What Is a Budget Analyst? Duties, Salary and Qualifications

You’re the go-to numbers-person for everyone, from your family to your boss. They know that if you can’t get a budget whipped into shape, then no one can. Every now and then you wonder if your financial skills could be applied to more than just the weekly grocery budget, but a career as a budget analyst has remained a mystery to you.

What if it turns out you don’t like the day-to-day job duties, or if a budget analyst salary isn’t enough to tempt you away from your current job? You’ve come to the right place. We’re unravelling all the details of a career as a budget analyst so you can make the right calculation about whether this should be your next job title.

Keep reading for our breakdown of everything you need to know about a career as a budget analyst.

Budget Analyst Career Video

What does a budget analyst do?

Budget analysts spend their time analyzing financial data for trends and presenting their findings to company leadership. To accomplish this goal, they have several core duties:

What is a budget analyst?

A budget analyst is a financial professional who reviews budgets and makes recommendations on how to manage money for projects, departments or entire businesses. Budget analysts can work independently or as part of a team of financial consultants depending on the scope of their assignments. They keep companies financially healthy by supervising expenses, advising on budgeting decisions and managing funding requirements.

Budget analysts are important because they keep businesses accountable for how they spend their money, identify areas of waste and track a companys budgeting practices over time. Organizations rely on budget analysts to help manage business growth and changing financial resources over time.

Budget analyst education

Budget analysts typically need to have a minimum of a bachelors degree. If youre interested in becoming a budget analyst, you should select an undergraduate major related to finance, like business, accounting, mathematics or economics. While earning your degree, you should take courses in topics that give you a foundation in budgeting and data analysis skills such as:

Some budget analysts take graduate courses to make their application more impressive to employers and enhance their financial skills.

Work environment for budget analysts

Because so many organizations and businesses need to manage their finances, budget analysts can work in almost any industry. Budget analysts typically work full-time in an office environment where they conduct calculations at a computer and collaborate with their colleagues in business meetings. They can work at financial consulting organizations or in the accounting department at a larger company. Budget analysts may also work as independent contractors who consult on specific projects.

Required experience for budget analysts

Some employers will hire recent college graduates for budget analyst positions, but many require you to have a few years of relevant experience in business or finance. You can gain professional experience to qualify for budget analyst positions by working in financial internships or finding an entry-level job where you work with the budget in some capacity. The more experience you have managing budgets, the better youll be at analyzing budgets for other companies.

Budget analyst certifications

Having relevant financial certifications can help budget analysts attract attention from employers and demonstrate their growth potential. Some of the certifications you can consider if you want to become a budget analyst include:

Budget analyst skills

Budget analysts are highly skilled financial experts who can apply their technical knowledge to real workplace scenarios. Some of the skills that budget analysts need to be successful in their roles include:

Budget analyst salary and job outlook

The Bureau of Labor Statistics projects that job opportunities for budget analysts will increase by 3% from 2019 to 2029, which is about the national average for all professions. Budget analysts can anticipate job security because of their essential role in managing finances for all types of businesses.

FAQ

What is the role of budget analyst?

8 pros
  • Stable employment. Because companies always need to keep their budgets balanced and finances and resources organized, budget analysts can expect job stability even during challenging economic periods. …
  • Numbers-focused. …
  • Routine. …
  • Work environment. …
  • Variability. …
  • Salary. …
  • Education requirements. …
  • An important role.

Is a budget analyst a good career?

Average U.S. Air Force Budget Analyst yearly pay in the United States is approximately $73,894, which meets the national average.

What are 5 tasks of a budget analyst?

Budget analysts tend to be predominantly conventional individuals, meaning that they are usually detail-oriented and organized, and like working in a structured environment. They also tend to be enterprising, which means that they are usually quite natural leaders who thrive at influencing and persuading others.

Is a budget analyst a hard job?

Employment of budget analysts is projected to grow 5 percent from 2020 to 2030, slower than the average for all occupations. Despite limited employment growth, about 4,300 openings for budget analysts are projected each year, on average, over the decade.

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