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Budgeting is important in any venture. People must budget household expenses and businesses have to budget their own financial profits in relation to their expenses. A budget analyst reviews and interprets financial data so that an organization can more effectively spend its money in the future. A budget analyst can instruct an organization on the most effective plan that can be put in place so that it can accomplish its goals.
As the name implies, a budget analyst analyzes budgets. They look over financial records, track expenses, note profits, and then interpret the data so that a reasonable budget can be created to ensure maximum success for the business or non-profit organization. Basically a budget analyst determines the best distribution of money throughout an organization. No organization has limited funds. That’s why the work of the budget analyst is so important.
There are several variations of budget analyst, though each variation differs in its job duties. There are budget Accountants, managers, and supervisors, as well as budget planners. There are differences in these occupations, some small some large. All are connected through their work with budgeting.
Budget analysts begin making $45,110 to $69,469, depending on the type of organization they’re budgeting for. Most analysts work for local, state, or Federal governments. They receive wonderful health benefits as well as a good salary.
Education is a requirement to become a budget analyst. It’s a very competitive field. A bachelor’s degree is the minimum requirement to obtain this job, and many employers now require a master’s degree. The more education a budget analysis has, the better their chances of acquiring a good job, and in some cases any job at all.
A budget analyst is a big part of the success of any organization and can make a difference in all branches of government. Many annual budgets for states come directly from the important work of budget analysts, so it isn’t just work with numbers. The numbers are analyzed but the end result is that people receive the kind of funds they need to perform their tasks. Analyzing and interpreting a budget is one of the most important functions in any organization.
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Do Financial Analyst jobs have a higher salary than budget Analyst?
Potentially a budget analyst will have a higher salary but this is depedant on how much you work yourself up as a finsancial analyst. You could be earning just as much depending on your position.
Where can one find a good budget analyst?
Though it may be difficult these days to find a good budget analyst, several different sites online offer legit, clear, and easy-to-use budget analyst tools. Sites like Indeed or BudgetAnalyst offers services and even jobs to those looking for careers as budget analyst or just plain services.
When do the OSD Comptroller analyst and Office of Management and Budget analyst hold hearings to review the service's budgets?
Each year around October and November
What sort of skills are required for budget analyst jobs?
To get a job as a budget analyst one would need skills in software such as Excel and Microsoft Suite and Power Point, accounting and mathematical skills acquired though education and certification.
What kind of job can a finance degree get me?
Finance degree have a big range of jobs. You can be an accountant, Financial Adviser, Financial Analyst, Auditors, Loan officer, Collector, Budget Analyst, Treasurer, Bank Teller or even Buyer.
The Job of a Budget Analyst?
Budget analysts investigate a company or firm’s finances and advise on new budget allocations. They work mostly in the private sector, but some analysts work for non-profits and some government agencies. Any company that requires help with their finances may be aided by these analysts. A company submits their finances at the beginning of each budget cycle so the analyst can accurately estimate the company’s budget data. The analysts usually advise the company about any pitfalls to the budget proposals and then give financial alternatives to help the company’s bottom line. Budget analysts may work as independent contractors or for budget analysts firms. An individual analyst usually works 40 hours a week compiling and researching data for the companies they are contracted with. Most of their workload comes within different company’s quarters and near the beginning and end of the financial years. A budget analyst needs a bachelor’s degree, but some budget analyst firms require a master’s degree. Many budget analysts simply are promoted within their firms without the need for certification. However, if budget analysts work for government agencies, the Advancing Government Accountability can give certification in the form of a Certified Government Financial Manager. Budget analysts that desire this certification need a bachelor’s degree, 24 hours of financial management course work, and work for at least 2 years in a government agency’s budget analysis office. The government has become one of the biggest employers for budget analysts. This new trend is from state and local governments. Local government requires the help of budget analysts so that towns and cities can balance their budgets and public finances. This trend has helped fuel the hiring of more government budget analysts. However, the private sector contacts independent budget analysts heavily. The Bureau of Labor Statistics is expecting around a 15 percent increase in job opportunities for budget analysts across the United States. Budget analysis earn higher than average wages. The highest 10 percent of budget analysts make over $100,000 a year and many mid-level budget analysts contracted by large firms make approximately $70,000 a year.
