Budget Analyst: Salary and Career Profile
Budget analysts are instrumental in helping organizations efficiently allocate financial resources. Pursuing a budget analyst career offers countless advantages to graduates with a bachelor’s degree in accounting. Jobs can be with private or public companies, nonprofit organizations, financial institutions, and federal, state and local governments.
Job Outlook
The U.S. Bureau of Labor Statistics (BLS) predicts budget analyst jobs will increase faster than the average for all occupations over the coming years. Job growth will occur as businesses become more complex and specialized. Sophisticated computer software that enables firms to better plan and control budgets will also increase the need for budget analysts.
Budget Analyst Job Duties
Budget analysts typically develop and manage organizational budgets to reach stated goals, increase profit and maximize resources. They work with department managers to review financial plans. Throughout their careers, budget analysts are required to report to company officials and provide advice on budgetary decisions and strategic planning. In addition, budget analysts will estimate future financial needs and suggest ways to improve efficiency.
A large portion of a budget analyst’s career is spent using specialized spreadsheets, databases and financial analysis software to improve understanding and reporting of different budgeting options. Budget analysts are often required to make recommendations regarding program cuts or reallocation of funds in times of deficits. They also check spending throughout the fiscal year to ensure funds have been spent as specified.
Most budget analysts enjoy a comfortable office environment. They typically work independently, and may work from home. Travel is sometimes required. Given the importance and consequences of budget analysts’ recommendations, some experience high stress levels.
Budget Analyst Salary Potential
The BLS reports that in May 2009, budget analysts earned a median salary of $66,660, with the middle 50% earning between $53,460 and $83,110. The lowest 10% brought in about $43,570, while the highest 10% were paid $100,880 per year. Salaries vary according to industry, experience and education. Recent college graduates will generally start out toward the lower end of the range, while top salaries generally go to those with the most experience, certifications and specialized education.
Education and Training
Most budget analyst jobs require at least a bachelor’s degree in accounting or a related field. Some employers prefer to hire applicants with a master’s degree in accounting or an MBA with a specialization in accounting. Entry-level budget analysts with bachelor’s degrees often have limited responsibilities and work their way up to intermediate- and senior-level positions.
The first step to a budget analyst career can be a bachelor’s degree in accounting. Program coursework often includes statistics, economics, finance, political science and public administration.
Employers can be confident that graduates of an accounting education program are able to:
- Accurately review, prepare and monitor budgets and financial records.
- Adhere to the latest industry rules and regulations.
- Use computers and specialized software to track and analyze expenditures.
- Investigate budget shortfalls and overages.
- Apply knowledge gained from a bachelor’s program toward an advanced degree or industry certifications that may be required for certain jobs.
Your Path to a Budget Analyst Career
If you have a combination of integrity, objectivity and discretion, along with strong skills in math, communication and computer software, you might be a perfect fit for a budget analyst career. If you’re interested in pursuing an accounting education and committed to keeping your professional skills updated throughout your career, becoming a budget analyst can be a rewarding occupation.
