A Budget Analyst is a person who is specialized in financial management and budgeting. They monitor and manage budgets throughout a project life-cycle and analyze financial data. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Budget Analysts.

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Main Responsibilities of Budget Analyst

The following list describes the typical responsibilities of a Budget Analyst:

Analyze

• Analyze and evaluate financial reports, program plans, requirements, and variance reports.

• Analyze budgetary trends; and identify risks within cost, schedule, and programmatic parameters.

• Analyze cost and spending projections.

• Analyze financial data for trends and requirements analysis.

• Analyze large and complex Payroll Data Sets.

• Analyze proposed plans and find alternatives if the projected results are unsatisfactory.

• Analyze, produce, and maintain agency organizational budgets.

• Analyze the dash boards received by the media agencies in a monthly basis.

Apply

• Apply accounting principles and practices.

• Apply laws, regulations, policies, standards or procedures to specific financial issues.

Assist in / Assist with

• Assist agency Budget Execution with improving and implementing its business processes.

• Assist in the preparation of departmental and university-wide financial statements.

• Assist in the Preparation of the Annual Budget.

• Assist in tracking capital projects and the release of donor restrictions.

• Assist in tracking project and contract timelines.

• Assist the Head of Project Management in project financial analyses and management.

• Assist the Strategic Marketing Manager in the budget allocation decision process.

• Assist with analysis used for decision-making and recommendations to management and programs.

• Assist with budget and proposal development for new contracts within the Client Relations Department.

• Assist with development and preparation of Program Objective Memorandums (POM) documents.

• Assist with required data tracking and compliance reporting.

• Assist with the preparation and development of the legislative appropriation requests (LAR).

Attend

• Attend industry-related meetings and events, as needed.

• Attend regular meetings, briefings, and program reviews.

Build

Build / maintain fundraising / revenue models for development teams using Salesforce.

Certify

Certify fund availability for budget certification forms and procurement requests.

Collaborate with

• Collaborate closely with multiple teams in an agile environment.

• Collaborate with executives and project managers to develop a budget.

• Collaborate with managers to develop final, consolidated budget.

Communicate

Communicate in a variety of mediums.

Compile

Compile Overview of Obligations and Expenditures.

Complete

• Complete DOD procurement forms (MIPRs / DA Form 3953 / etc).

• Complete reports required to present month-end figures.

Conduct

• Conduct analysis, research and studies.

• Conduct cost / benefit and other types of analyses.

• Conduct cross-departmental meetings to ensure clear understanding of client needs and expectations.

• Conduct independent research and analysis, ensuring compliance with the laws and other regulations.

• Conduct out of scope analyses and develop contract amendments.

Coordinate with

Coordinate with the vendor to provide Rough Orders of Magnitude (ROM) cost estimates.

Create

• Create bid / quote packages for all vendors, record all data for budgetary forecasting and planning.

• Create, maintain, update and analyze all budget templates for Service Owners.

• Create procedures to improve operations efficiency.

• Create and deliver management reporting and put together PowerPoints to present the data.

Defend

Defend and justify such estimates.

Define

• Define and implement the guidelines to all departments for completion of P.O, invoices.

• Define and monitor the Communication budget of Cartier China in collaboration with each department.

Design

Design and operates financial systems.

Determine

• Determine accuracy and relevance of information.

• Determine resource requirements and recommends resource allocations based on priorities and needs.

Develop

• Develop and create Current and Historical Payroll Reports.

• Develop data bases in an automated accounting system.

• Develop / Forecast annual budgets.

• Develop / forecasting annual budgets.

• Develop, monitors, tracks, and reports on key performance measures and census management.

• Develop multi-year budgets, plans, and forecasts.

Direct

Direct and lead the development of needs analyses, and prepares standard procedures.

Draft

Draft process improvements, including creation of standard and ad-hoc.

Drive

Drive the scoping, project management, creation and execution of our annual and project budgets.

Ensure

• Ensure adequate funds for program coverage.

• Ensure alignment with internal teams regarding project requirements and competing deadlines.

• Ensure all budget units are working within their allotted budgets.

• Ensure new study activation timelines are met.

• Ensure reconciliations are made as to workload data, accuracy, and distribution of programs.

Establish

Establish and maintains liaison with a variety of internal contacts on matters related to the work.

