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Budget Analyst Job Description

Ujwal Deshmukh
Budget analysts play an important role of managing an organization's budget, thereby helping in managing the financial resources. Budget analysts are required by large multinational organizations, and needless to say, they have excellent career opportunities.
Budget analysts are experts who prepare, develop, analyze, and indulge in the implementation of a budget, taking into consideration the present and future financial needs of the organization.
Budget analysts work in liaison with the higher managers and authorities of almost all the departments in the company, and review their financial plans. Apart from these core duties, there are many other responsibilities included in a budget analyst's job description.

Job Description

Although the core responsibility of a budget analyst is to work in the areas of budget development, analysis and execution, there are many other duties too that he is required perform. Some of them are
  • Receiving the budget estimates from all the departments of the organization and critically examining them for correctness, accuracy and completeness.
  • Studying the previous budget to consider the benefits and losses incurred during the previous financial year.
  • Suggesting suitable amendments in the budget to the higher authorities and managerial staff of the concerned departments.
  • Consolidating data for budget presentation and providing an overview of the financial status of operations.
  • Give financial advice to officials of different operations for proper planning and decision-making.
  • Submitting budget reports to the higher management of the organization for further scrutiny and approval.
  • Monitoring the budget throughout the year.
  • A budget analyst also performs tasks such as analyzing policies, assessing related performance, and drafting appropriate legislation.
  • Preparing detailed reports about discrepancies and amendments that occurred in the budget, during the entire financial year also form an important part of the budget analyst's job description. However, this is done in coordination with the concerned managers of the department or the company.
  • They help in projecting the future financial needs by considering various projects of the organization and help the higher officials to manage financial resources.
  • Sometimes, budget analysts are also responsible for cost benefit analysis, studying financial requests and researching alternative and reasonable funding methods that will benefit the organization.

Educational Requirements

A master's degree either in public administration, finance and accounting, economics, statistics, etc., is required for the position of a budget analyst in most organizations. However, in some organizations a bachelor's degree in any of these areas would suffice. People with experience of working at analytical positions are preferred by the employers.
Apart from these, effective communication skills, strong analytical and planning abilities, result-oriented nature, and being a team player are some of the other prerequisites to become a budget analyst. Employers also prefer those who are strong in mathematics and statistics, data mining, spreadsheets, and graphic illustrations.
Budget analysts have great career in the private sector, such as multinational organizations. However, people recruited as budget analysts at the federal, local or state level could earn the Certified Government Financial Manager designation conferred by the Association of Government Accountants...
...only if they have 2-years experience in financial management with the government, 24 credit hours study, and successful completion of three examinations related to subjects such as financial reporting, management, governmental accounting and budgeting.
They also need to successfully complete three examinations related to subjects such as financial reporting, management, governmental accounting and budgeting.

Average Salary Range

The salary range varies according to employer, experience, knowledge, expertise at work, and performance at the workplace. There are many levels of budget analysts. Some of the levels along with their approximate annual salaries are:
  • Budget Analyst - $58,822
  • Senior Budget Analyst - $74,472
  • Supervisory Budget Analyst - $71,000
Hopefully, you've now got an idea about the budget analyst job description, salary range, and educational requirements. You need to be extremely meticulous with strong logical and analytical skills to be a budget analyst. In addition, budget analysts must be able to work independently for long hours under strict time constraints. Hard work is a prerequisite.