanced information technology, telecommunications and store systems support. "
Detail oriented. For certain budget manager responsibilities to be completed, the job requires competence in "detail oriented." The day-to-day duties of a budget manager rely on this skill, as "in preparing and analyzing reports, such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors." For example, this snippet was taken directly from a resume about how this skill applies to what budget managers do: "analyzed monthly operating results and prepared detailed budget variance reports to upper management. "
Math skills. Another common skill required for budget manager responsibilities is "math skills." This skill comes up in the duties of budget managers all the time, as "financial managers need strong skills in certain branches of mathematics, including algebra." An excerpt from a real budget manager resume shows how this skill is central to what a budget manager does: "executed monthly financial reporting including volume statistics, profit and loss reports, and fte data. "
The three companies that hire the most budget managers are:
- Grant Thornton4 budget managers jobs
- Syracuse University3 budget managers jobs
- Fruit of the Loom3 budget managers jobs
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Compare different budget managers
Budget manager vs. Manager finance planning and analysis
A manager finance planning and analysis oversees the daily operations of a company's financial planning department. They typically have administrative duties such as setting goals and guidelines, establishing timelines and budgets, delegating tasks among teams and staff, and reviewing financial reports regularly. They also perform research and assessments, gather and analyze financial data from different departments, coordinate staff, and solve issues and concerns when any arise. Additionally, as a manager, they must lead and empower staff to reach goals while implementing company policies and regulations.
These skill sets are where the common ground ends though. The responsibilities of a budget manager are more likely to require skills like "budget management," "budget development," "budget preparation," and "capital budgets." On the other hand, a job as a manager finance planning and analysis requires skills like "customer service," "hyperion," "visualization," and "business development." As you can see, what employees do in each career varies considerably.
Managers finance planning and analysis really shine in the manufacturing industry with an average salary of $109,735. Comparatively, budget managers tend to make the most money in the manufacturing industry with an average salary of $85,763.The education levels that managers finance planning and analysis earn slightly differ from budget managers. In particular, managers finance planning and analysis are 2.9% more likely to graduate with a Master's Degree than a budget manager. Additionally, they're 0.1% more likely to earn a Doctoral Degree.Budget manager vs. Manager/finance accounting
A manager of finance accounting's role is to oversee the financial activities in a company or organization. Their responsibilities revolve around coordinating with other departments to gather financial data, analyze the revenues and expenditures, and develop written reports and presentations. A manager of finance accounting must also maintain accurate financial records, identify any errors or inconsistencies, and perform support tasks for staff when necessary. Furthermore, as a manager, it is essential to lead and encourage the team, all while implementing the company's policies and regulations.
In addition to the difference in salary, there are some other key differences worth noting. For example, budget manager responsibilities are more likely to require skills like "budget management," "budget development," "payroll," and "budget preparation." Meanwhile, a manager/finance accounting has duties that require skills in areas such as "customer service," "cpa," "reconciliations," and "due diligence." These differences highlight just how different the day-to-day in each role looks.
Managers/finance accounting may earn a higher salary than budget managers, but managers/finance accounting earn the most pay in the government industry with an average salary of $92,198. On the other hand, budget managers receive higher pay in the manufacturing industry, where they earn an average salary of $85,763.In general, managers/finance accounting achieve similar levels of education than budget managers. They're 2.2% less likely to obtain a Master's Degree while being 0.1% less likely to earn a Doctoral Degree.Budget manager vs. Finance and insurance manager
A finance and insurance manager is an individual who is responsible for selling new and used car buyers with financing and insurance programs. Finance and insurance managers are required to provide a thorough explanation of aftermarket products and extended warranties to customers as well as a complete explanation of manufacturer and dealership service procedures and policies. They must seek new lending institutions and maintain a good relationship with them to secure competitive interest rates and financing programs. Finance and insurance managers should also train the sales team and provide information on finance and lease programs.
The required skills of the two careers differ considerably. For example, budget managers are more likely to have skills like "financial analysis," "budget management," "financial management," and "budget development." But a finance and insurance manager is more likely to have skills like "customer service," "insurance products," "customer satisfaction," and "dmv."
Finance and insurance managers earn the best pay in the manufacturing industry, where they command an average salary of $90,551. Budget managers earn the highest pay from the manufacturing industry, with an average salary of $85,763.Most finance and insurance managers achieve a lower degree level compared to budget managers. For example, they're 15.7% less likely to graduate with a Master's Degree, and 0.2% less likely to earn a Doctoral Degree.Budget manager vs. Finance planning manager
A finance planning manager oversees the budget and finance development processes within a company. Their responsibilities revolve around analyzing financial records, participating in auditing processes, producing reports and forecasts, and coordinating with different company personnel to obtain accurate data. A finance planning manager must also utilize fiscal tools, devise new business strategies and opportunities, and keep abreast of all the company's upcoming projects. Furthermore, as a manager, it is essential to lead and encourage the team, all while implementing the company's policies and regulations.
Even though a few skill sets overlap between budget managers and finance planning managers, there are some differences that are important to note. For one, a budget manager might have more use for skills like "budget management," "financial management," "budget development," and "budget preparation." Meanwhile, some responsibilities of finance planning managers require skills like "hyperion," "business performance," "cash flow," and "business plan. "
The manufacturing industry tends to pay the highest salaries for finance planning managers, with average annual pay of $112,683. Comparatively, the highest budget manager annual salary comes from the manufacturing industry.The average resume of finance planning managers showed that they earn similar levels of education compared to budget managers. So much so that theyacirc;euro;trade;re 3.3% more likely to earn a Master's Degree and more likely to earn a Doctoral Degree by 0.2%.Types of budget manager
Updated January 8, 2025
