Budget Analyst job description
A Budget Analyst is a professional responsible for reviewing budgets, conducting financial analyses, and providing recommendations to allocate funds effectively. They ensure compliance with regulations, monitor spending trends, and collaborate with stakeholders to develop comprehensive budgets.
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Budget Analyst responsibilities include:
- Reviewing budget proposals and funding requests
- Conducting cost/benefit and other types of analyses
- Submitting budget recommendations for approval or rejection of funding requests
Job brief
We are looking for a reliable Budget Analyst to help us in effective budget planning and spending. You will conduct reviews of budget proposals and analyses of data to determine the correct allocation of funding.
A budget analyst must have a strong mathematical mind and an ability to think critically. You should also be knowledgeable about all legal regulations pertaining to budgeting. We want to see candidates with strong attention to detail, writing skills and excellent communication ability.
The goal is to organize our finances and ensure we can accelerate our profitability and growth.
Responsibilities
- Review budget proposals and funding requests
- Conduct cost/benefit and other types of analyses
- Submit budget recommendations for approval or rejection of funding requests
- Explain and defend recommendations to management and stakeholders
- Collaborate with managers to develop final consolidated budget
- Ensure the organization’s budget adheres to legal regulations
- Oversee expenditure and identify trends in spending
- Make forecasts for future budget needs
- Suggest improvements to increase profits (e.g. spending cuts)
- Prepare periodical and special reports
Requirements and skills
- Proven experience as budget analyst
- Knowledge of data analysis and forecasting methods
- Understanding of budgeting and regulatory requirements
- Excellent mathematical ability and an analytical mind
- Proficient in MS Office and databases; knowledge of graphic software is a plus
- Outstanding communication skills (verbal and written)
- Attention to detail
- BSc/MSc in accounting, finance, business or relevant field
Frequently asked questions
What does a Budget Analyst do?
Budget Analysts ensure that the money being spent by an organization is allocated appropriately and used according to plan. They work with records and create reports and proposals while analyzing data for recommended funding of various programs. They are responsible for developing organizational budgets, reviewing proposal accuracy/completeness, and making sure they comply with company standards.
What are the duties and responsibilities of a Budget Analyst?
Budget Analysts are responsible for reviewing the organization's budget and approving spending requests through evidence-based analyses of merit and authenticity. They monitor their assigned organization’s expenditures against set budgets while preparing accurate reports that estimate future financial needs. They provide protection from overspending by defending recommendations with data or other sources when necessary.
What makes a good Budget Analyst?
Budget Analysts need a strong understanding of communication and persuasion skills to support their work in meetings with senior management. They also must have detailed knowledge of the organization’s spending habits, as they analyze each budget item thoroughly for efficiency reasons.
Who does a Budget Analyst work with?
A Budget Analyst works with the management system within a company to gather data and details of the budget. They work closely with the Cost Analyst in order to study corporate expenses and create reports.
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