Budget Analysts
Additional Information
Duties
Budget analysts usually do the following:
- With program and project managers, create the organization's budget.
- Examine managers' budgets and funding proposals for completeness, accuracy, and compliance with all laws and regulations.
- Program and department budgets should be merged.
- Explain the need for assistance to other organization members, legislators, and the public.
- In case the desired results are not met, find alternatives.
- Keep an eye on organizational expenses to ensure they stay within the budget.
- Program administrators should be updated on funding status.
- Make an accurate prediction about your future financial needs.
Budget analysts advise organizations ranging from governments to commercial corporations to academic institutions on all elements of their financial operations. They prepare and assess annual and special reports for the government. Their research suggests financing amounts based on their findings. Budget analysts gather data needed to create an organization's budget.
Budget analysts utilize cost–benefit analyses to study budgetary needs, program choices, and alternative funding solutions. Budget analysts may also review prior budgets and examine economic and financial trends that may affect income and expenditures. Budget experts may advise cutting some programs or reallocating funds.
Budget analysts monitor spending all year to ensure organizations stay under budgets and determine if specific initiatives require more funding. Analysts examine programs to evaluate if they live up to their claims.
Budget analysts must also effectively communicate their conclusions to their peers. Budget specialists may provide a report highlighting discrepancies between the final budget plan and actual expenditures.
Budget analysts might clarify their recommendations to lawmakers during committee hearings. Budget analysts can assess a program's progress, develop policies, and draft budget legislation.
Education
Analysts in the subject of budgeting often have at least a bachelor's degree in a business-related or social science-related field. Accounting, economics, and statistics courses are beneficial for creating a budget because they teach students how to deal with numbers and how to analyze data.
Work experience in budgeting or finance can sometimes take the place of academic education.
Registration, Certification, and Licenses.
Certified Government Financial Manager (CGFM) certification from the Association of Government Accountants is an option open to budget analysts working at any level of government (AGA). In order to become a Certified Government Financial Manager (CGFM), candidates must hold a bachelor's degree, adhere to the AGA Code of Ethics, pass tests, and complete a prescribed term of professional-level government financial management experience. CGFMs are required to fulfill continuing education requirements in order to keep their certifications current.
It is not necessary to hold the CGFM designation in order to improve your career.
Characteristics of Critical Importance
Analytical abilities. " Budget analysts must be able to handle a wide range of data, evaluate costs and benefits, and solve complicated issues.
Skills in verbal and nonverbal communication. In meetings and legislative committee hearings, budget analysts must be able to explain and defend their findings and recommendations.
Focused on specifics. Each budget item must be thoroughly analyzed to ensure that the budget is efficient.
Math prowess, financial management software and programs are essential for budget analysts, as are arithmetic abilities.
Skills in writing. As a budget analyst, you need to be able to communicate your findings in a way that the intended audience can comprehend.
Pay
In May 2020, the median yearly salary for budget analysts was $78,970. There are two extremes of earnings in each given occupation: those earning more than the median and those earning less. The bottom 10% made less than $51,220, and the top 10% earned more than $121,360.
Job Projections
Budget analysts' employment is expected to rise at a slower rate than the average for all occupations, from 2020 to 2030.