Many companies and corporations are so large that they have to be divided into separate divisions to ensure they function properly. Each division will be given a budget, which is a portion of the company’s profits. A Division Budget Manager is an important position within the division which features a lot of responsibilities.
Role of the Division Budget Manager
A Division Budget Manager coordinates and directs the employees responsible for the formulation of the division’s budget. They direct and compile data based on studies of statistics and analyze past and current years to create a division budget and justify the funds they request. He or she will also review yearly and periodic division budgets to analyze trends affecting the budget needs.
This position usually requires a bachelor’s degree and minimum of 7 years of experience within the field. The ideal candidate will be familiar with a plethora of concepts, procedures, and practices related to the field of finance. A division budget manager must perform a variety of difficult tasks to ensure their department receives adequate funding. He or she must also lead and direct the work of others within the department.
The budget manager’s responsibilities include taking a proactive approach to perform budget forecasting accurately to determine the course of his or her department over a period of time extending into the future.
Budget forecasting allows a department to figure their budget for daily, weekly, monthly and quarterly needs. This process creates short term, realistic guidelines for the immediate future business period. As the year progresses, the actual budget is compared with the forecast budget. Any forecasted budget deficiencies can be planned for and solved before they manifest into a larger problem.
Budget managers are mathematic and finance professionals. These opportunities require a deeper understanding of finance, accounting and business administration. Experience in the budget or accounting department is mandatory. According to the Bureau of Labor Statistics, these professionals earn an average salary of $69,280. The Bureau also reports that budget manager jobs are predicted to increase as quickly as the average, and job opportunities should generally be very promising, especially for candidates with a master’s degree.
A person with advanced math and organizational skills could earn a nice living as a Department Budget Manager. The work is very demanding. Most 4 year universities can provide the proper degree to get a person started.