budget-analyst-job

What is a Budget Analyst?

Budget analysts are finance professional professional who have the responsibilities of analyzing and dissecting the budget of a business. A strong and educated Budget Analyst is certainly one of the most important parts of a business; these professionals are responsible for developing and executing budget strategies. Thus, they help the companies to understand how to allocate resources in the best way possible. The services and skill sets of Budget Analysts are often required in many private, public and non-profit organizations.

According to the Bureau of Labor Statistics, Budget Analysts earn $71,590 (2015 data) per year which is about $10,000 less than a Financial Analyst’s salary.

What Does a Budget Analyst Do?

The following are some of the daily job tasks that a Budget Analyst will perform:

  • Prepares simple, as well as complex budget reports for management and key stakeholders

  • Examines monthly budgets of different departments or divisions of an organization, as well as financial reports. This is budget analystdone to control expenditures and re-allocate funds if necessary

  • Provides recommendations as well as technical help on cost analysis, fiscal allocation and in the preparation of the budget.

  • Examines the estimates of a business budget to see if it is in accordance with the regulations of the company and the government, if appropriate

  • Provides a summary of budgets and submits recommendations to be approved or disapproved for fund requests

  • For calculation errors, checks the model of budget

  • Cost-benefit analysis is another task that he or she may perform. The purpose of this is to compare operating programs, review financial requests and explore alternative financing methods for future projects

  • They are responsible to come up with improved financial strategies in order to find more efficient ways of increasing profits

  • They establish policies to carry out budget directives

Education and Work Environment of a Budget Analyst

The desired qualification of a Budget Analyst is a masters degree in business administration or finance with exceptional analytical skills. At a minimum a Budget Analyst should most likely hold a bachelor’s degree in the aforementioned tracks. Also, in addition to solid analytical skills, being a great communicator is always a huge plus for any type analyst work.

The conditions under which the Budget Analysts work are typically comfortable compared to other professional positions. Most work in an office environment with light travel sprinkled throughout the year. An average work week is about 40 hours.  However, during the end of the month or the fiscal year, they might have to work under tight schedule in order to meet deadlines for the budgeting of development projects.

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