Budget Analysts
A budget analyst develops and analyzes a company’s budget. He typically works for the government or a large corporation. The budget analyst relies heavily on financial software programs utilizing spreadsheets, database, and word processing software.
Career Opportunities
Budget analysts provide advice and assistance in preparing annual budgets. At the beginning of each fiscal year, all department heads within an organization submit their annual budgets. The budget analyst reviews all department budgets to determine that they are accurate, complete, and meet company objectives. Once an initial review is completed, the budget analyst compiles all information into a capital budget summary. This summary is presented to the CEO of a corporation or to elected or appointed officials in government. These individuals use the summaries to devise new objectives for the year. They can determine if changes need to be made to remain profitable. Budget analysts spend the remainder of the year reviewing budgets to ensure they are being followed. Any unplanned profits or expenditures must be reported to senior management. The analyst also monitors the budget’s effectiveness. Due to downsizing in many corporations, budget analysts have taken on more responsibilities. Often they are responsible for assessing organizational performance, evaluating the effect of policies on the budget, and even training employees on budget procedures.
Necessary Qualifications
Budget analyst positions are open to those individuals with at least a bachelor’s degree. Degrees in accounting, finance, or statistics are common. However, many companies prefer a candidate with a master’s degree. Corporations do not provide any formal training, other than on the job. The government, however, does provide extensive classroom training. Analysts should give themselves at least one budget cycle to fully understand and feel comfortable with the job. Budget analysts must have a strong analytical and business mind. Computer skills are essential as are written and oral communication skills. Analysts often need to present and defend their budget proposals to senior management. The ability to work under time constraints is also necessary.
Salary and Advancement
Supervision is typically necessary for entry-level positions. Advancement can occur within one to two years. Promotion to senior positions is then a possibility after a few more years of experience. Due to the high visibility and importance of this job, budget analysts are often promoted to senior positions within an organization. Annual salaries range from $23,000 to $82,000. Budget analysts work more than forty hours per week. Hours can be particularly long when a deadline is looming.
*This is a summarized article created to allow for a quick career review. For the most accurate and up-to-date information visit the Bureau of Labor Statistics, U.S. Department of Labor website to learn more about Budget Analysts.
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copyright 2005
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