The stiff competition of modern times has made each and every organization look for ways of maximizing production and making profit with the help of limited resources. For this reason Budget Analysts play an important role in every organization. They handle the budget analysis by making the management of financial resources possible. The budget analysts are experts who develop, prepare and implement budgets by taking into consideration the future financial needs of the organization.
Budget Analyst Duties and Responsibilities
- Receiving budget estimates from all the departments of the organization and then determining their accuracy.
- Taking into consideration the benefits and losses that have occurred in the previous financial years by studying the previous budgets.
- Suggesting required amendments in the budget in order to make the budget a lot more perfect for the organization.
- Submitting reports on the budget to the higher management for further scrutiny.
- Monitoring the budget of the organization throughout the year in order to keep the budget within limits.
- Projecting future financial needs by taking into consideration the different details on various projects that has been undertaken by the organization.
Budget Analyst Skills and Abilities
- Great mathematical and financial knowledge.
- Good analytical skills.
- Highly organized and responsible.
- Eye for details.
- Good communication skills.
- Budget Analyst Education and Qualifications
- A bachelor’s or Master’s degree in public administration or finance or accounting or statistics is highly essential.
- Experience of working at analytical positions in other organizations can be an added advantage.
Budget Analyst Salary
Salary of the brand analysts largely depend on their experience, knowledge, expertise at work, nature of the organization etc.
Those at the supervisory scale earn somewhere near USD 95,000 – USD 100,000.