What is a Budget Analyst?

Budget AnalystIf you are interested in pursuing a career in the fields of finance and/or accounting, you might be wondering what a budget analyst is?  By reviewing the information below, you can learn the  answer to this question.

What is a Budget Analyst?

Although broadly defined, a budget analyst is basically an individual who assists private and public institutions in organizing their finances. To accomplish this objective, budget analysts monitor institutional spending and also prepare budget reports. Some of the roles and responsibilities of the budget analyst include:

•Working with executives and managers in order to develop the organization’s budget
•Reviewing budget proposals for legal compliance and accuracy
•Explaining budget and funding recommendations to managerial, executive, and other organization and business staff
•Informing program managers of funds status
•Monitoring budgetary spending

Work Environment

Budget analysts generally work in the office setting. In the year of 2012, around 41% of budget analysts were employed for government (local, state, and federal) companies. Most budget analysts are employed full-time.

Educational Requirements

Generally, individuals who work as budget analysts hold a Bachelor’s degree. In some cases, however, employers prefer job candidates who hold a master’s degree.

Online Learning Options

In this contemporary era, the rise of modern technology has led to the increasing popularity of online learning. Attaining a degree online can be advantageous for several reasons, including the fact that there is generally a greater degree of scheduling flexibility with this form of education than the traditional classroom style of learning. There are a wide variety of schools that offer online Bachelor’s degrees in fields that would prepare an individual to become a budget analyst. Some of these fields include business finance, economics, and accounting. Obtaining a Bachelor’s degree in any of these three fields is a great first step towards the development of a career in the field of budget analysis. Some of the courses one might expect to take in an undergraduate program for accounting would include:

•Auditing
•Analyzing Financial Statements
•Principles of Financial Accounting
•Accounting for Government & Nonprofit Entities

Exceling Within The Field

Although earning one’s degree in a field that pertains to budget analysis is the first step towards developing a personally and professionally fulfilling career, individuals who want to excel within the vocation will want to go beyond merely earning a Bachelor’s degree. In addition to getting a degree, it is a good idea for individuals to complete an internship in their selected field. Completing the internship is beneficial for several reasons, including the fact that it provides the participant with hands-on experiences that will help him or her make a smoother transition from the world of school to work. In addition to completing an internship, individuals who wish to excel within the field of budget analysis should attain continuing education credits. These credits provide budget analysts with opportunities to take courses that will keep them updated with the latest methodologies, theories, and practices within their chosen sector. In some cases, employers may require that budget analysts complete Continuing Education Credits.

Related Resource: Enrolled Agent

Salary

According to the U.S. Bureau of Labor Statistics, the average annual salary for budget analysts in May of 2012 was $69,280. This salary is subject to change based on a plethora of factors such as education, experience, expertise, and location.

Conclusion

If you are thinking about a career in a field that pertains to accounting or finance, you should know that opting to become a budget analyst could be very rewarding. Now that you know what a budget analyst does you can decide if this career path would be appropriate for you.