What benefits come with a masters degree in finance?
London Business School is a good place to start looking at for a master's degree in finance. With a master's degree in finance, one could become a budget analyst for elected officials. Advising them in budget making decisions.
What is the budgeting functions in the business?
It really depends on what type of business you are talking about. In a large corporation, the budgeting functions (or financial analyst, budget analyst function) would be to prepare a yearly budget based on: 1. the previous year's actuals, plus 2. increases to employee hourly wages, and increase/decreases to staffing levels. Increases in taxes. 3. capital projects and other projects. 4. asset management (decrease/increase in depreciation). 5. increase in vendor service contracts. 6. Several other items that may increase/decrease the previous year actuals. 7. It may also be the analyst's responsibility to look for areas to trim the budget actuals from the previous years. Once the yearly budget process is complete, it would be the analysts responsibility to provide monthly variance analysis (actual vs budget) explanations and forecast (budget vs projected) explanations. Not sure why you are asking the question, but if it is that you are looking to take a position like this, you may also be responsible for multiple projects - i.e., process improvement, project management, business planning, trend analysis, etc. Hope I answered your question.
What are the factors that effect the budget resources allocation decisions of managers?
The internal objectives of a business; the regulations and legislation's that affect the market plans; world news and events; industrial analyst reports, financial analysis; establishing strategic goals, achieving them and attaining results. These are the factors that affect budget resources allocation decision of managers.
What is the full form of GAP in business?
The full form of a GAP business is to analyst a company with data on areas where they could improve information on spending data. By doing this they can find out ways to cut budget and fill in any holes.
Advice for Considering a Career as a Financial Analyst?
An individual who loves evaluating investments and working with numbers would likely be happy with a job as a financial analyst. The work of a financial analyst involves handling a company's investments including stocks, commodities, and bonds. Financial analysts work for companies, banks, and other organizations. Industry trends are also of interest to financial analysts as they examine the investment portfolio of a client. Read on to find out more about the job of a financial analyst. Financial analysts use their knowledge and education to give the best possible recommendations to a client. Examining a company's performance and analyzing various financial risks are other duties of a financial analyst. A financial analyst attends many meetings to discuss a company's investment portfolio and sometimes finds it necessary to travel to meet with possible investors. A financial analyst has the responsibility of gathering the appropriate information to offer clients solid recommendations. The education required to become a financial analyst includes, at minimum, a Bachelor's degree. A financial analyst with a Bachelor's degree usually followed a course of study such as accounting, statistics, business, or economics. A person with an MBA is an extremely desirable candidate for a job position as a financial analyst. There are different licenses required for this occupation depending on the type of work a person does. Financial analysts can also pursue certification. A person looking for a career similar to a financial analyst may consider a position as a budget analyst, personal financial advisor or a financial manager. Education, certification, and experience all figure into the salary of a financial analyst. A person with a good track record of researching investments that fit with the financial portfolio of a particular company is likely to have success in finding clients. According to the Bureau of Labor Statistics (BLS) the median annual salary of a financial analyst (May 2008) was $73,150. Furthermore, the lower end of the salary range of a financial analyst in May 2008 was $43,440. An individual who is a whiz at math, an effective problem solver, and an efficient researcher may want to check into this potentially lucrative career.
What are different job titles of accounting?
In accounting departments of medium to large companies and accounting firms the typical job roles are Accounting Clerk (Accounts Receivables and Payables Clerks), Accounting manager, Tax Manager, Bookkeeper, Controller, Budget Analyst, Internal Auditor and CPA.
