How to Become a Budget Analyst
Step 1: Understand the job description and responsibilities of a Budget Analyst
What does a Budget Analyst do?
A Budget Analyst monitors and analyzes accounting allocation and spending data to determine financial resources required to develop budgets. Tracks expenses, inventories, and budget balances. Being a Budget Analyst measures actual performance against budget. Prepares forecasting reports and trend analysis. Additionally, Budget Analyst develops recommendations for budget allocations that conform with budgetary policies and limits. Utilizes financial modeling and data analytics tools. Requires a bachelor's degree in accounting or equivalent. Typically reports to a manager or head of a unit/department. The Budget Analyst occasionally directed in several aspects of the work. Gaining exposure to some of the complex tasks within the job function. To be a Budget Analyst typically requires 2-4 years of related experience.
A budget analyst organizes the finances of private and public institutions by monitoring spending and preparing budget reports.
Budget analyst then provide this information to top executives and elected officials of these institutions.
A budget analyst typically needs a bachelor’s degree or a master’s degree.
Government budget analysts should earn additional credentials called Certified Government Financial Manager from the Association of Government Accounts to coincide with their degree.
Budget analysts must complete 80 hours of continuing education every 2 years in order to keep the certification.
Step 2: Learn best tips to become a Budget Analyst
Best tips for those who want to become a Budget Analyst
Here are some tips to become a Budget Analyst.
Get a Graduate Degree (Optional).
Earn a Bachelor’s Degree in a Related Field.
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Step 3: View best colleges and universities for Budget Analyst
Best colleges and universities for Budget Analyst
- Florida Southern College
- Colby College
- Dartmouth College
- University of Notre Dame
- Western Washington University
- Canisius College
Step 4: Think about whether is it worth to be a Budget Analyst
Is being a Budget Analyst Worth it?
This individual analyzes and reports the status of job fees and expense budgets, billing, accounts receivable and accounts payable.
Monitor job budgets and advise department leadership of potential overages or risks.
The 60 year old former Arizona City of Kingman’s budget analyst pleaded guilty to four counts of felony theft on August 25th! After an internal audit was conducted, the former Kingman employee was immediately terminated in November and arrested in January after being indicted.
Review budget estimates submitted by department heads for accuracy and completeness.
Studying previous budgets with focus on variance from budgeted to actual expenditures and revenues.
Step 5: Prepare relevant skills for being a Budget Analyst
What skills do you need to be a Budget Analyst?
This is not a management position, but still requires important skills in order to fully execute the role. A keen understanding of the following is necessary for the role: Budget Administration, Financial Planning & Analysis (FP&A), Process Analysis, Trend Analysis. Some of the more basic skills utilized in this role include: Budgeting and Forecasting Software, Financial Analysis Software. These skills are certainly important to the role, but keep in mind, fit into a company culture and environment is often just as important.
Budget analysts must be able to logically organize financial data.
In order to succeed at this position, you also need to have extensive knowledge regarding the creation and application of budgets.
To work as a budget analyst for the government or certain corporations, you need to understand policy and legislation that will affect the allocation of resources to the organization.
Working as a budget analyst requires the ability to look at many parts of an organization as a whole, and the ability to help increase efficiency and productivity within the various parts so that the whole organization does better.
In order to work as a budget analyst, you need to have extensive skills in mathematics, business, and accounting.
Step 6: View average salary for Budget Analyst
How much does a Budget Analyst make?
The average salary range for a Budget Analyst is from $71,570 to $87,826. The salary will change depending on your location, job level, experience, education, and skills.
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Average salary for Budget Analyst jobs
Step 7: Find relevant Budget Analyst jobs, and apply.
Looking for Budget Analyst jobs?
Here are some Budget Analyst jobs in the United States.