As the name suggests, budget analysts help organization and companies to keep their budgets and finances on track and to maintain a balanced budget. They help to keep company finances organized by running regular financial reports, collaborating with executives about funding needs and assessing budget decisions about special programs or one-time expenses. They are expert in crunching number help organizations to plan their finances for future
In a private organization, a budget analyst will also review the budget and look for new to increase the profits and improve efficiency. Whereas in government organization and NPOs where profit is not a concern, budget analysts will typically allocate the funds among different departments.
Responsibilities of a Budget Analyst
Skills Required to be a Budget Analyst
Apart from providing technical analysis, they also help in effective communication so that an organization achieves its goals smoothly. For instance, if there is a difference between the approved budget and actual spending, budget analysts may write a report explaining the variations and recommend changes to reconcile the differences.
To become a budget analyst, the candidate must have a bachelor’s degree in Finance or business administration after that a master’s degree is mandatory as it helps you bag good job opportunities.
However, with increasing competition, many companies also ask for certification. It helps boost your career prospects. Candidates can opt for certifications like Chartered Financial Analyst (CFA).
Apart from the educational requirements, a budget analyst must have in-depth knowledge of mathematical, budgetary policies and superior analytical skills.
The fees for the MBA to become a budget analyst varies from college to college. The fees range can be between Rs.2,00,000 and can go up to Rs.20,00,000.
There are immense job profiles available for the budget analyst. Aspirants planning to make a career in the same have diverse roles to choose as the finance sector is very huge and all the job profiles are interrelated. Some of the popular job profiles for budget analysts are listed below:
Financial Analysts: Financial analysts collect and analyse financial data and use their findings to help companies make business decisions. They majorly deal in investment and take important decisions to buy or sell a company’s stock and shares on the basis of its previous performance and other factors.
Auditors: Auditors are professionals who prepare and examine financial records. They ensure that financial records are accurate and that a companies taxes and returns are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently.
Economists: They study the cost, production and distribution of resources, goods, and services by collecting and analyse the data. They also examine and study the demand and supply of the goods
Business Analysts: The analyst works with the business to identify opportunities for improvement in business operations and processes The analyst is involved in the design or modification of business systems or IT systems
Financial Managers: Their job is to manage the finances of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of the respective organization.
The industries that offer employment opportunities to budget analysts are as follows:
The finances and budget has a great impact on the economy and helps boost economic growth. In the past few years, the Indian economy has gone through a phenomenal and many new MNCs/ corporates has come up with their offices all over the country. Some of the popular companies that hire budget analysts are as follows:
The budget analyst is offered great salary packages. With sufficient professional experience, they can easily fetch a six-figure salary. The starting salary of a budget analyst in India is between Rs. 7,00,000 to Rs.10,00,000 and it increases with time and professional growth.
Candidates looking forward to making a career as a budget analyst need to update their knowledge and skills from time to time. This is because the monetary and budgetary policies are going through changes every day. They are a number of budgetary and finance books available in the market and some of the best books and study material for budget analysts are listed below: