How to Become a Budget Analyst

A budget analyst helps leaders maximize organizations' impact using their available resources. They also approve funding requests, monitor spending, and create financial forecasts to help organizations plan for the future.

Budget analysts need skills in mathematics, data analysis, and forecasting. They use software like Microsoft Excel and enterprise resource planning programs. Additionally, the position requires excellent communication and problem-solving skills. If you're an analytical, money-minded thinker who can communicate complex ideas to others, you may thrive as a budget analyst.

These professionals typically need a bachelor's degree to qualify for the role, but workers can also pursue certifications and other training. Use our guide to learn how to become a budget analyst.

Budget Analyst Job Requirements

Required Education for a Budget Analyst

Budget analyst roles typically require a bachelor's degree. Because budget analysis requires knowledge of finance, accounting, and math, earning a bachelor's in a field like statistics, economics, finance, or accounting can help prepare you for this career. Majoring in a field like business can also prepare graduates for budget analyst careers by building knowledge of organizational structures and how budgets impact companies.

Budget Analyst Certification

Professional certifications verify your expertise in budget management to employers. Though these credentials are not usually required for budget analyst roles, certifications can help you stand out during the job search or increase your earning potential.

Optional Certifications and Degrees

Many budget analysts earn optional credentials and degrees to distinguish themselves from their peers in the field.

The Association of Government Accountants (AGA) offers a certified government financial manager (CGFM) certification. A CGFM credential can expand your career opportunities and make you a more competitive candidate for government roles. Applicants need a bachelor's degree from an accredited college or university in the United States and two years of experience in government financial management. Candidates must pass three comprehensive exams and uphold AGA's ethics code.

To maintain this credential, CGFMs must pay a renewal fee every year. Additionally, certification-holders must complete 80 hours of relevant continuing professional education (CPE) every two years.

The Institute of Management Accountants (IMA) offers the financial and managerial accounting associate (FMAA) credential. This certification requires a 2-hour exam with 80 questions about general accounting, financial statement preparation, planning and budgeting, cost management, and professional ethics. Certified FMAAs must pay an annual renewal fee and earn 15 CPE credits each year.

Some employers may prefer candidates with graduate experience in a finance-related field. Aspiring budget analysts can pursue degrees such as a master of science in finance or a master of business administration. These advanced educational credentials can also help you qualify for managerial positions.

Required Experience for a Budget Analyst

Some employers may hire budget analysts with no prior experience, while others may prefer applicants with auditing, bookkeeping, or accounting job history. Though not identical to budget analysis work, these career fields require similar skills and knowledge and build workers' competencies tracking, managing, and understanding budgets.

Pursuing an accounting internship or practicum as you complete your bachelor's degree can make you a more competitive jobseeker after graduation. Internships give students the opportunity to apply their knowledge and skills to real-world problems. Some schools build internships into their degree requirements, while others offer them as optional opportunities.

Should I Become a Budget Analyst?

As you decide whether to pursue budget analyst careers, consider the educational requirements necessary to secure these roles, as well as the benefits and drawbacks of the field. Budget analysts typically only need a bachelor's degree to qualify for the role, but workers may also pursue certifications and graduate degrees to qualify them for advanced roles and higher earning potential.

As with any job, budget analyst careers also have drawbacks: Some of these professionals work overtime to meet tight deadlines. Additionally, the role often requires high-stakes communications with internal leadership or government regulators.

Budget analysts play a vital part in their organizations. The information they provide helps executives make decisions about how to allocate resources to achieve organizational goals. If you enjoy analyzing complex problems and communicating solutions to a variety of stakeholders, you may thrive as a budget analyst.

The Job Hunt

You can leverage a variety of resources when searching for a budget analyst job. One powerful asset you can use is your network. Mentors, professors, and other professionals you meet in college or during internships can offer advice and even connect you to career opportunities.

Attend job fairs and networking events at your college or in your local community. Professional organizations like AGA often hold conferences and workshops, which provide educational and networking opportunities.

Keep an eye on job boards to know when new budget analyst opportunities become available. Relevant career websites for aspiring budget analysts include:

• FinancialJobBank: FinancialJobBank connects users with available accounting and finance jobs. Users can create an account to receive email updates and connect with employers.
• Association of Government Accountants: Young professionals who seek to work in government accounting can join AGA, giving them access to an exclusive job board.
• Institute of Management Accountants: IMA hosts a job board on its website to help professionals in finance and accounting find their next role.
• Indeed: Indeed is a global job board that helps workers find new career opportunities across fields. Professionals can sort jobs by location and even find remote roles.

Get tips on job searching:

• How do you professionally network in accounting?
• Is it worth working with a recruiter?
• How do you write a resume?

Upward Mobility

Budget analysts can move into other roles over the course of their career. For example, entry-level budget analysts can pursue senior budget analyst or financial analyst positions as they accrue experience. Midcareer and seasoned budget analysts can become financial managers.

Questions About the Budget Analyst Career Path