What does a Budget Analyst do?
|Citation||Retrieved in 2017 from BLS.org|
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.
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.
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.
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.