What Does a Budget Analyst Do?
A Quick Guide to Better Understand This Critical Role
A budget analyst is a crucial position for any successful business. It can be a great career for someone who has earned an online accounting degree. Let’s take a closer look at what a budget analyst does, both in a typical day and over the course of a year on the job.
Budget analysts can work at different organizations, including governments, universities and private businesses. Their primary role is to manage the organization’s finances.1 At the beginning of each fiscal year, a budget analyst will receive operational and financial proposals from various stakeholders. These proposals estimate the anticipated financial needs of different aspects of the business for the coming year. It is a budget analyst’s job to review the proposals and then create operating and capital budget summaries which are submitted to senior management for final approval.2
As the year progresses, budget analysts oversee spending to ensure consistency with the approved budget. They also track revenue to make sure it is in line with the budget projections. Based on spending needs or revenue changes, a budget analyst might determine the budget needs revision.3 The budget analyst will recommend changes to the budget, ensuring they are consistent with program needs.4 It might also be up to the budget analyst to find where the new funds will come from—which could mean increasing revenue or cutting the budget of other programs.
While these responsibilities can take a lot of a budget analyst’s time, a budget analyst might also create policies and procedures for new accounting processes. When new policies are created, it will likely be up to the budget analyst to conduct training to teach the staff about the changes.5
Understanding the operations and programs a budget analyst works for is another important aspect of the job. A budget analyst needs to understand the work that is done by the organization and its impact. The numbers alone mean nothing. It is only when the numbers are placed in context with the business’s mission and impact does it have value. This level of understanding of the organization allows a budget analyst to make sure the financial resources are managed correctly.6
There is no such thing as a typical day for a budget analyst, and their work is critical to the success of their organization. If a career as a budget analyst might interest you, then you should consider earning a BS in Accounting. By earning an accounting degree from an accredited online college, you can gain insight into accounting’s strategic role in broader business, organizational, and ethical issues. You will also have the flexibility to customize your studies to match your unique career goals without having to disrupt the most important aspects of your life.
A budget analyst is at the center of managing an organization’s finances. From budget planning and adjustments, to creating policies and conducting training, budget analyst is an important role. A bachelor's in accounting can be a great path to an important career as a budget analyst.
Walden University is an accredited institution offering an online BS in Accounting degree program. Walden University’s BS in Accounting program is accredited by the Accreditation Council for Business Schools and Programs (ACBSP) and has earned the organization’s Specialized Accounting Accreditation. With Walden University, you can customize your studies to reach your career goals without disrupting the most important aspects of your life.
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.