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If you are a good communicator, thrive when working with numbers, and are a natural problem solver with a tendency for juggling many projects at once under a tight deadline, then you may want to consider becoming a budget analyst. In order to monitor spending and maximize profit potential, budget analysts are hired by public and private organizations to help organize their finances. Despite the fact that employment of budget analysts is expected to grow slower than average at the rate of 6%, their expertise will remain in demand to ensure efficient use of funds and around 3,800 new budget analysts will be hired before 2022, according to the Bureau of Labor Statistics. Read on to learn more about the job description to determine whether becoming a budget analyst is the right career match for your professional interests and goals.
What Budget Analysts Do
Although executives, managers, or elected officials usually have the power to make the final decision on an organization’s spending habits, these leaders rely on the expertise of budget analysts to prepare the financial information needed to make a sound business move. Using cost-benefit analyses, budget analysts will review financial request, explore alternative funds, examine budget reports, assess program tradeoffs, and research economic trends that will impact the organization’s profitability. After determining the costs and benefits of certain programs, analysts will prepare special budgetary reports and effectively communicate their recommendations to executives. Often times, budget analysts work alongside project managers to develop an appropriate budget as well as review their budget proposals for accuracy and compliance with regulations.
Where Budget Analysts Work
According to the U.S. Department of Labor’s Bureau of Labor Statistics, there are around 61,700 budget analysts employed nationwide with almost 45% working for federal, state, or local government agencies. Budget analysts working in government settings often are also responsible for attending committee hearings, explaining financial advice to legislators, provide policy analysis, and draft all budget-related legislations. Furthermore, budget analysts can find job opportunities to utilize their financial expertise in private corporations, non-profit organizations, universities, and professional consulting services. Most budget analysts work full-time in an office setting, but overtime is often required during final budget reviews and deadlines are looming.
How to Become a Budget Analyst
Since being successful as a budget analyst requires strong analytical, communication, mathematical, technological, and writing skills to carefully analyze each budget item, it is typically required that candidates have at least a bachelor’s degree from an accredited institution. Budget analysts often choose to pursue an undergraduate degree in accounting, finance, statistics, business, economics, or public administration. As competition is heating up for positions, some employers will now prefer candidates who have achieved a master’s degree and/or finance-related experience. To expand professional credentials for working in a government setting, some budget analysts choose to become a Certified Government Financial Manager through the Association of Government Accountants after two years of professional-level experience.
Related Resource: MBA in Finance Jobs
Choosing to become a budget analyst could be a great decision if you are ready to work long hours comparing the costs of resources, estimating profits/losses, recommending ways to save money, and teaching managers how to work with a budget. As a budget analyst, you could find success in being the vital expert that helps executives or government officials in making strategic financial decisions to get ahead in today’s competitive global business market.
