How to Become a Budget Analyst

How do organizations decide to allocate their resources and keep finances in line with plans for growth? This is where a budget analyst plays a crucial role. These professionals are responsible for analyzing, planning and managing budgets to ensure efficiency and help organizations achieve their financial goals.

Anyone considering this career needs to understand the steps to take, the skills required and how an accounting degree can serve as a strong foundation. Find out what it takes to become a budget analyst and how App State Online’s Bachelor of Science in Business Administration (BSBA) in Accounting can help you succeed.

What Does a Budget Analyst Do?

Budget analysts play a key role in helping organizations manage their finances efficiently. Their core responsibilities include preparing detailed budget reports, reviewing past and current spending, forecasting future financial needs and recommending adjustments to ensure that resources are allocated effectively. By analyzing financial data, budget analysts help organizations make informed decisions that support both short-term operations and long-term strategic goals.

These professionals work in various sectors, including government, health care, nonprofits and education. Each setting presents unique challenges, from public accountability in government to profitability pressures in the corporate sector.

Collaboration is a critical part of the role. Budget analysts work closely with managers, executives and finance teams to ensure that budgets align with organizational priorities. For example, they might monitor departmental expenditures throughout the fiscal year to ensure that spending adheres to policy and recommend adjustments if overspending occurs. This combination of analytical skill, financial insight and communication makes budget analysts a key part of any organization.

Steps to Become a Budget Analyst

If you’re interested in pursuing a career as a budget analyst, the steps below can help you succeed.

1. Pursue Education

Earn a bachelor’s degree in accounting, finance, economics or a related field.
Choose a degree program that equips students with the skills needed for financial reporting, analysis and planning.
Select a school where coursework focuses on understanding budgets, interpreting financial statements and making data-driven recommendations.

2. Gain Experience

Build practical experience through internships or entry-level accounting or finance roles.
Gain valuable exposure through government positions or nonprofit finance roles.
Seek relevant work, including assisting with departmental budgets, analyzing financial statements and supporting fiscal planning projects.

3. Develop Specific Skills

Develop skills in analytical thinking and problem-solving for evaluating budget data and recommending adjustments.
Maintain attention to detail to ensure accuracy in reports and forecasts.
Grow strong communication and presentation skills for explaining findings to managers and executives.
Build expertise in financial modeling and forecasting to anticipate trends and plan effectively.

4. Consider Optional Certifications and Credentials

Certified Government Financial Manager (CGFM) demonstrates expertise in public sector finance.
Certified Public Accountant (CPA) validates accounting and management skills for corporate and public roles.
Additional professional development courses in budgeting, financial analysis or data analytics can strengthen resumes.

By combining formal education, hands-on experience, key skills and professional certifications, an aspiring budget analyst can position themselves for a successful and rewarding career.

Salary and Job Outlook for Budget Analysts

Budget analysts enjoy a competitive salary, reflecting the critical role they play in financial planning and resource management. The median annual wage for budget analysts was $87,930 as of May 2024, according to the U.S. Bureau of Labor Statistics (BLS). Federal government positions often offer higher pay, while state and local government or private sector roles may vary depending on location and organization size.

According to O*Net Online, there will be a projected job growth of 10% for budget analysts in North Carolina between 2024 and 2034, which is much faster than the national growth projection of 1%. This demand is fueled by the need for organizations — both public and private — to efficiently manage resources, comply with financial regulations and optimize spending.

Experienced budget analysts have opportunities for advancement into senior roles such as finance manager, director of budgeting or financial consultant. These positions come with higher salaries, increased responsibility and the ability to impact strategic financial decisions across an organization.

Why Choose App State Online’s BSBA in Accounting?

App State Online’s BSBA in Accounting offers a comprehensive curriculum designed to equip students with the skills needed for a successful career as a budget analyst. The program covers financial planning, budgeting, taxation and analytical techniques essential for these professionals.

Students benefit from hands-on learning opportunities, including internships with local and regional organizations. These experiences provide real-world exposure to budgeting processes, financial analysis and strategic financial planning.

The program also prepares students for professional certifications, including becoming a certified public accountant (CPA), which can enhance career prospects.

Flexible learning options make it accessible to working professionals, allowing students to balance education with existing personal and professional responsibilities.

Key program highlights include the following:

Comprehensive accounting and financial management coursework
Experiential learning opportunities, such as internships
Preparation for professional certifications
Skills aligned with budget analyst responsibilities
Exposure to expert faculty with firsthand accounting and financial experience
A program accredited by AACSB International since 1976

This degree positions graduates to enter the budget analyst career path with confidence and competence.

Begin Your Career as a Budget Analyst

Becoming a budget analyst requires a combination of education, hands-on experience and essential financial skills. With the right preparation, you can analyze budgets, guide organizational spending and make impactful financial decisions.

An accounting degree provides a strong foundation for this career, offering students the knowledge to interpret financial data, forecast needs and recommend actionable solutions that keep organizations on track.

Explore App State Online’s BSBA to learn more about the curriculum, internships and student success stories, and discover how our program can help launch your career as a skilled and confident budget analyst.

Recommended Readings

Tax Examiner Career Overview

What Can I Do With an Accounting Degree?

How to Study for the CPA Exam: 7 Tips

Sources:

Indeed, 13 Pros and Cons of Being a Budget Analyst

Indeed, “What Is a Budget Analyst? (Duties, Salary and Qualifications)”

ONet OnLine, Certification: Certified Government Financial Manager (CGFM)

ONet OnLine, North Carolina Employment Trends: Budget Analysts

U.S. Bureau of Labor Statistics, Budget Analysts

U.S. Department of Energy, Career Map: Budget Analyst