Estimate

Estimate future financial needs.

Evaluate

• Evaluate and approves or rejects budget proposals and funding requests.

• Evaluate media campaigns and programs from multiple data sources, giving recommendations.

Explain

Explain budgetary recommendations to management, and organizational stakeholders.

Extract

Extract, analyze, summarize and prepare data for presentation from financial systems.

Facilitate

• Facilitate and coordinate meetings for the budget approval process.

• Facilitate the collection and presentation of data and information.

Follow up

Follow up on any missing documents weekly until UOA package is approved.

Forecast

Forecast future budget needs.

Formulate

• Formulate and presents multi-year estimates for MDE.

• Formulate recommendation on budget allocation.

Handle

Handle multiple priorities and take ownership and accountability of key deliverables.

Help

• Help advisors with their analyses by preparing the necessary documents.

• Help develop and optimize procedures and implement tools for your line of work.

• Help prepare and propose action plans to address issues in accordance with rules and parameters.

• Help professionals in your unit carry out activities and initiatives.

Identify

• Identify and report project lapses and shortfalls.

• Identify variances and trends, and recommends suitable action to appropriate personnel.

• Identify current year resource needs as they apply to Operational Expenses and payroll.

Implement

Implement tools to help the teams to collaborate together in a more close way.

Import

Import data from existing databases for the purpose of financial reporting.

Improve

Improve financial status by analyzing results and variances.

Inform

Inform program managers of the status and availability of funds.

Initiate

Initiate and distribute funding documents.

Interact

Interact frequently and effectively with budget managers to build budgets and resolve account issues.

Lead

Lead the budget execution process according to the program plan.

Liaise with

Liaise with internal / external contacts relating to area of responsibility.

Listen

Listen to others, attend to nonverbal cues, and respond appropriately.

Maintain

• Maintain all assigned active / ongoing clinical trial agreements.

• Maintain and develop Standard Operating Procedures to enhance efficiencies.

• Maintain auditable records and back-up documentation.

• Maintain complex databases, registers, or other budget tracking systems.

• Maintain fiscal control over current year civil works allowances to the project level.

• Maintain numerous excel spreadsheets that help to consolidate data.

Make

Make clear and convincing oral presentations.

Manage

Manage and Organizes Information.

Maximize

Maximize program execution and present reporting of budget results to senior leadership.

Measure

Measure the impact of existing and proposed state and federal legislation on HHSC programs.

Monitor

• Monitor account balances in Revolving Fund to assure sound cash management.

• Monitor current year execution & audit readiness and internal controls.

• Monitor obligation and expenditure progress.

• Monitor organizational spending to ensure that it is within budget.

• Monitor process are compliant at every steps, from bidding process to payment approvals.

• Monitor University and departmental spend.

Optimize

Optimize financial returns through pricing analytics.

Oversee

• Oversee expenditure and identify trends in spending.

• Oversee creation of internal budgets and negotiation of external sponsor budgets / payment terms.

Participate

Participate in team projects and group process improvement assignments.

Perceive

Perceive the impact and implications of decisions.

Perform

• Perform budget versus actual cost analyses in support of project finance management.

• Perform highly advanced (senior-level) budget preparation and analysis work.

• Perform other duties related to the core functions of the role.

• Perform Payroll reclassification comparison analysis reports as needed.

• Perform reviews and analysis of the BIA?.

• Perform weekly reimbursable agreements reconciliation.

Plan

Plan, assign, and / or supervise the work of others.

Prepare

• Prepare and distributes budget worksheets to Budget Officers.

• Prepare and send load sheet to 59 MDW Resource Advisor / Budget Analyst (RA / BA).

• Prepare a variety of reports covering the status of funds, obligations, and expenditures.

• Prepare budget estimates from a variety of sources into forms, reports, and schedules.

• Prepare department / program budget reports for quarterly budget reviews with Senior Management.

• Prepare monthly reporting and analysis of financial performance.

• Prepare next year budget.

• Prepare relevant data for reporting (i.e. .ppt slides, talking papers, etc.).

• Prepare response strategies to avoid potential budget cuts.

• Prepare, justify, and / or administer the budget for program areas.

• Prepare, review and analyze cost estimates and fiscal notes for proposed legislation.

• Prepare the expense plan and submit it to AFIMSC and HQ AETC by designated suspense date.

• Prepare, update, and distribute monthly forecast program dashboards.

• Prepare written consolidated justification for major programs.

Provide

• Provide analysis and input in the development of program data for program reviews.

• Provide budget formulation, development of management-level budget presentation requirements.

• Provide expert advice and recommendations for budgetary actions.

• Provide instruction, guidance, and training to team members.

• Provide liaison between OMB staff and bureau budget offices.

• Provide quarterly financial summary information to Manager.

• Provide recommendations by analyzing and interpreting data.

• Provide some accounting oversight of (budgets, forecasting, etc.).

• Provide training and help desk support for systems deployed by the division.

• Provide year-end closeout support.

Pursue

Pursue aggressive goals and works efficiently to achieve them.

Receive

Receive and relay fiscal updates.

Recommend

• Recommend appropriate fund cite and Management Decision Package (MDEP) for requirements analysis.

• Recommend funding for execution per approved budgets.

• Recommend improvements to the efficient utilization of funding, staff, and accountability.

Reconcile

• Reconcile and correct all accounts.

• Reconcile a variety of balance sheet accounts on a monthly basis.

• Reconcile the planned budget with actual execution.

Record

Record and maintain all vendor contract files.

Report

Report on Sub-Line Item Numbers (SLINs) funding balances.

Research

• Research and reconcile current and prior year funds budget discrepancies.

• Research and prepare financial information for reports and presentations as required.

Resolve

• Resolve discrepancies in funding / accounting information for Payroll web Transaction Accounts.

• Resolve discrepancies with invalid funding lines for pay periods.

• Resolve negative un-liquidated obligation reports, zero obligation, and other billing corrections.

• Resolve budget issues related to overages of encumbrances and / or expenditures as needed.

• Resolve problems of budget forecasting.

Review

• Review and analyze reimbursable orders to ensure conformance with policy.

• Review and approve obligating documents to assure adequate apportionment of funds.

• Review and update Payroll Interface error projections.

• Review equipment packages for accuracy and completeness.

• Review fiscal impacts of proposed rules for adoption.

• Review incoming MIPR Requests and prepare outgoing MIPR packages.

Secure

Secure and manage fiscal resources.

Setup

Setup new project budget codes as needed.

Submit

Submit upward obligation adjustments (UOA) requests in FM Suites upon notification.

Support

• Support budget requests and review for accuracy.

• Support Service Owners with creating generation forecasting spreadsheets.

Track

• Track / analyze funds obligations against spend plans and resolve budgetary imbalances.

• Track and reporting fund status transfers.

• Track and report on labor and non-labor costs.

• Track and compile budget enhancement requests and produces reports as required.

Understand

Understand and apply relevant laws and regulations.

Update

Update budgeted sections and salary data into faculty workload database and Banner.

Use

• Use correct grammar, syntax, and format.

• Use office technology, software and applications.

• Use sound judgment to generate and evaluate alternatives, and to make recommendations.

Utilize

• Utilize CAPPS Financials, CAPPS HR, MS Office, USAS, and Docu-Sign.

• Utilize USAS, CAPPS Financials and CAPPS HR.

Work with

• Work requires travel away from the normal duty station on military or commercial aircraft.

• Work with program and project managers to develop the organization's budget.

• Work with program staff to ensure funding sources are allocated and budgeted correctly.

• Work with the Finance & Accounting team to identify areas or opportunities for improvement.

Most In-demand Hard Skills

The following list describes the most required technical skills of a Budget Analyst:

1. Finance

2. Accounting

3. MS Excel

4. Budgeting

5. Budget Analysis

6. Business

7. Supervisory

8. Federal Service

9. MS Word

10. MS Powerpoint

11. Risk

12. Planning

13. Dod Financial Management

14. Economics

15. Financial Management

16. Land & Base Management

17. MS Outlook

Most In-demand Soft Skills

The following list describes the most required soft skills of a Budget Analyst:

1. Written and oral communication skills

2. Interpersonal skills

3. Analytical ability

4. Organizational capacity

5. Sensitivity

6. Problem-solving attitude

7. Attention to detail

8. Client focused

9. Influencing abilities

10. Self-starter

11. Work independently with little direction

12. Time-management

13. Presentation