What does a Budget Analyst do?
Published 3 min read
Budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending.
Budget Analyst job duties include:
- Monitor spending and prepare reports detailing how money is being used
- Examine budget proposals to identify potential cost savings or areas where additional funds may be needed
- Work with managers to develop budgets that are realistic and meet the needs of the organization
- Track actual expenditures and compare them to the budget to identify variances
- Prepare forecasts of future spending based on historical data and trends
- Analyze financial data to identify opportunities for cost reduction or increased efficiency
- Assist in the development of long-term financial plans
- Recommend changes to organizational spending patterns
- Prepare reports and presentations for senior management or board of directors
Budget Analyst Job Requirements
A budget analyst is responsible for preparing and managing an organization's budget. They must have a strong understanding of financial principles and be able to effectively communicate their recommendations to upper management. A bachelor's degree in finance, accounting, or business administration is typically required for this position, along with several years of experience working in a financial role. Some employers may also require certification from the Association for Financial Professionals or a similar organization.
Budget Analyst Skills
- Analytical skills
- Profit and loss analysis
- Financial analysis
- Budgeting
- Forecasting
- Variance analysis
- Financial modeling
- Finance
- Accounting
- Excel
- PowerPoint
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How to become a Budget Analyst
Budget analysts are responsible for developing and managing an organization’s financial plan. They work with senior managers to develop long-term plans and annual budgets, and they track actual results against budget targets. Budget analysts also help prepare reports that explain an organization’s financial position to decision-makers, investors, and the public.
Becoming a budget analyst usually requires a bachelor’s degree in business administration, accounting, finance, or a related field. Employers also value work experience, so internships or part-time jobs in accounting or finance can be helpful. Budget analysts need strong analytical skills and must be able to communicate complex information clearly. They must also be able to work well under pressure and meet deadlines.
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