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Budget Specialist Duties and Responsibilities
Because budget specialists work in a variety of industries and sectors, they may have different responsibilities depending on an organization's policies, procedures, and activities. However, based on listings that we analyzed, budget specialists share several core duties across industries:
Analyze Existing Budgets One of the major duties of a budget specialist is analyzing existing budgets on both departmental and organizational levels. They may gather monthly or annual budgets and compare them to actual expenditures, income, and costs, noting any significant deviations or excessive spending. Budget specialists tend to work across departments, reviewing financial and accounts payable information to make informed decisions about budgeting.
Develop Budgets and Forecasts Another primary responsibility of the budget specialists is to actively develop budgets and cash flow forecasts. They may have oversight of organizational budgets as well as departmental budgets and work to ensure that these budget activities align with cash flow expectations and long-term financial plans. Budget specialists also develop forecasts to support long-term budget management and business growth.
Perform Cost-Benefit Analyses Frequently, budget specialists conduct cost-benefit analyses for individual departments or the organization as a whole. In this aspect of the role, a budget analyst examines current spending and cash flow, market and financial forecasts, and overall business goals to make recommendations and guide executive decision-making. They may directly advise leaders on decisions like relocating, expanding operations to a new market, or hiring more personnel.
Manage Cash Flow Budget specialists help manage an organization's cash flow through strategic planning and assessment. A budget specialist may examine a corporation's overall sales numbers or a nonprofit's donation and sponsorship records, comparing them to expected expenditures and recurring operating costs to identify potential cash flow issues. The budget specialist may also make recommendations to reduce expenditures or better manage and allocate incoming funds.
Provide Financial Advice Budget specialists provide day-to-day financial guidance for organizations and departments. A budget specialist might meet directly with a department manager to provide advice on developing and maintaining a budget and give guidance on how that department's budget fits into the organization's financial plans. A budget specialist also works with executives to provide information on projected financial performance and budget shortfalls.
Prepare Budget Reports In addition to analyzing and guiding overall budget activity, a budget specialist also prepares periodic budget and financial reports. By assessing financial data and developing forecasts, the budget specialist reports on financial performance and irregularities and supports financial reporting and compliance activities. These reports also compare budgets and expenditures throughout any given period in order to identify and eliminate variances.
Budget Specialist Skills and QualificationsBudget specialists tend to be highly analytical, able to examine financial information to contribute to budget development and reporting. Companies typically hire candidates with at least a bachelor's degree and the following skills:
- Financial literacy - this position requires an excellent grasp of financial principles and best practices to allow the budget specialist to make accurate recommendations to organizational leaders
- Budget development - a background in budget development is essential for budget specialists. They should be comfortable interpreting financial performance and forecasts to develop financial plans
- Cash flow management - budget specialists play an important role in managing an organization's cash flow, so familiarity with best practices for recognizing and managing expenditures and income is key
- Communication skills - budget specialists should be effective communicators, able to speak directly with executives and write clear, detail reports
- Analytical skills - this role requires a high level of analytical skill, as budget specialists frequently review previous budgets and financial reports while developing new budgets
Budget Specialist Education and TrainingBudget specialists typically have at least a bachelor's degree in a related field, such as finance or business administration. Many budget specialists also complete master's degrees to provide further opportunities for employment and advancement. While no certification is required for this role, experience as a CPA can be extremely helpful. There are many opportunities for on-the-job training as budget specialists develop deeper familiarity with their organization's financial goals and performance.
Budget Specialist Salary and OutlookWhile the Bureau of Labor Statistics (BLS) does not provide information specific to budget specialists, its reports on budget analyst salaries provide a helpful starting point because of the overlap between these roles. The BLS found that budget analysts earn a median annual salary of $73,840. This is slightly higher than Glassdoor's estimate of $66,040 per year for budget specialists, which is based on 21 reported salaries. The BLS expects budget analyst employment to grow 7 percent by 2026, and budget specialists may experience similar growth.
We searched the web and located several resources for further reading and information on a career as a budget specialist:
Nonprofit Accounting Basics: Budgeting Practices - read about the difference between nonprofit and corporate budget development and management
Budgeting for Managers - learn more about managing and developing departmental budgets and how they relate to organization-wide budget management
"The Right Way to Prepare Your Budget" - discover best practices for business budget management and how to balance cash flow and expenditures to keep businesses growing
The Essentials of Finance and Budgeting - the Harvard Business School Press and? the Society for Human Resource Management jointly published this book, which focuses on budgeting for HR departments but offers principles and practices that can be used across departments and organizations
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