Budget Analyst

What is a Budget Analyst?

Budget analysts help companies, non-profit organizations, government agencies and other entities in organizing their financial resources. They generate, analyze and put budgets into action, while making estimates of future financial need for these concerns. For private businesses, this may mean examining the budget to find new ways to improve efficiency and increase profits. For non-profit and government organizations, this may mean analyzing the most efficient way of allocating funds and resources across various programs and departments. Budget analysts also prepare reports on an annual basis and whenever needed to evaluate budget proposals. They may also be involved in policy analysis, and drafting budget related legislation. The top executives in private companies who make the final decisions on the budget rely on budget analysts to develop the information they need for those decisions.

Job Responsibilities

A budget analyst’s job requires that spending is checked throughout the year to be sure it follows the proposed budget and to decide if changes are necessary for various programs or projects. Here are some of the responsibilities of a budget analyst:

• Collaborate to develop the organization’s budget
• Summarize budgets and offer insight regarding funds requests
• Review budget proposals for completeness, accuracy, and compliance
• Defend Budget recommendations against management or stakeholders
• Conduct cost-benefit analyses to determine program efficiency
• Maintain expenditure controls
• Create consolidated organizational budget
• Oversee preparation of regular and special budget reports
• Explain funding requests to the organization, legislators, and the public
• Technical assistance with cost analysis
• Relay status and availability of funds
• Estimate future financial needs

Budget Analyst: Career Outlook

Employment of budget analysts is projected to grow 3 percent from 2022 to 2032, about as fast as the average for all occupations.

About 3,600 openings for budget analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.This is not to say that there will be no competition for this type of employment. Those who distinguish themselves early will have the best prospects. A bachelor’s in business administration degree in accounting from Bryant & Stratton College could be just what you need to stand out.

Additional Training/Requirements

It is often helpful to have taken courses in economics and statistics, which are suited for this career. You may choose to become a Certified Government Financial Manager, which requires a bachelor’s degree, 24 credit hours of study in financial management and two years of professional-level experience in government financial management. For this designation, you must take and pass a series of exams and keep up 80 continuing education credits every two years.

In addition to being detail oriented, budget analysts must have good analytical, communication, math and writing skills. While additional mathematics courses may put you ahead of the pack, your degree will provide you with the firm foundation, needed to excel.

Employment Settings

According to the Bureau of Labor Statistics, the largest employers of budget analysts were as follows:

• Federal government 24%
• Educational services; state, local, and private 14%
• State government, excluding education and hospitals 11%
• Local government, excluding education and hospitals 10%
• Professional, scientific, and technical services 9%

For insights into a career as a budget analyst, please visit the Business Degrees section of our blog. Here you will find valuable information about business and financial careers and a career as a budget analyst. Explore the website and be sure to visit the Accounting Bachelor’s Degree page.