Budget analysts also may examine past budgets and research economic and financial developments that affect the organizations income and expenditures. Budget analysts may recommend cutting spending on particular programs or redistributing extra funds.
Throughout the year, budget analysts oversee spending to ensure compliance with the budget and determine whether changes to funding levels are needed for certain programs. Analysts also evaluate programs to determine whether they are producing the desired results.
In addition to providing technical analysis, budget analysts must communicate their recommendations effectively to officials within the organization. For example, if there is a difference between the approved budget and actual spending, budget analysts may write a report explaining the variations and recommend changes to reconcile the differences.
Prior to graduation, learners should look into local internships to bolster their resume. Pursue and Maintain Certification. Not all budget analysts need professional certification, but local, state, and federal government offices often prefer certified job candidates. Candidates for the CGFM credential must pay an application fee, submit required documentation, and pass a series of examinations.
To maintain active CGFM certification, professionals must complete 80 hours of continuing education every two years. Earn a Master's Degree. No college degree or professional credential guarantees a particular position or career. However, following an academic plan based on your career aspirations can improve your likelihood of professional success.
This section reviews the most common education requirements and qualifications for budget analyst positions. Popular majors for this career field include accounting, business, economics, and finance.
Some budget analysts hold a degree in another field, such as statistics, public administration, or political science. Generally, any undergraduate degree satisfies the minimum education requirements for entry-level work in this field, as long as the candidate has the necessary analytical and accounting skills.
Popular fields of graduate study for budget analysts include business administration, accounting, and finance. Some employers accept several years of relevant work experience as an alternative to formal education. However, competing with degree-holders for employment can be challenging. Budget analysts spend most of their time analyzing data, evaluating budget proposals, recommending spending cuts, redistributing extra funds, and preparing annual reports.
They work closely with project managers in developing the budget of the organizations while looking over proposals, checking for accuracy, completeness, and compliance.
A budget analyst often uses cost-benefit analyses to explore alternative funding methods, review financial requests, and assess program tradeoffs. They may also look at past budgets and research any financial developments that could affect income and expenditures. In order to stay within the budget, budget analysts oversee spending throughout the year and figure out whether changes are needed for certain programs.
They also examine programs and decide whether they are producing good results. Budget analysts communicate their recommendations to executives within the organization. Throughout the year, analysts periodically monitor the budget by reviewing reports and accounting records to determine if allocated funds have been spent as specified. If deviations appear between the approved budget and actual spending, budget analysts may write a report explaining the variations and recommending revised procedures.
To avoid or alleviate deficits, budget analysts may recommend program cuts or a reallocation of excess funds. They also inform program managers and others within the organization of the status and availability of funds in different accounts.
Data and statistical analysis software has greatly increased the amount of data and information that budget analysts can compile, review, and produce.
Analysts use spreadsheet, database, and financial analysis software to improve their understanding of different budgeting options and to provide accurate, up-to-date information to agency leaders.
In addition, many organizations are beginning to incorporate Enterprise Resource Planning ERP programs into their budget-making process. Work Environment Budget analysts usually work in a comfortable office setting. They spend the majority of their time working independently, compiling and analyzing data and preparing budget proposals. Some budget analysts travel to obtain budget details first-hand or to personally verify funding allocation.
The schedules of budget analysts vary throughout the budget cycle, and many are required to work additional hours during the initial development, mid-year reviews, and final reviews of budgets.
The pressures of deadlines and tight work schedules can be stressful. In , about 48 percent of budget analysts worked 40 hours per week, while about 11 percent worked more than 50 hours per week. Within the Federal Government, a bachelor's degree in any field is sufficient for an entry-level budget analyst position. State and local governments have varying requirements, but usually require a bachelor's degree in one of many areas, including accounting, finance, business, public administration, economics, statistics, political science, or sociology.
Because developing a budget requires strong numerical and analytical skills, courses in statistics or accounting are helpful, regardless of the prospective budget analyst's major field of study. Some States may require a master's degree.
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