How to Become a Budget ManagerCareer News February 24, 2014
There are two separate roles budget manager play, depending on the area the applicant choose to work in. Among businesses, the duties of the budget manager entail creating and modifying the company’s budget, preparing financial forecasts and analyzing financial statements. Other responsibilities include reviewing the budget proposal to make sure it is in compliance with the company’s objectives, following regulations and policies of the company, and finding sources of funding for their programs. The budget manager will also study the economic and financial trends of the public sector that may have an impact on the company’s spending behavior.
Where Budget Managers Fit Into the Business World
The government and non-profit organizations also use budget managers. Their job duties entail determining the best way to distribute funds throughout the various departments of the organization. Nearly forty-one percent of budget managers work in government service. Other employment options are in management services for financial institutions, schools, scientific and technological institutes and manufacturing.
All organizations require a bachelor’s degree in business, finance or a related field, although increasingly, the preference is toward a Master’s in business administration, management, economics or finance. To secure a government job, certification is available through by the Association of Government Accountants. The requirements for eligibility for this program includes a bachelor’s degree, at least 24 credit hours in financial management, two years work experience in the field and passing three program examinations.
Study courses should include statistics, macro and microeconomics, mathematics, economic analysis, finance, ethics and computer applications. The computer programs will include data-mining programs or spreadsheets used for conducting budget management analysis.
Skills to Acquire Early On
Part of the job duties of the budget manager involves summarizing the analysis in front of senior staff members and other managers. For this reason, the budget manager must have excellent communication skills. He or she must have the ability to detail complex facts, such as details of the budget, and express them clearly in front of an audience. The skills required also include leadership qualities, organizational abilities and decision-making skills.
The job outlook for budget managers is good. Nearly every organization possessing a budget requires a budget manager. As well as the private sector, budget managers are employed on the local, state and Federal government level. It is highly recommended that if you desire a career as a budget manager that you should research the various organizations and take specific courses designed for that particular industry.
The average salary of a budget manager is $69,820, according to the U.S. Bureau of Labor Statistics. Employment for budget managers and analysts are expected to grow by six percent from 2012 to 2022. While the complexity of analyzing budgets requires an increased number of budget analysts, employment growth is expected to be slower in the government capacity, reflected by a decrease in government spending.
It is an excellent career field to consider, especially if your ambition is growing year by year and you find yourself unsatisfied with your current job. With proper education, all of this could be yours.