Budget Analyst Job Description [Updated for 2024] (2024)

In the era of fiscal prudence, the role of budget analysts is more critical than ever.

As financial landscapes evolve, the demand for skilled individuals who can analyze, plan, and manage organizational budgets grows increasingly stronger.

But let’s break this down: What’s truly expected from a budget analyst?

Whether you are:

• A job seeker trying to understand the core of this role,
• A hiring manager outlining the perfect candidate,
• Or simply curious about the intricate world of budget analysis,

You’re in the right place.

Today, we present a customizable budget analyst job description template, designed for easy posting on job boards or career sites.

Let’s dive right into it.

Budget Analyst Duties and Responsibilities

Budget Analysts play a crucial role in managing financial planning, spending, and procurement for public and private institutions.

They are primarily tasked with evaluating budget proposals, estimating future financial needs, and ensuring compliance with legal regulations.

Their duties and responsibilities include:

• Reviewing budget proposals and funding requests
• Conducting cost-benefit analyses to determine financial efficiency
• Monitoring spending to ensure it is within budget
• Estimating future financial needs
• Preparing budget reports and presenting them to management
• Providing advice and technical assistance with cost analysis, fiscal allocation, and budget preparation
• Examining budget estimates for completeness, accuracy, and conformance with procedures and regulations
• Performing budget modelling to compare the actual results with the budgeted predictions
• Consulting with managers to ensure that budget adjustments are made in accordance with program changes
• Maintaining up-to-date knowledge of laws and regulations related to budgeting procedures.

Budget Analyst Job Description Template

Job Brief

We are looking for a detail-oriented Budget Analyst to assist in preparing our financial plans.

The Budget Analyst’s responsibilities include developing budget reports, reviewing budget proposals, and conducting cost-benefit analyses.

Our ideal candidate is proficient in data analysis and strategic thinking.

You should have a deep understanding of budgeting and financial forecasting.

Ultimately, the role of the Budget Analyst is to oversee our budgeting and financial planning and help us make well-informed decisions that benefit our company.

Responsibilities

• Collaborate with department heads to prepare and review budget proposals
• Perform cost-benefit analyses to determine the best course of action or approach
• Monitor spending to ensure it remains within budget
• Estimate future financial needs
• Report on budgeting and spending
• Ensure that budgeting procedures comply with regulations
• Prepare periodic reports that compare budgeted costs to actual costs
• Develop and implement budgeting policies and procedures
• Provide advice and technical assistance with cost analysis, fiscal allocation, and budget preparation
• Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations

Qualifications

• Proven work experience as a budget analyst or similar role
• Exceptional analytical skills and strong attention to detail
• Excellent understanding of budgeting and financial analysis processes
• Proficiency in data analysis and statistical forecasting
• Good knowledge of MS Office and particularly Excel
• Excellent communication skills, both oral and written
• BS/BA in Finance, Accounting, Economics, Business or relevant field

Benefits

• 401(k)
• Health insurance
• Dental insurance
• Retirement plan
• Paid time off
• Professional development opportunities

Additional Information

• Job Title: Budget Analyst
• Work Environment: Office setting. Some travel may be required for meetings or audits.
• Reporting Structure: Reports to the Finance Manager or Director of Finance.
• Salary: Salary is based upon candidate experience and qualifications, as well as market and business considerations.
• Pay Range: $52,000 minimum to $85,000 maximum
• Location: [City, State] (specify the location or indicate if remote)
• Employment Type: Full-time
• Equal Opportunity Statement: We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, or disability status.
• Application Instructions: Please submit your resume and a cover letter outlining your qualifications and experience to [email address or application portal].

What Does a Budget Analyst Do?

Budget Analysts work typically in government agencies, universities, or businesses where they are responsible for managing organizational funds and budgets.

Their primary role is to analyze budget proposals, compile data, and evaluate the risk and benefits of various budget options.

They work closely with project and department managers to develop a detailed budget plan for an organization.

They are also responsible for monitoring the organization’s spending to ensure it is within budget.

This involves reviewing operating budgets periodically to analyze trends affecting budget needs.

Another part of their job includes preparing budget reports and presenting them to upper management or stakeholders.

These reports help in making informed decisions regarding budget modifications.

Budget Analysts also provide technical analysis and advice to the management regarding budget formulation processes, budget adjustments, and expenditure controls.

They are involved in reviewing budget proposals for completeness, accuracy, and compliance with laws and regulations.

Their role also includes estimating future financial needs for the organization.

In some cases, they may also be responsible for providing training to staff on budget development and management processes.

