Junior Budget Analyst Job Description

Certified Government Financial Management

You are the numbers person for everyone. They know that if you can't get a budget whipped into shape, no one can. You wonder if your financial skills could be applied to more than just the weekly grocery budget, but a career as a budget analyst is still a mystery to you.

Budget analysts aren't tied to a calculator all day They cover a wide range of daily job duties that allow them to best serve their organization through calculation and collaboration. A budget analyst is required in almost every industry.

The BLS reports that 20 percent of budget analysts worked for the federal government in 2016 and that the rest were spread across industries as varied as education, professional services and both private and public organizations. Most budget analysts work in a standard office environment. They may be required to work overtime at certain times of the year.

Budget Analysers: A Career in Government

Budget analysts advise institutions on how to organize their finances. They prepare reports and evaluate proposals. They analyze data to determine the costs and benefits of programs and recommend funding levels based on their findings.

Government officials and top executives in private companies usually make the final decision an organization's budget, but they rely on the work of budget analysts to prepare the information for that decision. Sometimes budget analysts use cost–benefit analyses to look at financial requests, assess program tradeoffs, and explore alternative funding methods. Budget analysts can look at past budgets and economic developments that affect the organization's income and expenditures.

Budget analysts can recommend cutting spending on certain programs. Budget analysts watch spending to ensure compliance with the budget and determine whether changes to funding levels are needed for certain programs. Analysts evaluate programs to see if they are producing the desired results.

Budget analysts must communicate their recommendations effectively to officials within the organization. If there is a difference between the approved budget and actual spending, budget analysts may recommend changes to reconcile the differences. Budget analysts working in government can give testimony at committee hearings.

Budget analysts may evaluate a program, provide policy analysis, and draft legislation occasionally. Budget analysts are usually required to have a bachelor's degree. Strong numerical and analytical skills are required for developing a budget and courses in accounting, economics, and statistics are helpful.

Budget Analysts: A Career Overview

A budget analyst looks for ways to allocate resources more efficiently to maximize profits. Their duties include organizing finances, preparing budget reports, monitoring institutional spending and creating cost-benefit analyses for businesses with the goal of finding ways to run the company efficiently and effectively. Budget Analysts can work in a variety of environments.

Some Budget Analysts work for an organization that regularly reviews their budget for effectiveness, while others work for financial firms that companies can hire for one review or recurring reviews. The job responsibilities for those who work in-house include evaluating proposals and funding requests to determine the best allocation of funds. Depending on the company's budget cycle and the needs and goals of the organization, the day-to-day responsibilities of Budget Analysts can vary.

Candidates who are detail oriented will have a developed ability to solve math problems and form recommendations for a business to run effectively. They will be able to work with spreadsheets and other financial analysis programs. Budget analyst candidates need to be able to present technical ideas clearly in writing for a wide range of audiences to understand.

The salary estimates were last updated in October of 2019. The average salary for a Budget analyst is over 71,000 dollars a year. Some Budget Analysts can expect to work overtime when deadlines are met.

A bachelor's degree is required for budget preparation. Some financial institutions, government agencies or state regulations may need more extensive specializations if they have a good background in economics, accounting and statistics. Employers may prefer a master's degree in finance, accounting or public administration.

Senior Budget Analysers: A Resource for Management and Finance

The budget is the center of the position. Senior budget analysts figure out the best ways to distribute funds among the various sectors that need money, such as the departments of a company or programs being funded by the government. Senior budget analysts are not always in a vacuum.

A lot of people have an interest in where money is allocated. Talking with managers and other interested parties helps the senior budget analyst make decisions while keeping the financial health of the operation in mind. Senior analysts watch and depend on the efforts of junior budget analysts.

Senior budget analysts watch activities that affect the budget. They can see what departments are spending and how much they need. Money is handled in the proper manner if procedures are followed.

Senior budget analysts look at past budgets to help create future budgets. Better decisions are made and errors are corrected when the financial team compares actual data with projections. A sound idea of factors such as daily finances, organizational costs, and overspending leads to greater accuracy.

Senior budget analysts can notice things that might save the company money or identify departments that are not performing well. They may conduct cost-benefit analyses to see if money is being spent efficiently. The senior budget analyst can give guidance to someone who needs it.