What’s the most essential component of a company that helps drive it forward and meets its set financial goals and needs? A Budget. And who helps develop and maintain those budgets? A Budget Analyst. The role of a budget analyst is of utmost importance given that the work done is crucial to the businesses. So if this is something that interests you, then having a career plan shall surely help you devise your approach while following the transitioning stages of becoming a budget analyst. Continue reading to get all the information you shall need regarding the same.
|Name of Profession||Budget Analyst|
|Employment Nature||Permanent or Contractual|
|Minimum Work Hours||40 hours/week|
This Blog Includes:
- Role and Responsibilities of a Budget Analyst
- Top Courses for Budget Analysts
- Top Colleges for Budget Analyst Courses
- Eligibility Criteria
- Licenses and Certifications
- Core Skills Required
- Continuing Education
- Types of Budget Analyst Jobs
- Top Employment Sectors and Recruiters
- Salary Prospects
- Recommended Books
Role and Responsibilities of a Budget Analyst
The job description of a Budget Analyst comes with various roles and responsibilities that they are accountable for and need to adhere to, to meet the financial future envisioned by the company. Some of the important responsibilities are mentioned below.
- First and foremost, coordinate with project managers and program managers to prepare the budget, making sure that the budgeting process is effective and efficient.
- Combining and consolidating the budget plans of all the departments into a single one is also the responsibility of a budget analyst. Here, the professionals are also required to review funding requests.
- Oversee and monitor the expenses of the entire company and act as the moderator to maintain budget limits.
- Work with program managers and update them on the availability of funds.
- Project and estimate future financial needs and budget proposals.
Top Courses for Budget Analysts
Now that we have discussed the basics of the profession of a budget analyst, it’s time to review the educational qualifications required for becoming one. The popular courses, at the undergraduate and graduate levels, for becoming a budget analyst, are tabulated below.
|Undergraduate Courses||Postgraduate Courses|
|B.A. (Bachelor of Arts) in Economics
Bachelor of Commerce
Bachelor of Business Administration
B.Com. (Bachelor of Commerce) in Accounting
B.Com. in Budget Analysis
B.Sc. in Mathematics
Bachelor of Statistics
BBA (Bachelor of Business Administration) in Finance
|MA in Economics
Master of Statistics
Master of Commerce
M.Com in Accounting
M.Com. (Master of Commerce) in Budget Analysis
Top Colleges for Budget Analyst Courses
There are many universities that offer courses related to finance, accounting, economics, and business administration. Since the core industry of a budget analyst is Finance, and budgeting analysis needs a thorough understanding of accounting, the following is the list of top Indian universities/colleges to pursue a career your career in the same field:
- SRCC Delhi
- Thakur College of Science & Commerce, Mumbai
- SIES (Nerul) College of Arts, Science & Commerce, Mumbai
- H.R. College of Commerce and Economics
- Narsee Monjee College of Commerce and Economics, Mumbai
- Academic Staff College, Thiruvananthapuram
The basic eligibility criteria to enrol in the courses above are mentioned below.
- For undergraduate courses, students must have completed education at 10+2 level from a recognised board and have a qualifying percentage.
- For postgraduate courses, students must have completed a bachelor’s degree in a similar relevant field (take courses as mentioned above, for example) from a recognised institution.
- Some entrance examinations must also be taken for particular universities in India such as DUET, AMUEE, GGSIPU CET, NPAT, etc.
Licenses and Certifications
The main licenses and certifications that can be obtained and benefited prospective candidates are listed below.
|Certified Government Financial Manager Certification (CGFM)||Certified Financial Planner (CFP)|
|Certified Public Accountant (CPA)||Chartered Financial Analyst (CFA)|
Core Skills Required
Having the right skills are highly important for individuals to excel in the professional domain of budget analyst. The main skills are shared below.
|Hard Skills||Soft Skills|
Aptitude for Calculus
Financial Management Skills
Financial Analysis Skills
Financial Reporting and Forecasting
Detail Orientation Skills
For budget analysts, continued education can be a great asset to improve their career path. Let’s look at some of the options available below.
- Training Programs: These can be available online or offline in the form of lectures.
- Independent Study: This option is a great self-sufficient approach for budget analysts to improve.
- Authorship: Researching and contributing to publications related to the subject of their field can be another way to make progress in their career.
- Leading Presentations: As professionals, individuals can also hold seminars and give presentations at conferences.
Types of Budget Analyst Jobs
The profession of a budget analyst can come in form of various job types. Let’s look at the same below.
- Business Analysts
- Financial Managers
- Real estate analyst
- Portfolio manager
- Government budget analysts
- Financial Analysts
Also Read: How to Become a Business Analyst?
Top Employment Sectors and Recruiters
Moving on to the employment sectors of budget analysts and top recruiting companies, we find the below.
|Employment Sectors||Recruiting Companies|
L&T Finance Limited
Housing Development Finance Corporation
Now that this blog has included all the necessary details about becoming a budget analyst, followed by the career aspects of the same, the question arises, what do the salary prospects look like? Let’s share the same below.
|Average Salary in India||INR 8 lakh to 10 lakh|
Students who are planning to pursue the career path of a Budget Analyst, can refer to the following books.
- Ultimate Spartanud Budgeting And Minimalism by Cyrus Kirkpatrick
- Budgeting: A Comprehensive Guide Third Edition by Steven M. Bragg
- Financial Intelligence, Revised Edition: by Karen Berman
- Successful Budgeting and Forecasting in a Week by Roger Nason
Ans. Pursuing courses in accounting, finance, and business administration, are the best choice for becoming a budget analyst.
Ans. There are tight deadlines to meet with a difficult work timeline, so a budget analyst job can be a stressful one.
Ans. Yes, budget analyst is certainly a good career choice. The career is in great demand and is expected to grow 5% from 2020 to 2023.
This was all about How to become a Budget Analyst. If you plan to study abroad, call us immediately at 1800 57 2000 for a free 30-minute counselling session.