Budget Analyst Qualifications and Skills

A competent budget analyst should have a range of skills and qualifications that align with your company’s needs, such as:

• Numerical abilities and analytical skills to interpret complex financial data and to develop and manage budgets effectively
• Strong knowledge of financial and budgeting concepts, policies, regulations and practices to ensure compliance in all financial activities
• Problem-solving skills to quickly identify budget discrepancies and provide feasible solutions
• Exceptional communication skills to clearly explain and present budget reports to senior management, staff, and stakeholders
• Proficient in financial software and Microsoft Office Suite for creating spreadsheets, charts, and reports
• Attention to detail and accuracy in preparing detailed financial reports and projections
• Time management skills to meet tight deadlines and manage multiple tasks at once
• Interpersonal skills to work effectively within a team and collaborate with other departments

Budget Analyst Experience Requirements

Entry-level budget analysts typically need at least a bachelor’s degree in finance, economics, accounting, or a related field.

Some positions might require a master’s degree in business administration or public administration.

In addition to their academic qualifications, entry-level candidates might have 1 to 2 years of experience, often gained through internships or part-time roles in finance or accounting departments.

They might also gain relevant experience in roles such as Financial Analyst, Cost Estimator, or Accounting Clerk.

Candidates with more than 3 years of experience have likely spent time in roles such as Junior Budget Analyst or Assistant Budget Analyst, where they would have developed their technical skills, knowledge, and understanding of budgeting processes and financial management.

Those with more than 5 years of experience are likely to have gained some leadership experience and could be ready for more senior roles such as Senior Budget Analyst or Budget Manager.

They may also have expertise in specific areas, such as government budgeting, corporate finance, or non-profit finance.

In addition to these experience requirements, budget analysts must also have strong analytical skills, a good understanding of financial software, and excellent communication skills.

Budget Analyst Education and Training Requirements

Budget Analysts typically require a bachelor’s degree in fields such as finance, accounting, economics, or business.

In their degree programs, they should focus on courses related to budgeting, statistics, economics, financial analysis, and management to gain a solid foundation for their career.

Some positions, particularly those in complex financial sectors or higher-level roles, may require a master’s degree in finance, business administration, or a related field.

A comprehensive understanding of financial laws and regulations, as well as expertise in financial software and spreadsheet programs, are also important for this role.

Budget Analysts may also seek certification as a Certified Government Financial Manager (CGFM) from the Association of Government Accountants.

This certification requires a minimum of a bachelor’s degree, 24 hours of study in financial management, 2 years of professional-level experience in governmental financial management, and passing grades on three exams.

The certification can demonstrate a Budget Analyst’s credibility, competence, and commitment to their profession, offering them a competitive edge in the job market.

Regular ongoing training and upskilling are vital for Budget Analysts to keep pace with financial regulations, budgeting techniques, and new financial software.

Budget Analyst Salary Expectations

A Budget Analyst can expect to earn an average salary of $76,540 (USD) annually.

The actual income can vary depending on factors such as years of experience, educational qualifications, specific industry, and the geographical location of the job.

Budget Analyst Job Description FAQs

What skills does a budget analyst need?

Budget analysts need strong analytical skills to scrutinize budget proposals and data.

They also need to possess a keen attention to detail, as they will have to ensure all financial documents are accurate and complete.

Budget analysts should also have good communication skills, to present and explain their findings to higher management or other stakeholders.

Knowledge of budgeting software and databases, as well as a strong mathematical background, is also essential.

Do budget analysts need a degree?

Yes, most employers require budget analysts to have a bachelor’s degree, typically in finance, economics, accounting, or a related field.

Some employers may prefer candidates with a master’s degree.

Moreover, certification like Certified Government Financial Manager (CGFM) can be beneficial in certain sectors.

What should you look for in a budget analyst’s resume?

A budget analyst’s resume should highlight their analytical skills and attention to detail.

It should also show a strong background in finance or a related field, demonstrated through educational qualifications and work experience.

Familiarity with budgeting software and relevant certification can also be advantageous.

References or examples of past budgeting projects or achievements can be a good indication of their practical skills.

What qualities make a good budget analyst?

A good budget analyst is detail-oriented, has a high level of accuracy in their work, and has excellent analytical skills.

They must be able to work independently and make decisions that affect the financial well-being of the organization.

Good budget analysts are also excellent communicators, as they need to convey complex financial data and recommendations to non-financial staff.

Is it difficult to hire budget analysts?

The challenge of hiring budget analysts largely depends on the specific needs of your organization and the current state of the job market.

However, due to the specialized nature of the role, finding candidates with the right combination of skills and experience can sometimes be difficult.

It can be beneficial to work with a recruitment agency or use targeted job posting platforms to reach the right candidates.

Conclusion

And there you have it.

Today, we’ve dissected the intriguing world of a budget analyst.

Surprise, surprise?

It’s not just about crunching numbers.

It’s about strategically molding the financial future, one budget at a time.

With our comprehensive budget analyst job description template and real-life instances, you’re well-equipped to take the next step.

But why halt your journey here?

Explore further with our job description generator. It’s your ultimate tool for constructing precise job listings or refining your resume to excellence.

Remember:

Every budget forecast is part of a larger fiscal plan.

Let’s shape that future. Together.

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