How do I Become a Budget Analyst?

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To become a budget analyst, you will have to know more than just figures. If you cannot get enough of mathematics, then you should consider taking another career path. A budget analyst studies the reports presented by accountants, their basic function is in the documentation, defense and even the development of a prescribed budget. His or her job is to figure out how to effectively allocate limited resources. The budget analyst also assesses current and past budgets in order to determine the most effective way to allocate funds and other resources among several departments of the company that they are representing.

Obtaining a College Degree can Assist you in Launching your Career

Preparing to become a budget analyst will require you to earn a minimum of a Bachelor of Arts (B.A.) degree in the following courses:

•Finance
•Economics
•Accounting
•Political Science
•Business
•Statistics

Although, there are agencies that require applicants to have a Master’s Degree – about 45 percent of budget analysts work with government agencies, while others work for charitable organizations, universities or private entities. According to the Bureau of Labor Statistics (BLS), as of May 2012, the median annual salary for budget analyst was $69,280.

Essential Skills

Budget analysts will need to have quantitative and analytical skills. They must also have the following skills:

•A great sense of organization
•Ability to effectively communicate detailed information
•Ability to effectively translate highly voluminous data into well detailed and solid content
•Must be able to present a summary of their information in writing, verbal and through the use graphs and charts.
•Must have a good understanding of the company, its objective, its programs, and the procedures involved in executing the agency’s mission.

All through the year, budget analysts monitor the budget by simply reviewing the accounting records in order to figure out if the funds have been used judiciously and as stipulated within an existing plan.

What Are the Additional Requirements to Become a Budget Analyst?

In order to work for a government agency, budget analysts must meet the following requirements:

•Complete 25 hours in financial management
•Pass 3 exams for certification
•Have 2 years work experience in financial management that is relevant to the work
•Complete a B.A. degree

The Association of Government Accountant issues the certification, and it is offered as a “Certified Government Financial Management” certificate.

Note: the certification should be renewed every 2 years and will require eighty continuing education hours for every certification.

Budget analysts are expected to put in long hours, particularly during the primary development, middle of the year reviews and final end of year reviews of the budget. The job can be truly demanding, stressful and it also involves meeting important deadlines within really tight schedules. However, on a more positive note, a lot of budget analysts work independently, engage in travel in order to gather data, get information from coworkers or see firsthand, the efficiency of budget allocations for a variety of programs. They also work from a comfortable office. So, at the same time, it is a promising and luxurious career that does pay off after schooling.