Budget Analysts : Career Occupational Profile

Private industries, non-profit organizations and the public sector - budget analysts have their requirement in almost all large organizations. The duties of a budget analyst include the development, analysis and execution of budgets. Analysis of the budget helps an organization in the assessment of its future financial requirements and allocation of current resources. After an expert examination of the budget, the budget analysts finds out new ways so as the increase the company's profits. While working for organizations that have nothing to do with profit, these analysts perform the task of distributing funds among multiple departments. The career of a budget analyst happens to be one of the most profitable as well as demanding.

Over the last few years, the roles of budget analysts in the private sector have broadened. Private organizations hire these analysts not only to manage their budget, but also assist them in the evaluation of program performance and policy analysis. When new budget procedures are introduced into an organization or a government agency, these analysts have the task to conduct trainings to make the procedure clear to the organization personnel.

While examining budget estimates, it is the responsibility of analysts to ensure completeness and accuracy. The procedures also need to conform to the standards set forth by the organization. Finding alternative funding methods, assessment of program trade offs are the other duties that analysts need to perform. Analysts need to consider the organization's rules and regulations and its objectives to perform their budget management task accordingly. Budget analysts do not only examine an organization's current budget but also review the past budgets. Further, analysts figure out what financial developments should be made in terms of organization's expenditure, financial resources and other priorities.

Analysts keep a constant eye on the organization's expenditure throughout the year. They keep on reviewing accounting reports of the organization on a regular basis. They have the responsibility to ensure that the actual performance goes exactly well with the approved budget. In case they find any kind of discrepancy, they must prepare a report explaining the deviations. In addition, analysts also provide useful recommendations that could fix the issues.

Educational Background & Training
A bachelor's degree is all that candidates need to kick start their career as budget analysts. To make the most of your career, however, you should possess a master's degree. Most of the employers these days prefer candidates with a master's degree. To become a budget analyst, candidates can obtain a bachelor's degree in subjects like accounting, public administration, economics, finance, statistics, sociology etc. Strong analytical skills are a prerequisite to becoming a budget analyst or establishing one's career successfully. Degrees obtained in majors like political science, public finance and economics can equip students with strong analytical capabilities.

Not only analytical skills, but even quantitative skills are equally important to excel in the budget analysts career. Many companies, therefore, also look for candidates that possess a degree in business. Statistics and accounting courses or degrees form the foundation of such careers. Previous work experience in a budget or finance-related field may help candidates a lot in the advancement of their career. The occupation requires budget analysts to adhere to strict ethical principles, objectivity and confidentiality. No personal interests or conflicts should ever come into the work of a budget analyst.

Analysts working with the federal, state or local government are eligible for the Certified Government Financial Manager (CGFM) certification awarded by the Association of Government Accountants. For other government financial officers, the eligibility criteria include a bachelor's degree, 24 credit hours of study in financial management and 2 years of financial management working experience.

Earning from Budget Analyst's Career
Job opportunities are excellent in the field of budget management and analysis. The median annual salary of a budget analyst is $61,430. The growth rate of employment is also quite good, with the addition of 66,000 jobs by the year 2016. Around 44% of all the budget analysts are employed at Federal government, state government or local government organizations. As candidates become more efficient and gain more experience, they can look forward to acquiring higher ranking positions and a higher salary. Working hours for most of the analysts vary between 35 and 44 hours a week.