A budget analyst is found in all growing organizations. The importance of a budget analyst has particularly increased following the recession in all industries and the cut throat competition between all companies. The main aim of an organization is to keep the cost as low as possible or in other words, maintain strict budget controls.

Job description

A budget analyst is responsible for preparing, analyzing and reviewing a company’s budget. Though they do not have to prepare the budget themselves they need to work very closely and in coordination with every department that is making the budget. The job is highly financial in nature and also requires a certain level of creativity so as to give innovative cost saving solutions.

Job duties

The work of a budget analyst extends beyond the preparing and reviewing of a budget. Other functions that he or she needs to perform are:

  • Allocate funds in the best possible manner
  • Ensure efficient use of resources
  • Have a complete picture of where and how will the funds be used before approving them in the budget
  • Calculate budget variances by comparing actual data with budget
  • Reviewing budget reports on a continues basis
  • Revising budgets based on the latest information available
  • Making sure that budgets are made in accordance to the accounting and financial standards of the organization
  • Make sure that budgets are made and updated in a timely manner
  • Ensure that the budget is strictly followed in all parts of the organization
  • Make projections based on the past data so as to make the budget more accurate

Skills

The job of a budget analyst requires a lot of financial and planning skills. A person applying for this job should:

  • Have good coordination skills
  • Have good mathematical skills
  • Be sound in knowledge of excel
  • Be good with numbers
  • Have appropriate decision making skills
  • Have a creative approach to problem solving
  • Have good reporting and presentation skills (to be able to present the budget to the top management)

Work environment

A budget analyst works in a very professional environment and interacts with the top management. The work environment is very formal and there is no room for errors as the financial reporting is always 100% accurate. This contributes to an environment which might not be very flexible with respect to job requirements and the work would require long hours of staying back at the office in planning activities.

Qualification

As the job of a budget analyst requires an in-depth knowledge of finance a Bachelor’s degree in general administration followed by a finance majors in Master’s is the best combination with which a person can apply for this job.

Tips for the job

As the job revolves around the management and finance, the tips that can work for this job position are as follows:

  • Go out of the way and do more than what is expected. An example of this would be that instead of using the same budget model for budget preparation a new model or technique can be used.
  • Maintain good relations with all departments’ heads as the work of a budget analysts cannot be done in isolation. Good coordination with all the departments will give the best results.

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