A budget analyst organizes the finances of private and public institutions by monitoring spending and preparing budget reports. They analyze data to determine benefits and costs of recommended funding levels and other programs. Budget analyst then provide this information to top executives and elected officials of these institutions. These recommendations help to determine needs and guide management in making informed decisions.
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How to Become a Budget Analyst
A budget analyst typically needs a bachelor’s degree or a master’s degree. You should earn a degree in business, accounting, public administration, finance, statistics, political science, sociology, or economics.Though this is uncommon, a background with work experience in finance-related or budget-related fields can sometimes be substituted for formal education.
Government budget analysts should earn additional credentials called Certified Government Financial Manager from the Association of Government Accounts to coincide with their degree. To gain this credential you must have at least a bachelor’s degree with 24 hours of study in financial management along with 2 years of professional-level experience in government financial management. You will also be required to sit well number of exams. Budget analysts must complete 80 hours of continuing education every 2 years in order to keep the certification.
Job Description of Budget Analysts
Budget analysts typically duties include helping public and private institutions organize their finances. They consolidate department and program budgets into an organizational budget as well as check all requests for funding. Analysts create reports and present their recommendations for funding requests to appropriate personnel. They work along-side project and program managers in developing the budget of the organizations while reviewing the proposal, checking for accuracy, completeness, and compliance with regulations and laws.
A budget analysts assists the top manager, chief operations officer, or other agency heads to analyze funding proposals and find alternate solutions if the results are not acceptable. They monitor spending to remain within budget and estimate future spending requirements. A budget analyst that is employed in government would attend committee hearings to explain their recommendations to legislators. All budget analysts require skills in math, writing, communication, and analytical abilities. They also need to be detail-oriented.
Budget Analyst Video Transcript
Capable of both developing and communicating a budget for a multimillion-dollar organization… budget analysts help institutions organize their finances. Whether for public offices or private companies, budget analysts prepare budget reports and evaluate budget proposals. Budget analysts analyze data to determine the costs and benefits of various programs, and recommend funding levels based on their findings.
The final decision on an organization’s budget generally comes down to high-level executives or government officials, but they rely heavily on the competence of budget analysts when making those decisions. They also oversee spending throughout the year to keep spending within the budget, or revise it when changing circumstances demand it. They may recommend program cuts or evaluate the return on investment of particular efforts.
Budget analysts usually work in offices, but some may travel to gather information firsthand. They work in government agencies, universities, and private companies. Budget analysts generally work full time, and overtime is sometimes required during final reviews of budgets. The tight work schedules and pressure of deadlines can be stressful. Most budget analysts have at least a bachelor’s degree, though related work experience can sometimes suffice. Courses in accounting, economics, and statistics are helpful. Government positions may require certification.
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Budget Analyst.
National Center for O*NET Development. 13-2031.00. O*NET OnLine.
The career video is in the public domain from the U. S. Department of Labor, Employment and Training Administration.