Who is Budget Analyst?
A budget analyst is an expert who uses statistical and mathematical tools to help various organizations and businesses to organize and allocate their financial resources by developing and executing budgets for them. Budget Analysts also monitor the spending to make sure that its within budget and estimate future spending requirements.They prepare budget reports and monitor institutional spending. They work with program and project managers to develop the organization's budget. Budget analysts advise various institutions—including governments, universities, and businesses—on how to organize their finances. They prepare annual and special reports and evaluate budget proposals. They analyze data to determine the costs and benefits of various programs and recommend funding levels based on their findings.
Typical day at work
What does Budget Analyst do?
Budget analysts, as the name implies, assist organisations and businesses in keeping their budgets and finances on track and in maintaining a balanced budget. They assist in the organisation of the company's finances by preparing regular financial reports, communicating with executives on funding requirements, and evaluating budget decisions for special initiatives or one-time spending. They are experts at crunching numbers and can assist businesses in budgeting for the future.
A budget analyst in a private organisation will also review the budget and look for new ways to increase profits and efficiency. Budget analysts will often divide cash across different departments in government organisations and non-profits when profit is not a factor.
Budget analysts typically do the following:
- Budget Analysts have to work with program and project managers to develop the organization’s overall budget.
- To be able to combine all the program and department budgets together into a consolidated organizational budget and review it for further funds.
- To be able to explain their recommendations for funding requests to others in the organization, legislators, and the public.
- To help the chief operations officer, agency head, or other top managers in analyzing proposed plans.
- To evaluate organizational spending to ensure that it is within budget.
- To keep updating program managers of the status and availability of funds.
- To estimate financial needs in the future.
Abilities & aptitude needed
What are the skills, abilities & aptitude needed to become Budget Analyst?
Budget analysts assist public and private organisations in organising their finances. They create budget reports and keep track of institutional spending.
Budget Analysts' Responsibilities Budget analysts typically perform the following tasks:
- Develop the organization's budget in collaboration with programme and project managers.
- Examine budget proposals from managers for completeness, accuracy, and compliance with laws and other regulations.
- Consolidate all programme and department budgets into a consolidated organisational budget, and evaluate all funding requests for merit.
- Explain their funding request recommendations to others in the organisation, legislators, and the general public.
- Assist the chief operations officer, agency head, or other top executives in analysing proposed plans and identifying alternatives if the projected results are unsatisfactory.
- Maintain a close eye on organisational spending to ensure that it stays within budget.
- Inform programme managers about the status of funds and their availability.
- Calculate your future financial requirements.
Budget analysts provide financial advice to a variety of institutions, including governments, universities, and businesses. They create annual and special reports as well as evaluate budget proposals. They examine data to determine the costs and benefits of various programmes and make funding recommendations based on their findings. Although government officials or top executives in a private company usually make the final decision on an organization's budget, budget analysts prepare the information for that decision.
Budget analysts may use cost–benefit analyses to review financial requests, evaluate programme tradeoffs, and investigate alternative funding methods. Budget analysts may also examine previous budgets and conduct research on economic and financial developments that affect the organization's income and expenditures. Budget analysts may recommend reducing spending on specific programmes or redistributing surplus funds.
Budget analysts monitor spending throughout the year to ensure budget compliance and to determine whether funding levels for specific programmes need to be adjusted. Analysts also assess programmes to see if they are producing the desired results.
Budget analysts must effectively communicate their recommendations to officials within the organisation in addition to providing technical analysis. For example, if there is a gap between the approved budget and actual spending, budget analysts may write a report explaining the differences and recommending changes to close the gap.
Government budget analysts may attend committee hearings to explain their recommendations to legislators. Budget analysts may occasionally evaluate the success of a programme, provide policy analysis, and draught budget-related legislation.
Which course I can pursue?
Which are the best colleges to attend to become Budget Analyst?
Miranda House, Delhi
Delhi | Delhi UniversityNIRF Rank : 1
Presidency College, Chennai
Chennai | UGCNIRF Rank : 3
St. Stephen`s College, Delhi
New Delhi | UGC,DUNIRF Rank : 4
Lady Shri Ram College for Women, New Delhi
New Delhi | Delhi UniversityNIRF Rank : 5
Loyola College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 6
Shri Ram College of Commerce, Delhi
New Delhi, Delhi | University of Delhi, DelhiNIRF Rank : 7
Hans Raj College, Delhi
Delhi | Delhi University,UGCNIRF Rank : 9
Savitribai Phule Pune University, Pune
Pune, Maharashtra | Savitribai Phule Pune University, PuneNIRF Rank : 10
St. Xavier`s College, Kolkata
