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Career profile Budget Analyst

Also known as Budget Analyst, Budget Coordinator, Budget Officer, Financial Services Officer, Management and Budget Analyst, Policy Analyst

Budget Analyst

Also known as Budget Analyst, Budget Coordinator, Budget Officer

Interests Profile
  • Conventional
  • Enterprising
  • Investigative
Pay Range
$51,220 - $121,360 (annual)
Required Skills
  • Active Listening
  • Reading Comprehension
  • Speaking
Knowledge Areas
  • Economics and Accounting
  • Mathematics
  • Administration and Management
Core tasks
  • Summarize budgets and submit recommendations for the approval or disapproval of funds requests.
  • Analyze monthly department budgeting and accounting reports to maintain expenditure controls.
  • Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations.
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What does a Budget Analyst do?

Budget Analysts examine budget estimates for completeness, accuracy, and conformance with procedures and regulations.

In addition, Budget Analysts analyze budgeting and accounting reports.

What kind of tasks does a Budget Analyst perform regularly?

Budget Analysts are often responsible for overseeing or executing some or all of the following tasks:

  • Summarize budgets and submit recommendations for the approval or disapproval of funds requests.
  • Analyze monthly department budgeting and accounting reports to maintain expenditure controls.
  • Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations.
  • Provide advice and technical assistance with cost analysis, fiscal allocation, and budget preparation.
  • Direct the preparation of regular and special budget reports.
  • Review operating budgets to analyze trends affecting budget needs.
  • Compile and analyze accounting records and other data to determine the financial resources required to implement a program.
  • Interpret budget directives and establish policies for carrying out directives.
  • Match appropriations for specific programs with appropriations for broader programs, including items for emergency funds.
  • Consult with managers to ensure that budget adjustments are made in accordance with program changes.
  • Perform cost-benefit analyses to compare operating programs, review financial requests, or explore alternative financing methods.
  • Seek new ways to improve efficiency and increase profits.

The above responsibilities are specific to Budget Analysts. More generally, Budget Analysts are involved in several broader types of activities:

Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

What is a Budget Analyst salary?

The median salary for a Budget Analyst is $78,970, and the average salary is $82,690. Both the median and average roughly describe the middle of the Budget Analyst salary range, but the average is more easily affected by extremely high or low salaries.

Many Budget Analysts earn significantly more or less than the average, due to several factors. About 10% of Budget Analysts earn less than $51,220 per year, 25% earn less than $62,540, 75% earn less than $100,060, and 90% earn less than $121,360.

Between the years of 2020 and 2030, the number of Budget Analysts is expected to change by 4.8%, and there should be roughly 4,300 open positions for Budget Analysts every year.

Median annual salary
$78,970
Typical salary range
$51,220 - $121,360
Projected growth (2020 - 2030)
4.8%

What personality traits are common among Budget Analysts?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Budget Analyst are usually higher in their Conventional, Enterprising, and Investigative interests.

Budget Analysts typically have very strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Also, Budget Analysts typically have strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Lastly, Budget Analysts typically have moderate Investigative interests. Investigative occupations frequently involve working with ideas, and require an extensive amount of thinking. These occupations can involve searching for facts and figuring out problems mentally.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Budget Analyst tend to value Working Conditions, Support, and Independence.

Most importantly, Budget Analysts strongly value Working Conditions. Occupations that satisfy this work value offer job security and good working conditions.

Second, Budget Analysts moderately value Support. Occupations that satisfy this work value offer supportive management that stands behind employees.

Lastly, Budget Analysts moderately value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Budget Analysts must consistently demonstrate qualities such as integrity, attention to detail, and dependability.

Below, you'll find a list of qualities typically required of Budget Analysts, ranked by importance:

Integrity
Job requires being honest and ethical.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Cooperation
Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.

What education and training do Budget Analysts need?

Many Budget Analysts will have a four-year bachelor's degree, but some do not.

Budget Analysts usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Budget Analysts

  • 0.4% did not complete high school or secondary school
  • 5.7% completed high school or secondary school
  • 9.7% completed some college coursework
  • 6.0% earned a Associate's degree
  • 43.7% earned a Bachelor's degree
  • 31.9% earned a Master's degree
  • 2.6% earned a doctorate or professional degree

Knowledge and expertise required by Budget Analysts

Budget Analysts may benefit from understanding of specialized subject areas, such as economics and accounting, mathematics, or administration and management knowledge.

The list below shows several areas in which most Budget Analysts might want to build proficiency, ranked by importance.

Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.

Important Abilities needed by Budget Analysts

Budget Analysts must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Budget Analysts need abilities such as mathematical reasoning, oral comprehension, and written comprehension in order to perform their job at a high level. The list below shows several important abilities for Budget Analysts, ranked by their relative importance.

Mathematical Reasoning
The ability to choose the right mathematical methods or formulas to solve a problem.
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Number Facility
The ability to add, subtract, multiply, or divide quickly and correctly.
Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.

Critical Skills needed by Budget Analysts

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Budget Analysts frequently use skills like active listening, reading comprehension, and speaking to perform their job effectively. The list below shows several critical skills for Budget Analysts, ranked by their relative importance.

Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Speaking
Talking to others to convey information effectively.
Mathematics
Using mathematics to solve problems.
Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

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