What Do Budget Analysts Do?
In business and financial operation, the budget analyst has a very important job. It is their responsibility to ensure the completeness and accuracy of budgeting and accounting reports and forms. It may not seem like the most important position, but a lot hinges on the analysts ability to do their job properly. In addition to keeping an eye out for mistakes or discrepancies, the budget analyst is must also look for points of possible improvement and guarantee compliance with policies and regulations.
Budget Analysts Skills and Abilities
Obviously, the most important skill that budget analysts need to possess is economic and financial knowledge. Accounting makes up the majority of the responsibilities that they hold. Secondly, they must have a thorough mathematical understand. The ability to do calculations quickly and accurately is vital to daily operation. They must also be organized and should have experience with administration and management of information as well as computers. Finally, critical thinking and problem solving skills are very beneficial.
Budget Analysts Duties
The title of budget analyst may sound simple, but they have many responsibilities. Primarily among them, they must be able to create and guide the creation of financial and special reports. Additionally, budget analysts must analyze existing information and provide consultation to other professionals. It is up to them to ensure that all documents are accurate, complete, and compliant. Many businesses expect the analysis department to be producing ideas for improving efficiency and reduce costs as well.
Budget Analysts Tools and Technology
There are very few tools that budget analysts need to have a mastery of. Essentially, they must only be experienced with a computer, including a printer. However, because of the high amount of time they spend on a computer, the level of mastery that they need to have compensates for low number of tools they need. There are also several kinds of technologies that they need to have an understanding of, including
- Accounting software
- Data base user interface software
- Enterprise resource planning software
- Financial analysis software
- Presentation software
Education and Training for Budget Analysts
Budget analysts include members from all kinds of education levels. While it is common to have a college degree before working as a budget analyst, many professions do not hold a degree and still manage to find work of this kind. About 40% of budget analysts have a Bachelors degree. This makes up the largest educational group. About 25% of professionals have a Masters degree, while 30% have less than a Bachelors degree, including 9% that hold an Associates degree. Very few budget analysts hold a Doctoral or professional degree, but it is possible to go that route as well.
Budget Analysts Salary
The salary for budget analysts is good. The national average is $70,000 each year. The annual salary has a very large range, however. The lowest 10% is about $45,000, while the top 10% is just shy of $110,000. Like most positions in high business, the pay is excellent most of the time. Of course, these figures depend heavily on your location within the United States.
Budget Analysts Jobs by Geography
The states with the highest budget analyst annual salary are Maryland and Virginia with $83,000, more than $10,000 higher than the national average. It is important to note that the District of Columbia is about $10,000 higher than even that. The lowest paying states are in the center of the nation, including Arkansas and Kentucky. Despite this fact, these states are among the ones with the highest rate of budget analyst employment rates and are set to increase about 15%. Still, the east coast states, such as Rhode Island and Vermont have even higher rates. Keep these figures in mind when thinking about your own location as a budget analyst.