Kolkata, West Bengal | UGCNIRF Rank : 10
Ramakrishna Mission Vidyamandira, Howrah
Howrah | University of CalcuttaNIRF Rank : 11
Madras Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 13
S. P. Jain Institute of Management and Research, Mumbai
Mumbai | AIUNIRF Rank : 16
Maharaja Sayajirao University of Baroda, Vadodara
Vadodara, Gujarat | U.G.C, N.A.A.CNIRF Rank : 17
Punjabi University, Patiala
Patiala, Punjab | UGC, NAAC.AIUNIRF Rank : 18
Banasthali Vidyapith, Banasthali
Jaipur, Rajasthan | UGCNIRF Rank : 19
PSGR Krishnammal College for Women, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 22
Thapar Institute of Engineering and Technology, Patiala
Patiala, Punjab | UGCNIRF Rank : 23
Fergusson College, Pune
Pune | Savitribai Phule Pune UnisversityNIRF Rank : 27
Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur
Nagpur, Maharashtra | UGC,AIUNIRF Rank : 29
Scott Christian College, Nagercoil
Nagercoil, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 30
Maharshi Dayanand University, Rohtak
Rohtak, Haryana | UGC, NAAC-ANIRF Rank : 32
Women`s Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 32
Thiagarajar College, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 34
Loyola Institute of Business Administration, Chennai
Chennai, Tamil Nadu |NIRF Rank : 36
Banaras Hindu University, Varanasi
Varanasi | ACU AIU NAAC UGCNIRF Rank : 39
Queen Mary`s College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 40
Shyam Lal College, Delhi
Delhi | Delhi UniversityNIRF Rank : 41
Alliance University, Bengaluru
Bengaluru | UCCNIRF Rank : 42
Sri Padmavati Mahila Visvavidyalayam, Tirupathi
Tirupati, Andhra Pradesh | UGCNIRF Rank : 46
Govt. College for Women, Thiruvananthapuram
Thiruvananthapuram Kerala | Kerela UniversityNIRF Rank : 47
Pt. Ravishankar Shukla University, Raipur
Raipur, Chhattisgarh | UGCNIRF Rank : 48
Kanchi Mamunivar Centre for Post Graduate Studies, Puducherry
Puducherry | Pondicherry UniversityNIRF Rank : 49
Amity University, Gautam Budh Nagar
NOIDA | UGC?, ?NAAC?, ?WASC?, ?AIU?, ?ACUNIRF Rank : 49
Bethune College, Kolkata
Kolkata | ?University of CalcuttaNIRF Rank : 50
VELS Institute of Science Technology and Advanced Studies, Chennai
Chennai, Tamil Nadu | ?UGC NAACNIRF Rank : 52
Kurukshetra University, Kurukshetra
Thanesar, Haryana | UGCNIRF Rank : 53
Sri Krishna Arts and Science College, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 53
Shivaji College, Delhi
Delhi | Delhi UniversityNIRF Rank : 54
Sam Higginbottom Institute of Agriculture, Technology and Sciences, Allahabad
Allahabad, Uttar Pradesh | UGC, ACU AIU IAU IAUANIRF Rank : 56
Sacred Heart College, Ernakulam
Thevara, Kochi | Mahatma Gandhi University, KottayamNIRF Rank : 57
Koneru Lakshmaiah Education Foundation University(K L College of Engineering), Vaddeswaram
Guntur, Andhra Pradesh | University Grants Commission, All India Council for Technical EducationNIRF Rank : 58
Stella Maris College for Women, Chennai
Chennai | University of MadrasNIRF Rank : 58
St. Joseph`s College of Commerce, Bengaluru
Bengaluru, Karnataka | Bangalore University, BangaloreNIRF Rank : 61
St. Teresa's College, Ernakulam
Ernakulam Kochi, Kerala | Mahatma Gandhi University, KottayamNIRF Rank : 64
Shoolini University of Biotechnology and Management Sciences, Solan
Solan, Himachal Pradesh | UGCNIRF Rank : 65
Silver Jubilee Degree College, Kurnool
Kurnool | Rayalaseema UniversityNIRF Rank : 66
Mohanlal Sukhadia University, Udaipur
Udaipur, Rajasthan | Mohanlal Sukhadia University, UdaipurNIRF Rank : 67
Govt. Arts College, Thiruvananthapuram
Thiruvananthapuram, Kerala | Kerala UniversityNIRF Rank : 69
Farook College, Kozhikode
Kozhikode, Kerala | CALICUT UNIVERSITY, CALICUTNIRF Rank : 71
SRM Institute of Science and Technology, Chennai
Kattankulathur, Tamil Nadu | SRM University, ChennaiNIRF Rank : 73
St. Xavier's College, Palayamkottai
Tirunelveli, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 74
V. O. Chidambaram College, Tuticorin
Thoothukudi, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 77
Newman College, Idukki
Thodupuzha, Kerala | MG UniversityNIRF Rank : 78
Lady Doak College, Madurai
Madurai | MKU,MaduraiNIRF Rank : 79
St. Joseph's College, Kozhikode
Devagiri, Calicut Kerala | University of Calicut, MalappuramNIRF Rank : 82
Shri Mata Vaishno Devi University, Katra
Dudura, Jammu and Kashmir | UGCNIRF Rank : 85
Sri Venkateswara University, Tirupati
Tirupati, Andhra Pradesh | UGCNIRF Rank : 89
St. Francis College for Women, Hyderabad
Hyderabad, Telangana | Osmania University, HyderabadNIRF Rank : 95
IK Gujral Punjab Technical University, Kapurthala
jalandhar | UGC, AICTENIRF Rank : 96
Sri Meenakshi Government College for Women, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 97
Muthurangam Govt. Arts College, Vellore
Vellore, Tamil Nadu | Thiruvalluvar University, VelloreNIRF Rank : 98
Which industries are open for Budget Analyst?
- Federal government
- Educational services (state, local, and private)
- State government
- Professional, scientific, and technical services
- Local Government
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What does the future look like for Budget Analyst?
Budget analysts` employment is expected to grow at a 5% annual rate over the next ten years, which is slower than the national average for all occupations. Despite slowing job growth, an average of 4,300 budget analyst job openings are expected each year over the next decade. The majority of those openings are expected to result from the need to replace workers who transfer to different occupations or leave the labour force for other reasons, such as retirement.
Budget Analysts Are Needed Budget analysts will continue to be in high demand as the demand for efficient use of public funds grows. Despite the fact that many states are facing budget deficits, employment of these workers should remain stable. Because budget analysts manage resource allocation, the demand for these workers remains even when budgets are tight.
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