- Budget Analyst
Who is a Budget Analyst?
Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver – Ayn Rand
A budget analyst develops and implements budgets for organizations and companies to help them plan and distribute their financial resources. They keep track of spending to ensure it stays within budget and forecast potential spending needs. Budget analysts create budget reports and keep track of expenditures. Budget analysts provide public and private companies with financial planning. They create budget reports on a regular basis. Budget analysts provide public and private companies with financial planning. They plan budget reports and keep track of the company's expenditures.
Budget Analyst in a Nutshell
Budget analysis, in a nutshell, entails thoroughly analyzing the details of a financial budget. The budget analysis aims to better understand and manage revenue. Budget analysts assist in the achievement of financial targets, the preservation of profitability, and the pursuit of long-term growth for a business. Budget analysts generally have a bachelor's degree in accounting, finance, economics, or a closely related field.
Quick Facts for Budget Analyst
Average Salary in India
Individuals can take up a career as Budget Analysts, it is not gender-specific. Men, women, and others can choose a career as Budget Analysts. In India, a male and female Budget Analyst enjoys equal benefits because gender is insignificant in this career.
Table of Contents for Budget Analyst
What is the role of Budget Analyst?
Budget analysts dedicate the majority of their time to analyzing results, reviewing budget plans, proposing spending cuts, redistributing financial resources, and compiling annual reports. They collaborate closely with project managers to create the organization's budget, and also review plans for accuracy, completeness, and enforcement. They can also review previous budgets and study all financial changes that may have an effect on income and expenses. Budget analysts also evaluate projects to see if they are delivering on their commitments. They have reliable, up-to-date data using a spreadsheet, database, and financial analysis tools.
Budget analysts are in charge of keeping track of incoming cash flow. Budget Analysts analyze their company's spending to ensure that budget allocations are met. Budget analysts also keep track of individual entities' expenditures in order to improve future investment decisions.
Budget analysts evaluate large amounts of information from various sources, such as previous and current budgets, business and market reports, and investment predictions. Decisions concerning annual budgets, investments, and sales orders are based on their observation and data interpretation.
Budget analysts are often called upon to describe complex, technical details in a simple manner. Budget analysts write detailed financial statements, create tables and diagrams, and interpret information
Budget analysts may conduct cost-benefit analyses on potential programs, recommend expenditure in specific areas, or support the distribution of financial resources. Though company management usually makes final budget decisions, budget analysts are heavily relied upon during the preparation and final approval stages.
Types of a Budget Analyst
In this section, we have discussed the types of Budget Analysts.
Financial analyst: Financial analysts are in charge of analyzing an organization's financial output against a set of principles, reviewing the company's performance and industry dynamics to make forecasts, and assisting senior management in developing financial and organizational plans through the preparation of reports. These practitioners hold financial reports that act as executive summaries.
Financial Planner: Individuals who pursue a career as financial planners are trained in investment and finance and assist individuals and companies in achieving their long-term financial objectives. They deal with a number of issues, including budgeting, savings, retirement planning, tax planning, and insurance benefits. Working together with both individuals and companies to help them meet their financial goals is one of the duties of certified financial planners.
Economist: Economists are financial experts who study the activities of businesses. Gathering and analyzing financial and socioeconomic data, advising businesses and governments on financial choices, and developing economic forecasting are among the key responsibilities. They collect, analyze, and publish data in order to better understand economic phenomena and to apply statistical methods and data strategies.
What is the workplace/work environment of Budget Analyst like?
A Budget Analyst may be required to work outside of business hours on a regular basis. Budget Analysts spend their days working with spreadsheets, crushing numbers into databases. They are in charge of creating comprehensive reports and presentations.
Does Budget Analyst require travelling?
Traveling is a common part of a Budget Analyst's job. Budget Analysts are expected to visit businesses in order to examine their activities. They attend conferences and discuss things with related professionals who share their speciality.
Full Time, Part Time
Budget Analysts work full-time. Budget analysts are now working from home due to the COVID-19 spread. Budget Analysts may work on rotational shifts. They work from early morning to evening, afternoon to midnight and midnight to early morning.
Budget Analysts may work on a contract or full-time basis. Budget Analysts are recruited by certain companies for a specific project on permanent or contractual arrangements. Also, there are industries that hire Budget Analysts to manage their overall budget and financial aspect.
Budget Analysts are expected to work in an office setting on the premises of their company. Budget Analysts work between 35 and 40 hours a week on average. They may be forced to work overtime depending on the approaching deadlines and tasks assigned to them.
Presence in Geographical Area
A career as a Budget Analyst is an emerging career with promising opportunities in urban areas. Hyderabad, Mumbai, Pune, Kolkata, Kanpur, and New Delhi are the major cities where Budget Analysts can be found.
For Budget Analysts, time pressure increases during the end of tax months or financial years. In situations like this, they are required to work overtime. Budget Analysts usually work according to their schedules when work pressure is minimal. However, at the end of tax months or a particular project deadline, time pressure rises.
