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Budget Manager Duties and Responsibilities
Based on job listings we analyzed, a budget manager's duties typically involve:
Interpreting Financial Information Budget managers observe financial trends within the organization's expenditure and within departmental budgets to control spending where possible and adjust budgets as needed. They monitor revenue and communicate budget issues with the different departments within the company.
Formulate Business Plans Budget managers work to formulate strategic business plans and aim to estimate future financial needs that have to be accounted for. This is accomplished through analyzing previous budgets, economic trend data, and financial developments that may impact the organization's potential income.
Providing Financial Advice Budget managers monitor the spending of the company to make sure it's within budget and inform department managers of the availability of funds. They also review financial proposals for accuracy and compliance with laws and regulations.
Building Relationships with External Organizations Budget managers build strong relationships with external contacts such as auditors, solicitors, and statutory organizations. This involves liaising with auditors to ensure that annual checks are carried out and explaining recommendations for funding to legislators and other members of the organization.
Produce Expenditure Reports Alongside the analysis of finances, budget managers communicate their recommendations to officials within the organization through expenditure reports where they highlight the recommended changes to reconcile differences between the approved budget and actual spending.
Budget Manager Skills and QualificationsTypically, employers require at least a bachelor's degree in finance or accounting, as well as previous experience in a similar role. In addition, the following abilities are required:
- Strong numerical ability - budget managers spend the majority of their week overseeing financial information so an excellent capacity for analyzing data and numbers, with a particular attention to budget management is necessary
- Computer skills - from data mining to creating reports and spreadsheets, budget managers use computer programs for a large proportion of their work
- Communication skills - budget managers deal with various members of the organization, as well as external contacts such as auditors and solicitors, so an ability to effectively explain complex financial information in plain terms is essential
- Attention to detail - an ability to spot discrepancies in information or interpreting cash flow problems is beneficial to being a successful budget manager
- Analytical approach - budget managers should have an investigative nature and enjoy mining information for specific data or trends
Budget Manager Education and TrainingEmployers typically require a bachelor's degree in business, finance, accounting, or a similar subject, as well as often requesting a master's degree in similar fields. A focus on statistics, mathematics, and finance is beneficial. Organizations usually look for budget managers with several years of experience in a finance-based role and some require newly hired budget managers to carry out proficiency tests. To progress within this sector, it's worth keeping certification relevant and updating when necessary to stay current, such as an optional credential through the Association of Government Accountants, which offers a Certified Government Financial Manager certification.
Budget Manager Salary and OutlookThe median annual salary for budget managers is nearly $74,000. The lowest 10 percent of people in this position earned less than $48,000 a year, while the highest earned more than $111,000 annually. Bonus structures can be high, with an additional earning potential of up to $14,000. Medical and dental plans are almost always included as part of the salary package. Location and level of experience can affect the salary. The Bureau of Statistics predicts this sector will grow by seven percent through 2026.
Budget Manager Helpful Resources
We've collected some of the best resources to help you embark on a successful career as a budget manager:
Financial Statements - This book provides a firm foundation of the necessary elements of business success and is the perfect introduction to financial accounting. For applicants wanting to progress in a career as a budget manager, this is a useful reference guide covering how to assess a company's financial health. Budget Analyst Career - Easy to understand, Budget Analyst Career covers a range of topics that aspiring budget managers need to know. The language used is simple and easy to follow, making it ideal for those in the early stages of their career.
Accountex Report - Accountex Report offers high-quality marketing information on accounting solutions. The blog provides articles and news posts on technical information, software, and reviews of products that aim to increase productivity.
ACCA - The Association of Chartered Certified Accountants, or ACCA, is a renowned global brand in the accounting industry. From training programs to the different qualifications available and professional insights, this website provides all the necessary guidance a novice budget manager needs to start his or her career.
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