Budget Analyst Career
Considering a career as a Budget Analyst? Find out all you need to know to decide whether this career is right for you.
- What does a Budget Analyst do?
- How to become a Budget Analyst?
- What is a Budget Analyst's Salary?
- How does the future look for a Budget Analyst?
What does a Budget Analyst do?
The role of a Budget Analyst is to fulfill an organization's objectives through establishing the efficient distribution of funds for a particular project or department.
As a Budget Analyst, you will be involved with analyzing the present and future projects of your organization. In order to make certain your organization does not go beyond budgeting limits, you will need to have a strong understanding of the cost-benefit ratio involved with each project you are analyzing.
After the initial analysis, you will be involved in creating and then preparing a budget proposal. The creation phase will draw from your knowledge of the project's staffing needs and your knowledge of typical employee dynamics in order to build a successful team.
The execution of budgeting plans will come after the presentation of your budget analysis and budget proposal to upper management, or if you work in government, a decision-making official. At this crucial step, a successful Budget Analyst must have excellent communication skills and impeccable attention to detail with presenting material. Typically, veteran decision-makers, when it comes to budget, have experienced as much success as failure. They will pick apart a budget proposal piece by piece and you better have the answer to any and every question they ask or it's back to the drawing board.
As you move up the ladder, you will likely fill a managerial role. At this point, you will take a commanding role in implementing budgeting plans.
This job requires excellent communication skills and the confidence to embrace the position of leadership.
How to Become a Budget Analyst?
Educational requirements may vary slightly depending on the company, the area you wish to work and your previous work experience.
For most entry-level Budget Analysts, the minimum educational requirement is the completion of a Bachelor's degree. However, many organizations are now requiring a minimum of a Masters degree or MBA with an emphasis in Accounting.
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Beyond a quality education and the development of skills necessary to succeed as a Budget Analyst, you will need to learn where to gain experience by finding career opportunities.
You will find some career opportunities on government career portals such as USA Jobs; however, you will probably have quicker results if you contact a local recruiter or begin contacting hiring firms directly. You may find Budget Analyst openings under newspaper or online classifieds (Craigslist or Monster.com).
What is a Budget Analyst's Salary?
As a Budget Analyst, your salary can vary significantly depending on your level of experience, your level of acquired education and size of the company you work for.
The median salary* for a Budget Analyst is $61,400.
The top 10% of Budget Analysts are pulling in an average of $91,300.
In order to boost yourself to this level of success, you will need to perform highly, develop years of experience at a respectable company and lastly, earn yourself an advanced degree.
Request information from some of the top online schools in the United States. Online schools are becoming more popular for the working professional and are already highly respected in the business arena.
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* Source: The Bureau of Labor and Statistics for 2006
How does the future look for a Budget Analyst?
The competition for Budget Analysts will remain high in the future. However, those with graduate degrees and skills with budgeting software will have priority. Job employment will increase about as quickly as all other careers and perhaps slightly higher as the need for budgeting expertise will be more valuable as margins decrease in more competitive global markets.
The U.S. Department of Labor believes between 2004 and 2014, Budget Analyst career opportunities will increase by 13% from 57,600 to 65,300.
The future looks bright for the Budget Analyst profession, so go ahead and get started!
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