List of Top 6 Careers in Budget Analyst
Careers in Budget Analyst: Below mentioned are some of the budget analyst jobs that a person can reach in his career.
Budget Analyst Financial Managers Cost Auditors Financial Planning & Analysis MIS Manager Cost Accountants
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A budget analyst refers to the person who prepares financial and cost budgets for the management to provide a road map for future operations and also measure the variances periodically, providing suitable recommendations to control it as well.
Persons from financial backgrounds should look up to this kind of career if they are okay with the data-crunching part and are flexible enough to work on large databases and numbers daily.
Career #1 – Budget Analyst
The company prepares the Company’s budget, keeping in mind the Current Performance, Expected Growth Opportunity, Regulatory Framework, and the Target Market to be approached in the long term.
Budget Analyst – Job Description
Responsibilities Responsible for preparing periodic budgets to support the accounting function. Designation Budget Analyst. Actual Role Data Crunching in Excel. Job Statistics As per the Bureau of Labour statistics of US, the number of jobs in this category was 58,400 as at 2016 and are expected to grow at 7% from 2018 to 2026. Top Companies All large corporates Salary The median annual salary for a personal financial advisor as of 2018 was $ 76,220. Demand & Supply A very high demanded profile since the analyst works very closely with the CFO of the company and prepares the variance on a monthly basis in order to major the performance. Education Requirement CPA/MBA from Tier -1 Universities with at least 5-10 Yrs of Exp. Recommended Courses CPA/MBA. Positives Analytical skills become sharp and a chance to interact with the top management on a daily basis. Negatives Extensive data crunching sitting on a desk can be boring. #2 – Financial Manager
Is the one who leads a team of Budget analyst under him and directly reports to the chief financial officer of the company.
Financial Manager – Job Description
Responsibilities His job is to make sure that all the company budgets are prepared to keep in mind the current and the future scenario and there are no fake assumptions in it. Designation Financial Manager. Actual Role Is to supervise the tasks of the budget analyst and present the same to the senior management. Job Statistics As per Bureau of Labour statistics of US, the number of jobs in this category was 6,53,600 as of 2018 and is expected to grow by 16% from 2018 to 2028. Top Companies All types of corporates. Salary The median annual salary for a research analyst as of May 2018 was $ 1,27,990 As per Bureau of Labour statistics of US Demand & Supply Demand for financial managers will continue to grow seeing the demand of the position since very less number of people actually take this profile as their careers Education Requirement CPA/MBA. Recommended Courses CPA/MBA. Positives The job of financial managers including risk management continues to grow. Negatives Long Working Hours and daily monitoring of the people are required. #3 – Cost Auditors
They are the ones who will perform the cost audit in the company as prescribed by the regulatory laws and practices.
Cost Auditors – Job Description
Responsibilities Responsible for doing the cost audit of the books and certifying the cost structure designed by the company so as all the relevant costs are taken into account before arriving at a final price. Designation Cost Auditor. Actual Role To check the cost structure of the product and provide their views on it. Job Statistics No data has been shared on the Bureau of Labour statistics of the US. Top Companies All large corporates and big4 CA firms in the world. Salary The median annual salary for an auditor position can be anywhere between $1,00,000 to $3,00,000. Demand & Supply High demand due to the knowledge and analytical skills. Education Requirement CFA/CPA/MBA from Tier -1 Universities with at least 5-10 yrs of exp. Recommended Courses CFA/CPA/MBA. Positives Extensive Knowledge. Negatives Responsible for any kind of wrongdoings in the company. #4 – Financial Planning & Analysis
Financial Planning & Analysis – Job Description
Responsibilities Responsible for analyzing the financial performance of the company and doing peer group analysis in order to determine the deviation. Designation FP & A Manager. Actual Role To do financial modeling of the company and help the senior management understand the company performance in a more meaningful manner. Job Statistics No data has been shared on the Bureau of Labour statistics of the US. Top Companies All large corporates and big4 CA firms in the world. Salary The median annual salary for an auditor position can be anywhere between $1,50,000 to $2,50,000. Demand & Supply High demand due to extensive financial modeling skills. Education Requirement CFA/CPA/MBA from Tier -1 Universities with at least 10-15 yrs of exp. Recommended Courses CFA/CPA/MBA. Positives Expertise in financial modeling and mathematical skills. Negatives Working on a heavy database and knowledge of VBA and coding is essential. #5 – MIS Manager
Is the one who prepares the full MIS report of the organization, taking into account the budgeted and actual numbers from various teams.
Market Research Analyst – Job Description
Responsibilities His job is to prepare multiple kinds of MIS required by persons within the organization as per their requirements. Designation MIS Manager. Actual Role Is to work on large databases and prepare various reports in conjunction with the departments within the organization including the promoter group. Job Statistics As per the Bureau of Labour statistics of the US no data has been displayed. Top Companies All types of corporates. Salary The median annual salary for an MIS manager may vary anywhere between $110,000 to $2,50,000. Demand & Supply Demand for MIS managers will continue to grow in the future as everything revolves around data and the management requires raw information in order to have concrete decision-making. Education Requirement CPA/MBA. Recommended Courses CPA/MBA. Positives The person gets to know the full picture of the company by looking at various kinds of reports and correlating the same with each other. Negatives Long working hours and an extensive amount of number crunching, monotonous in nature. #6 – Cost Accountants
They are the ones provided with the relevant cost information to the analyst to prepare his reports.
Cost Accountants – Job Description
Responsibilities Responsible for accounting for all the costs in the company and assigning the same to the cost drivers to know the exact cost of the product and at what price it should be sold to the customers. Designation Cost Accountant. Actual Role To absorb all the costs in the right cost driver and allocate the same in the best possible manner. Job Statistics No data has been shared on the Bureau of Labour statistics of the US. Top Companies All large corporates and big4 CA firms in the world. Salary The median annual salary for an auditor position can be anywhere between $1,50,000 to $2,50,000. Demand & Supply High demand due to the expertise in the costing and management field. Education Requirement CFA/CPA/MBA from Tier -1 Universities with at least 5-10 yrs of exp. Recommended Courses CFA/CPA/MBA. Positives Deep understanding of the cost structures of the company and ways and means to make it better. Negatives These jobs are only required in large corporates due to the regulatory and compliance requirements. Types of Budget Analyst Careers
An individual may pursue multiple kinds of careers as a budget analyst, as mentioned below:
Cash Flow Budget: This enables the management to ascertain the cash flow available for the company to run its business operations smoothly. The person dedicated to the role will only focus on the daily and highlight the management in case of any mismatch to arrange the required funds promptly. cash flow of the company Cash Flow is the amount of cash or cash equivalent generated & consumed by a Company over a given period. It proves to be a prerequisite for analyzing the business’s strength, profitability, & scope for betterment. read more Cost Budget: This gives the management the costing of a particular product as compared to its peers and what would be the best price for it to sell it. Financial Budget: This is an overall financial position of the company taking into account all the cash and non-cash expenses of the company and shows a birds-eye view of the performance comparing it with Employee Budget: This determines the employee’s strength in the company and ways to increase or decrease the same according to the requirement of the work. Flexible Budget: This type of budget is prepared to accommodate various kinds of income and expenses to ascertain how flexible the company is to organize itself in times of crisis. Recommended Articles
This has been a guide to Budget Analyst Careers. Here we provide the list of top 6 job descriptions in budget analyst careers, including budget analyst, financial managers, cost auditors, financial planning & analysis, MIS manager, and cost accountants. You may also have a look at these finance career articles below –