There are many strenuous requirements for entries into the field of a Budget Analyst. According to the United States’ Bureau of Labor Statistics, “Employers generally require budget analysts to have at least a bachelor’s degree.” As a part of this educational requirement, It is important for a budget analyst to be educated and understand all of the facets of finance. Thomas Fitch, author of Career Opportunities in Banking, Finance, and Insurance, asserts, “A four-year degree with courses in accounting, finance, business administration, or public administration is [preferred]” (Fitch 68).
After their college education, budget analysts must continue to train for work in their field. Kristin B. Mallegg and Joseph Palmisano, experts in the field of finance,presume, “In some organizations, budget analysts learn the job by working through one complete budget cycle” (“Financial Analysts”). During this cycle, which typically lasts one year, budget analysts become more familiar with the steps and actions involved in the budgeting process. In addition to education and on-the-job training, an individual must also have the right personal characteristics and experience level to become a budget analyst.
Ashley Brooks states that to have this job you must be “a critical thinker, a complex problem solver, an active listener, have good judgement and decision making, be good at speaking, be an active listener, have good reading comprehension,” and few more attributes dealing with social skills. Overall you have to be a “people person” and get along with most people well if you want to have this job because a budget analyst has to persuade others to follow a particular plan.
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To be a budget analyst is claiming a lot of work for yourself, the duties and responsibilities of a budget analyst can feel neverending. According to Thomas Fitch budget analysts examine budget estimates for completeness, accuracy, and compliance with procedures and regulations (Fitch 68). Fitch also says budget analysts Inform managers of the status and availability of funds in different budget accounts (Fitch 68). Kristin B. Mallegg and Joseph Palmisano say, “budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending” (“Study.com”).
The good news is that, with lots of work comes lots of pay. It may take a while but, once you have a couple of years of work under your belt you will be getting paid a whole lot. According to Ashley Brooks, from Rasmussen College, “the median annual salary for a budget analyst is $73,840. Those in professional, scientific or technical services stand to earn even more, with their average being $81,550. The top ten percent of earners with this job title as a whole topped out at more than $111,460”.
Another pro of being a budget analyst is the working hours. According to the Bureau of Labor Statistics, the average American works 44 hours per week, or 8.8 hours per day (“Bureau of Labor Statistics”). While a budget analyst on average only works about 39 hours a week (“Career Profiles career job and search guide”). Not only do they work fewer hours than other people but they also usually work from home more too. If a budget analyst is not working from home then that means they have not been working that long and typically if they have not been working that long they will be working in an office building (“Bureau of Labor Statistics”).
The last pro of being a budget analyst is that the more you work as one the more advantages you can get. As analysts gain experience, they have the opportunity to advance to intermediate or senior budget analyst positions. These positions allow you to work fewer hours, receive more pay, and they even give you the chance to travel the world (based on where the head corporation for your company is).
Budget analysts have a strong working history in the business industries. They were much needed in past years because not all companies had them to help hold financial records and keep track of the money companies have spent. Budget analysts have always been required to have at least a bachelor’s degree to have their job even though having a good formal education was kind of hard to have years ago.
Companies want the best for their money and they want to know that the person in charge of it and keeping track of it is responsible, knows what their doing, and have been trained/educated on what to do. In 2010 this job really began to take off, Kristin B. Mallegg and Joseph Palmisano say, “The regulatory reform (the OECD) enacted in 2010 to allow the financial industry to grow at a similar pace as in previous decades” (“study.com”).
This basically means that the OECD wanted the budget analyst job to continue at the rate it is going and if it doesn’t continue it should be getting better than what is was in the past. Currently budget analysts are thriving in employment. In the Charlotte region right now there about 207 budget analyst jobs open and the employment rate for this job is is expected to rise eighteen percent next year (“bureau of labor statistics”). Between 2016 and 2027 employment of this job is projected to grow seven percent.
Budget analyst jobs, in the Charlotte area have increased by thirty seven jobs per year. According to William Wiatrowski, a total of 1670 average annual job openings are expected for a budget analyst between the years of 2014 and 2024.. Essentially the employment aspect of this job this job is doing good and if the numbers are correct then it should continue to do good and maybe even get better in the future.
