Budget Analyst
Why Is Budget Analysis a Job of Tomorrow?
In every industry, whether it is a non-profit organization, school, or healthcare facility, there is a business aspect that must be attended to in order to ensure efficiency. As a result, these industries need employees with substantial expertise in business knowledge and skills. With some of the fastest growing industries in the country, the business sector is expected to grow by 23.3 percent by 2016, adding more than 4.1 million new jobs to the market, according to the Bureau of Labor Statistics. As businesses large and small continue to grow, budget analysts will be needed more than ever to advise organizations on where to spend and where to cut costs in order to stay within budget. Employment opportunities for budget analysts are expected to increase seven percent by 2016, according to the Bureau of Labor Statistics. Budget analysts make an average salary of $61,430 annually.
What Does a Budget Analyst Do?
Budget analysts handle the monetary resources of an organization. They develop plans to use the limited resources available, as well as analyze existing spending trends to see where excess spending can be cut to save more money. Budget analysts working with for-profit organizations have the additional responsibility of seeking out new methods of increasing profits without sacrificing the integrity of the organization’s goods and services. Budget analysts now also handle performance evaluations, policy evaluations, and other responsibilities. In reviewing policy, budget analysts can determine where excess money and time is being spent. By the same token, performance evaluations are also helpful in determining which employees are valuable assets to the organization, which is helpful information when it comes time to decide which employees should receive a promotion or pay raise. Budget managers also read the proposed spending plans for each budget cycle and analyze whether the plan is sound or whether it should be modified. They estimate the cost of projects and allocate the resources necessary to achieve the project.
What Kind of Training Do I Need to Become a Budget Analyst?
Budget analysts must have at least a bachelor’s degree in accounting, finance, business, or another related field of study. However, many employers now prefer analysts with a master’s degree in the field. A bachelor’s degree takes four years to complete and a master’s degree takes an additional two to three years to complete after first obtaining a bachelor’s degree. The courses covered depend on the student’s specific field of study. Certification is not necessarily, but budget analysts working for the government may obtain certification from the Association of Government Accountants, which requires at least a bachelor’s degree education, two years of work experience on the government level, and the successful completion of several examinations.
