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Budget Analyst Job Description Template

August 3, 2022


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First of all, use this FREE Budget Analyst Job Description Template to attract and recruit suitable candidates.

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What is a Budget Analyst?

Budget Analysts, also known as Cost Analysts, commonly work for companies, non-profit organizations, government institutions, academic institutions, and other entities.

They help them analyze, generate, allocate, and review budget proposals to increase profit and improve efficiency.

Budget Analysts are also responsible for organizing finances, providing advice regarding financial actions, and writing and preparing annual reports and files.

Related Job Titles for Budget Analyst

The Top Budget Analyst Skills

Skill Why it's important
Analytical Skills Budget Analysts require outstanding analytical skills. This skill involves breaking down big ideas and information and studying individual parts to discover necessary results. Analytical thinking is used to identify the strengths and weaknesses of financial actions, evaluate costs and benefits, and solve problems.
Math Skills Numerical and mathematical skills are crucial for Budget Analysts because they deal with finance, calculations, and allocation of funds. Budget Analysts should be fast and accurate when it comes to performing basic math operations, i.e. adding, subtracting, multiplying, and dividing.
Technical and Computer Skills Being a Budget Analyst requires strong technical and computer knowledge. Budget Analysts use different computer software and programs to complete their tasks and analyses, enter data, process information, and perform calculations. They should also know how to use various communication devices, printers, etc.
Communication Strong and effective verbal and written communication is vital for Budget Analysts. They often have to explain, justify, and elaborate their financial findings and recommendations to their coworkers and executives and share other complex information. They use written skills when drafting and writing financial reports, statements, and other documents.
Attention to Detail Attention to detail in budget management means being careful and meticulous when dealing with calculations, numbers, estimates, and other complex operations. Budget Analysts must be extremely detail-oriented and always double-check their work because even the smallest mistake can lead to huge losses.

Budget Analyst Job Description Template (Free)

We are searching for a qualified Budget Analyst to join our finance department and help us with effective budget planning and spending. As a Budget Analyst, you will be responsible for collaborating with managers on developing the company’s budget, estimating budget proposals and funding requests, and conducting cost and benefit analyses. You will also justify and defend budget recommendations with evidence and prepare and maintain budget reports and other financial documentation.

Your goal in this position is to accurately and efficiently organize finances and offer suggestions for increasing profit and budget improvement. A successful Budget Analyst is an expert in various analytical and mathematical processes. You should also have excellent communication, technical, and problem-solving skills, as well as strong attention to detail.

Budget Analyst Duties & Responsibilities:

  • Develop the company’s budget with managers and other executives
  • Evaluate, prepare, and estimate budget proposals and funding requests
  • Conduct cost and benefit analyses to determine the value
  • Approve or reject funding requests
  • Review budget proposals to determine accuracy, completeness, and compliance with the company’s regulations
  • Justify and defend budget recommendations with evidence and data analyses
  • Oversee spending and ensure it stays within budget
  • Prepare and maintain budget reports and other financial documentation
  • Provide technical assistance with cost analyses
  • Identify problems, weaknesses, and inconsistencies and provide solutions
  • Present insights and results to executives and stakeholders
  • Estimate future financial needs and forecasts
  • Suggest actions for budget improvement and increase in profit

Budget Analyst Requirements:

  • Bachelor’s or Master’s degree in accounting, finance, business, or a related field
  • In-depth knowledge of data analysis, managing budget, and forecasting methods
  • Strong computer skills and familiarity with various financial software and programs
  • Outstanding analytical and critical thinking skills
  • Excellent verbal and written communication
  • Math and numerical skills
  • Strong attention to detail

Sample Interview Questions for a Budget Analyst

Once you gather up all the received applications, you can use these sample interview questions for Budget Analyst. These can help you narrow down your choices and pick the most suitable candidate for the job.

Personal
  1. What are your most valuable strengths?
  2. What was your favorite subject in school?
  3. How do you imagine your ideal working environment?
Human Resources
  1. How do you think your college education prepared you for this role?
  2. How many years of active working experience do you have as a Budget Analyst?
  3. What are your salary expectations for the first six months?
Management
  1. How do you organize your time when you have a busy schedule?
  2. In what environment do you feel the most productive – when you work as an individual or as part of a team?
  3. How would you rate your numerical skills, on a scale of 1 to 10?
Technical Skills and Knowledge
  1. What steps and measures do you take when preparing a budget?
  2. What is the most challenging part of budgeting for you?
  3. Share with us the situation when you successfully provided assistance with cost analyses and budget preparation.

What are the Educational Requirements For a Budget Analyst?

Budget Analysts normally need a Bachelor’s degree in finance, economics, accounting, or a similar field.

Some employers may require a Master’s degree for more advanced and complex analytical work.

Obtaining a CPA certification is considered a huge advantage, and sometimes it is also a requirement.

Budget Analysts who want to work for the government must earn the Certified Government Financial Manager credential from the Association of Government Accountants.

How Much To Pay a Budget Analyst When Hiring

Budget Analysts earn between $29,000 and $90,500 per year.

Their median annual salary is around $65,215.

Hourly wages range from $15 to $44.

The median hourly pay for Budget Analysts is $31.

Percentile 10% 25% 50%
(Median)
75% 90%
Hourly Wage $15 $25 $31 $37 $44
Annual Wage $29,000 $52,000 $65,215 $76,000 $90,500

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Frequently Asked Questions about Budget Analyst

 

Who do Budget Analysts work with?

Budget Analysts typically work with other financial professionals, such as Accountants, Cost Analysts, Credit Analysts, etc.

What is the basic difference between a Budget Analyst and a Financial Analyst?

Aside from the fact that both Budget and Financial Analysts deal with finances and financial documents, there are no more similarities between them.

Budget Analysts maximize the company’s impact, efficiency, and profit, while Financial Analyst manages the company’s investments and financial future.

Where can Budget Analysts work?

Budget Analysts can work in various environments, depending on their skills and preferences:

How much do Budget Analysts earn annually?

Budget Analysts earn between $29,000 and $90,500 per year.

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