Budget Analysts
What is a Budget Analyst?
A Budget Analyst is a financial professional who helps organizations plan and manage their budgets effectively. They are responsible for developing and analyzing budgets, ensuring that funds are allocated appropriately, and identifying areas where cost savings can be made. Budget Analysts work in various sectors, including government, healthcare, education, and private industry, and their primary goal is to support organizational financial health by providing an accurate representation of financial resources. They analyze past data to project future revenues and expenditures, prepare reports for decision-makers, and advise managers on budgetary adjustments to meet financial objectives. Typically, they use software tools and systems to track, analyze, and report financial data, offering insights that guide strategic planning and operational efficiency. Strong analytical skills, attention to detail, and a solid understanding of financial principles and regulations are essential for success in this role.
Tasks
- Analyze monthly department budgeting and accounting reports to maintain expenditure controls.
- Provide advice and technical assistance with cost analysis, fiscal allocation, and budget preparation.
- Review operating budgets to analyze trends affecting budget needs.
- Compile and analyze accounting records and other data to determine the financial resources required to implement a program.
- Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations.
Technology Skills
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Data base user interface and query software
- Microsoft Access
- Microsoft Analysis Services
- Relational database software
- Structured query language SQL
- Presentation software
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Enterprise resource planning ERP software
- Microsoft Dynamics 365 Business Central
- Oracle Enterprise Performance Management Cloud
- Revelwood
- Sage Active Planner
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Financial analysis software
- Budget monitoring systems
- Microsoft FRx
- Oracle Fusion Cloud ERP
- Satori Group proCube
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Accounting software
- Deltek Costpoint
- Fund accounting software
- Hyperion Enterprise
Tools Used
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Notebook computers
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Laser printers
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Desktop computers
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Personal computers
Knowledge
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Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
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Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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English Language
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
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Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
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Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Skills
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Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
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Mathematics
Using mathematics to solve problems.
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Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
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Complex Problem Solving
Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
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Judgment and Decision Making
Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Abilities
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Mathematical Reasoning
The ability to choose the right mathematical methods or formulas to solve a problem.
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Number Facility
The ability to add, subtract, multiply, or divide quickly and correctly.
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Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
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Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
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Written Comprehension
The ability to read and understand information and ideas presented in writing.
Education
How much education does a new hire need to perform a job in this occupation?
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Bachelor's degree
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High school diploma or equivalent
or: GED, High School Equivalency Certificate
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Master's degree
Work Activities
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Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
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Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
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Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
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Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
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Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Detailed Work Activities
- Analyze budgetary or accounting data.
- Advise others on financial matters.
- Gather financial records.
- Prepare financial documents, reports, or budgets.
- Discuss business strategies, practices, or policies with managers.
Work Interests
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Conventional
Work involves following procedures and regulations to organize information or data, typically in a business setting. Conventional occupations are often associated with office work, accounting, mathematics/statistics, information technology, finance, or human resources.
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Enterprising
Work involves managing, negotiating, marketing, or selling, typically in a business setting, or leading or advising people in political and legal situations. Enterprising occupations are often associated with business initiatives, sales, marketing/advertising, finance, management/administration, professional advising, public speaking, politics, or law.
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Investigative
Work involves studying and researching non-living objects, living organisms, disease or other forms of impairment, or human behavior. Investigative occupations are often associated with physical, life, medical, or social sciences, and can be found in the fields of humanities, mathematics/statistics, information technology, or health care service.
Job Outlook
Projected salary and job growth
$56760.0 - $131630.0
New job opportunities are likely in the future. : Average
Assessment
Related assessments and tests
No assessment available.