Estimating the financial requirements of private firms, non-profit organizations, and government agencies in the area covered by the budget analyst job description. The budget analysts examine budgets, bring improvements in efficiency, and work with full dedication to increasing the profits. The role of analysts in a non-profit organization is to allocate resources efficiently and effectively. They have their say in the decision of evaluation of performance, adoption of policy analysis, and drafting of the budget. They are also required to conduct sessions on training and implementation of the new budget.
They analyze the financial and working proposals that are submitted by departmental heads and managers. These working proposals summarize the programs of the organization and they check how much money will be required to fund that particular program. They make use of financial models like ‘cost-benefit analyses’ and ‘alternative options’ for funding. They make budgets for each department and then make a consolidated statement. This statement is then submitted to senior management or government officials. They also aid the chief operating officer in planning and making proposals and finding financial alternatives.
Qualification and Skills Required
A bachelor’s degree is a prerequisite for a budget analyst. Some organizations may even ask for a master’s degree. There are limited responsibilities assigned to a newly joined person, but as he or she matures in experience, more responsibilities can be assigned.
A person can get a job in the federal government as a budget analyst with any bachelor’s degree. Strong analytic skills and background in policy analysis is asked by every organization be it private or federal.
Budget analyst job description requires having strict ethical standards, objectivity, integrity, and confidentiality while dealing with financial information. They should not get involved in any sort of personal conflict of interest. They must also be aware of the software packages like database, spreadsheet, financial analysis, data – mining and program graphics. Apart from that, strong communication ability is always necessary, both in written and verbal form. These people are often asked to give presentations and explain their point to senior management or government officials.
What are the job prospects for these budget analysts?
After an experience of one or two years, they can be promoted to an intermediate level and can be assigned more responsibilities. The job of a budget analyst is quite visible as they are in constant interaction with different departments. Therefore, they are quite likely to be promoted to management levels in the organization in different departments.
The job market for the budget analyst is good and particularly with people, having a postgraduate degree. There was an increase of about seven percent in the demand for budget analysts in the year from 2006 to 2010. This is by far is at a percentage level as fast as any other occupation. They may also diversify to other responsibilities such as performance evaluation and policy analysis. The salary can go up to $ 120,000 growing uniformly with the level of work experience.