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Budget Analyst

         
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Contains the words budget and analyst.

Summary

Budget analysts work in private industry, nonprofit organizations, and the public sector. In private sector firms, a budget analyst’s main responsibility is to examine the budget and seek new ways to improve efficiency and increase profits. In nonprofit and governmental organizations, which usually are not concerned with profits, analysts try to find the most efficient way to distribute funds and other resources among various departments and programs.

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Career phase is Early career.
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Description

In recent years, as limited funding has led to downsizing and restructuring throughout private industry and government, budget analysts have seen their role broadened. In addition to managing an organization’s budget, they are often involved in program performance evaluation, policy analysis, and the drafting of budget-related legislation. At times, they also conduct training sessions for company or government agency personnel regarding new budget procedures.

At the beginning of each budget cycle, managers and department heads submit proposed operational and financial plans to budget analysts for review. These plans outline the organization’s programs, estimate the financial needs of these programs, and propose funding initiatives to meet those needs.

Analysts examine budget estimates and proposals for completeness; accuracy; and conformance with established procedures, regulations, and organizational objectives. Sometimes they employ cost-benefit analyses to review financial requests, assess program tradeoffs, and explore alternative funding methods. They also examine past budgets and research economic and financial developments that affect the organization’s spending. This process enables analysts to evaluate proposals in terms of the organization’s priorities and financial resources.

After the initial review process, budget analysts consolidate individual departmental budgets into operating and capital budget summaries. These summaries contain statements that argue for or against funding requests. Budget summaries are then submitted to senior management, or, as is often the case in State and local governments, to appointed or elected officials. Budget analysts then help the chief operating officer, agency head, or other top managers analyze the proposed plan and devise possible alternatives if the projected results are unsatisfactory. The final decision to approve the budget usually is made by the organization head in a private firm, or, in government, by elected officials such as State legislators.

Throughout the year, analysts periodically monitor the budget by reviewing reports and accounting records to determine if allocated funds have been spent as specified. If deviations appear between the approved budget and actual performance, budget analysts may write a report explaining the variations and recommending revised procedures. To avoid or alleviate deficits, budget analysts may recommend program cuts or a reallocation of excess funds. They also inform program managers and others within the organization of the status and availability of funds in different accounts. Before new programs begin or existing programs are changed, a budget analyst must assess the program’s efficiency and effectiveness. Analysts also may be involved in long-range financial planning.

Financial software has greatly increased the amount of data and information that budget analysts can consider. The analysts also make extensive use of spreadsheet, database, and word-processing software.

Notes


Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook