What does a Budget Analyst do?

A Budget Analyst performs a variety of functions. The roles and responsibilities of a Budget Analyst are as follows:

• Monitors and reports on performance against plans to ensure that goals are met.
• Budget templates and data are organised in a clear and intuitive manner.
• Defends budget recommendations and works with management to reach a final budgetary agreement.
• Budget proposals and funding requests are evaluated and approved or rejected.
• Forecasts and monitors financial results throughout the year to ensure budget projections are met.
• Provides project status summary reports to management as needed or requested.
• Aids in the identification with financial or operational risks associated with the contract or project's execution.

Steps to become a Budget Analyst

There are some steps that are supposed to be followed in order to become a Budget Analyst. Those are as follows:

• Step 1 – Decision Making: It's important to know what your interests are and what subject combinations you'll need to take in your 12th grade to become a Budget Analyst. Your passion and motivation to work for the people will be tested on many occasions during your career as a Budget Analyst.
• Step 2 – Choose the correct Subjects: After getting your Class 10th results, you need to choose Commerce stream having mathematics or statistics in 10+2. You must have scored good marks in your Class 12thBoard Exam. After your high school, you should pursue your bachelor’s degree in finance, accounting, or statistics from a recognized university to get a better approach on the major subjects required to be a Budget Analyst.
• Step 3 – Preparation for College Entrance Exams: Many colleges and universities conduct entrance exams to this course. It is important to clear the entrance exams such as CAT, IPMAT, IPU CET etc. in order to get admission to a good college.
• Step 4 – Selecting the Correct College: After you have cleared your entrance exams with good marks, you get a variety of college options to choose from. This is an important step since this decision can make or break your career. In order to become a good Budget Analyst, it is important to choose a good college to get a good career in the future.

Types of Budget Analyst

Some of the top job profiles of a Budget Analyst are given below:

• Accountants and Auditors: Accountants and auditors are responsible for the preparation and examination of financial records. They make certain that financial records are correct and taxes are paid on time. They examine financial operations to ensure that businesses run smoothly.
• Financial Analysts: Financial analysts advise businesses and individuals on investment decisions. They evaluate the performance of stocks, bonds, and other investments. They make profit plans for the company and explore various other investment opportunities. They compare the company's past performance with the present one and provide improvement.
• Tax Examiners and Collectors and Revenue Agents: Tax examiners and collectors, as well as revenue agents, determine the amount of tax owed and collect it from individuals and businesses on behalf of the government. They audit tax returns, identify taxes owed, and collect past-due tax payments.
• Financial Managers: Financial managers are in charge of an organization's financial health. They create financial reports, direct investment activities, and make strategies for the organization's long-term financial goals. They always prepare plans to increase the profitability of the company and analyse the markets for any good opportunity.
• Management Analysts: Management analysts make recommendations to improve an organisation's efficiency. They advise managers on how to increase the profitability of an organisation by reducing the costs and increasing the revenues.
• Financial Examiners: Financial examiners ensure that the laws that govern financial institutions and transactions are followed. They examine balance sheets, assess loan risk, and evaluate bank management. They also recommend corrective action plans and confirm the company’s assets and liabilities by reviewing the balance sheets and other documents.
• Cost Estimators: Cost estimators gather and analyse data to estimate the time, money, materials, and labour required to manufacture a product, build a building, or provide a service. They typically specialise in a specific product or industry.
• Actuaries: Actuaries assess the financial consequences of risk and uncertainty. They assess the risk of potential events using mathematics, statistics, and financial theory, and they assist businesses and clients in developing policies that reduce the cost of that risk. The work of actuaries is critical to the insurance industry.

How to become a Budget Analyst in India

In order to become a Budget Analyst in India, it is important to follow the below mentioned steps to avoid mistakes:

School Preparation:

When you have completed your Class 10th, It is important to decide if pursuing a career in Finance is what you want. If you are sure, you should take Commerce with Mathematics as a stream after Class 10th to get a strong grip in Mathematics, Statistics or Accountancy. Take good coaching for important subjects to score good marks in Class 12 Board Exams.

How to become a Budget Analyst after 12th?

The preparation to become a Budget Analyst at the Undergraduate level and Postgraduate level have been discussed below.

Under Graduation

The minimum education required for a Business Analyst is to have a graduation in business administration, economics, finance or accounting. These programs help the students to develop various analytical and mathematical skills required for the job.

•  After completion of 10+2 in the commerce field, you will have to pursue bachelors in accounting, business administration, finance or economics.
• Clear the entrance exams for the respective course, stay dedicated and do an internship to enhance your skill.
• You can also get placed if you perform well in your under graduation.

Post Graduation

After completing your graduation, you should pursue your Masters for a better career opportunity. You can pursue a two year MSc in Finance or pursue MBA in Finance in India or abroad for a better job opportunity after completing your studies. Pursuing Masters gives you a better start in getting a job in the Finance sector since you get internship experience too.

Courses to become a Budget Analyst

The students who are interested to become a Budget Analyst should opt for the following courses after completing their 10+2:

B.Com

• B.Com is a common undergraduate course opted by students after completing their 10+2.
•  It is a three-year graduation course and a lot of popular and highly reputed colleges in India offer it.
•  It covers important subjects like finance, economics, accounting, statistics and taxation.
• The admission to this course is based on your Class 12th examination. A good score in your 12th grade implies an admission into a good college.

Admission Process

• B.Com admission process is different in different colleges. There is no central examination for this course.
• Colleges like Delhi University offer admission through cut off based.
• The candidates who wish to pursue B. Com (Hons) or (General) should have their marks of Class 12th Board exams fall under the cut off by respective colleges.

Eligibility

• Minimum 50% marks in 10+2 in Commerce stream having subjects like Math, Accountancy, Economics and Business Studies.
• Students must have completed their senior secondary from a recognised board.

Check: BCom Entrance Exam

BBA Finance

•  BBA Finance is a three-year financial management degree offered by many colleges in India.
• The objective of BBA Finance is to give theoretical and practical knowledge to the students about various financial components like investments, insurance etc.
• It is a three year course divided into six semesters in regular colleges and universities.
• This course is also offered through distance education for working professionals from Punjab Technical University, University of Madras and Amity School of Distance Learning etc.

Admission Process

• Students who are interested in taking an admission in BBA Finance should have a minimum 50% in the 10+2 examination.
• Some of the institutions conduct their own entrance exams
• The tuition fees range from INR 2 lakhs to INR 5 lakhs per annum depending on the university.
• Those universities that conduct entrance exams prepare a merit list, and candidates are admitted purely on the basis of merit of the exam.

MBA Finance

• MBA Finance is a two years master’s programme designed to train the students in specific skills related to Finance and Management. It imparts knowledge of investment, management studies, and finance.
• Many colleges invite industry experts to integrate classroom learning with industry practise.
• The lectures also help students develop management skills, build networks, create connections, develop interpersonal skills and get a lot of variety in jobs.
• You can also pursue an MBA through distance education as well.

Eligibility

• A bachelor’s degree with minimum 50% marks from a recognised university.
• Candidates who are in their final year of graduation program are also eligible to apply for the entrance exam.
• Students belonging to reserved categories like SC, ST and OBC get 5% relaxation.

Admission Process

• MBA Finance admissions is based on the clearance of entrance exams like CAT, XAT, SNAP, MAT.
•  After clearing the cut off, candidates are shortlisted and a list is prepared.

Colleges conduct Group Discussion and Personal Interview as a next step. You need to have a good impression in order to secure an admission. 

How to become a Budget Analyst Abroad

There are many prestigious colleges that offer courses to become a Budget Analyst in the top countries around the world.

• A Bachelor’s degree in accounting, commerce, economics or any other similar field. Some universities like the University of Sydney accept students from all disciplines.
• A GRE Score is mandatory. Keep looking at the universities’ websites for the average GRE Score required. Students having less grades than the required eligibility can secure an admission into a top university through a good GRE Score.
• Reference Letters from your employers or your professors may give you a chance to secure a scholarship in the university.

USA

UK

Australia

Canada

Benefits to become a Budget Analyst

The benefits to becoming a Budget Analyst have been discussed below.

• High Earnings: A Budget Analyst has a high earning potential since Finance is one of the strongest in the industry. Once you have set your foot in the industry, you grow tremendously in terms of experience and salary. As you gain experience, you can easily earn a six figures salary.
• Job Security: Budget Analysts enjoy security in their jobs. Finance being the strongest sector in the industry, offers a lot of career options. It makes it easier for people to switch firms or job positions. It also makes it easier if you want to face a new challenge or want to break free from the monotony.
• Higher education: No matter how much you study, it is never enough since the industry keeps changing and it is important to keep pace with the current market standards and requirements. If you are currently working, chances are that your employer might give you an opportunity to pursue higher education in order to enhance your skills for a higher job position and definitely, a better salary.
• Variety of options: Since Finance is an ever-growing industry, jobs in different fields keep coming, be it in India or Abroad. Once you have all the qualifications and enough experience, you can look for jobs abroad for a better pay and opportunity to enhance your skills and face more challenges.
• Less Travel: Budget Analysts mostly stay indoors in an office setting working for long hours to meet tight deadlines. They do not require to travel around the world for work.

How to become a Budget Analyst: Skills

The skills required to become a Budget Analyst are as follows:

Salary of a Budget Analyst

Salary of a Budget Analyst depends on the level of expertise he/she has. A category wise comparison is shown below:

Education wise

Gender wise

Experience wise