Budget specialists assist with planning and maintaining an organization’s finances. They review departmental budgets, conduct cost-benefit analyses, and develop long- and short-term budgets for organizations and individual business lines. This role requires excellent attention to detail and financial literacy, as the budget specialist determines how large organizations manage and spend their money.
While many budget specialists come from an accounting background and may have worked as certified public accountants (CPAs), this role requires a high level of planning and analysis to determine how to effectively manage cash flow, investments, and debts. Budget specialists can work in both public and private sectors, consulting with nonprofits and governments or supporting executive financial planning within a corporation.
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 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:
Budget specialists tend to work in office settings and use standard office software and equipment along with the following:
Budget 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.
While 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.
Source: JobHero