Individuals who want a career as a Budget Analyst usually work nine hours per day. The working hours exclusively depend on the role and responsibilities assigned. Individuals who want a career as Budget Analysts and have a significant amount of experience are typically expected to work longer hours than regular working hours.
Weekly Hours of Work
Min 40 Hours
Individuals who opt for a career as Budget Analysts are required to work in the office from their organization’s premises. Budget Analysts work between 35 and 40 hours a week on average. They may be forced to work overtime depending on the approaching deadlines and tasks assigned to them.
How to become a Budget Analyst?
What are the skills and qualities required to become a/an Budget Analyst?
This article describes how to become a Budget Analyst. Here, in this section, we have discussed some of the requirements to become a Budget Analyst.
Numerical Ability: Budget analysts are in charge of assessing the credit risk of potential clients as well as calculating financial results for individuals and businesses. Budget and financial analysis is a task that requires a great deal of accounting and mathematics. As a result, having good numeracy skills is necessary for a successful career as a Budget Analyst.
Research Skills: People with research skills can identify a problem, find information tools to solve it, analyze the quality and value of those resources, and come up with a suitable solution. Budget Analysts must be able to analyse the budget and other expenses. Budget analysts must be able to interpret data objectively in order to arrive at relevant conclusions.
Problem solving ability: Budget analysts must be able to identify possible obstacles and establish strategies. They must be able to provide guidance and solutions to team members and customers in order to help them make low-risk, high-benefit financial decisions, based on their extensive knowledge of financial theories and processes.
Which certifications and internships can be helpful in becoming Budget Analyst?
As a Budget Analyst intern, you can gain valuable experience in budget formulation and implementation. Budget Analysis is an excellent way to obtain practical experience in the elevated finance sector. Internships at investment firms, mutual fund companies, and other financial institutions are available.
Career Path Progression for Budget Analyst
Junior Budget Analyst: Junior Budget Analysts investigate, examine, and make recommendations about the planning and control of specified budget sections under the direct supervision of senior budget analysts. They support the work of the senior budget analysts.
Senior Budget Analyst: Senior Budget Analysts are in charge of putting together the annual budget with the assistance of other financial experts. Senior Budget Analysts look over budget proposals, keeping track of expenditures, finding areas for change, and ensuring that all laws are followed. They provide guidance to the junior budget analysts.
Budget Analyst Jobs and Salaries
Junior Budget Analyst
- Average Salary 50000
- Junior Level Salary 30000
- Senior Level Salary 80000
Junior Budget Analysts assist in budget formulation by creating, organizing, and preserving spreadsheets and budget artefacts that are used to create a company's budget. They assist the senior Budget Analysts in their work.
Salaries in this career largely depend on the company and the position of the employee. An average salary for a Junior Budget Analyst is up to Rs. five lakhs per year. At the beginning of their career, they receive more than Rs. three lakhs a year which increases to even more than Rs. nine lakhs a year in senior positions.
Senior Budget Analyst
- Average Salary 85700
- Junior Level Salary 60000
- Senior Level Salary 150000
Senior Budget Analysts keep a close eye on how money is spent now and how it could be best spent in the future. Many senior budget analysts work for the central and state government.
The salaries of Senior Budget Analysts depend on career growth or rely entirely on the experience of the particular field. The Senior Budget Analysts receive on average up to Rs. seven lakhs a year. They get more than Rs. five lakhs a year at the early stage but finally get more than Rs. twelve lakhs at the senior level.
What is the job outlook for Budget Analyst?
Budget analysts are predicted to rise at a rate of 3 per cent from 2019 to 2029, which is about the same as the average for all occupations. Because of their position in overseeing how an organization's resources are invested, budget analysts can continue to be in high demand. Budget analysts operate in the private sector, nonprofit organizations, and government. A budget analyst works in the private sector, reviewing budgets and searching for innovative ways to improve productivity and earnings. Despite the fact that analysts in nonprofit and government organizations are generally unconcerned about profits, they always try to identify the most accurate distribution of human and financial resources among different departments and programmes.
Frequently Asked Questions for Budget Analyst
Que. What does a budget analyst do?Ans.
Budget analysts generate budget reports and keep track of expenditures. Budget analysts assist public and private companies in financial planning. They plan budget reports and keep track of the company's expenditures.
Que. What qualifications do you need to be a budget analyst?Ans.
Employers generally require budget analysts to have a bachelor's degree in accounting, banking, finance, public administration, mathematics, statistics, political science, or sociology. Some employers can require a master's degree from candidates.
Que. What is the difference between a budget analyst and a financial analyst?Ans.
Budget analysts in the government maintain public accountability and monitor spending in fields where every rupee counts. They operate in a variety of settings, including financial institutions, healthcare, and education. Financial analysts operate in industries where there are enough resources to invest.
Que. How many hours do budget analysts work?Ans.
The majority of budget analysts work 35 to 44 hours a week. Working as a budget analyst can be stressful because they are often required to meet deadlines.
Select your reason of reporting