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Although there is no specific degree needed to become a budget analyst, this financial position does require post-secondary education to gather the essential knowledge needed to help institutions organize their finances. Budget analysts are responsible for developing, monitoring, and forecasting budgets to suit their organization’s financial needs into the future. Budget analysis is growing increasingly complex as more types of financial data and more advanced statistical techniques are being used. Though employment of budget analysts is only expected to grow 6% before 2022, the field has a fairly steady turnover and around 3,800 new positions will be added nationwide in the next decade, according to the Bureau of Labor Statistics. If you’re interested in this job, below is a step-by-step guide that covers the degrees and training you’ll need to become a budget analyst.
Achieve a Relevant Bachelor’s Degree
Before pursuing your goal of being a budget analyst, you’ll likely need to receive at least a bachelor’s degree from a four-year regionally accredited institution. Most budget analysts decide to major in accounting or finance, but it’s also possible to build a successful career with a degree in business administration, public administration, economics, political science, or statistics. Since developing an organization’s budget requires strong analytical and mathematical skills, it’s advised that you bulk up your schedule with courses in mathematics, statistics, accounting, finance, and budget analysis for the best preparation.
Acquire Budget-Related Work Experience
While earning your undergraduate degree, you should start crafting your resume with internship and entry-level work experience in related budget analysis jobs. Discuss paid internships with your university’s career services department or campus recruiting office. By interning in a local corporate or governmental finance department, you’ll have the marketable experience needed to be competitive after graduation. Make certain you gain the essential computer skills using budget analysis software, spreadsheets, and database programs too. Attending any on-campus career fairs can also be useful for getting your foot in the door with potential employers.
Consider Earning a Master’s Degree
Since it’s becoming more important for organizations to carefully review budget estimates and proposals to ensure profitability in this competitive business world, some employers now seek to hire budget analysts with a graduate degree. Obtaining a master’s degree will provide you with a better chance to qualify for higher pay and senior-level budget analysis positions. You can decide to earn a Master of Business Administration (MBA), Master of Accountancy (MAcc), or Master of Science in Finance (MSF) degree to advance your skills.
Pursue Professional Credentials
Individuals looking to enter any area of the financial workforce should become licensed through the Financial Industry Regulatory Authority (FINRA). While this may not be required by companies not involved in securities or investments, this license will be an impressive addition to your resume. Since more than one-third of all budget analysts work for local, state, and federal government agencies, it’s also a great idea to become a Certified Government Financial Manager (CGFM) through the Association of Government Accountants after two years of professional-level work experience.
Related Resource: Finance Internships
Overall, budget analysts are given the responsibility of determining the costs and benefits of various programs to recommend budget proposals and ensure compliance with this budget year-round. Once you have earned a degree needed to become a budget analyst, you’ll have the essential training for unlocking budget analysis jobs in government agencies, educational institutions, manufacturing firms, corporations, and other financial bodies.
