Career and Education Opportunities for Budget Analysts in Lexington-Fayette, Kentucky
For those living in the Lexington-Fayette, Kentucky area, there are many career and education opportunities for budget analysts. About 1,020 people are currently employed as budget analysts in Kentucky. By 2016, this is expected to grow 6% to about 1,080 people employed. This is not quite as good as the national trend for budget analysts, which sees this job pool growing by about 15.1% over the next eight years. In general, budget analysts examine budget estimates for completeness, accuracy, and conformance with procedures and regulations.
A person working as a budget analyst can expect to earn about $25 per hour or $52,480 per year on average in Kentucky and about $31 per hour or $65,320 annually on average in the U.S. as a whole. Earnings for budget analysts are better than earnings in the general category of Accounting and Auditing in Kentucky and better than general Accounting and Auditing category earnings nationally. Jobs in this field include: staff analyst, financial analyst, and fiscal agent.
There are twenty-two schools of higher education in the Lexington-Fayette area, including seven within twenty-five miles of Lexington-Fayette where you can get a degree to start your career as a budget analyst. The most common level of education for budget analysts is a Bachelor's degree. It will take about four years to learn to be a budget analyst if you already have a high school diploma.
CAREER DESCRIPTION: Budget Analyst
In general, budget analysts examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. They also analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
Budget analysts furnish advice and technical assistance as well as cost analysis and budget preparation. They also examine budget estimates for completeness and conformance with procedures and regulations. Equally important, budget analysts have to inspect operating budgets to analyze trends affecting budget needs. They are often called upon to confer with managers to insure that budget adjustments are made in accordance with program changes. They are expected to direct the preparation of regular and special budget reports. Finally, budget analysts perform cost-benefit analyses to compare operating programs, review financial requests, or explore alternative financing methods.
Every day, budget analysts are expected to be able to deal with basic arithmetic problems. They need to read and understand documents and reports. It is also important that they decide how to think about problems involving math.
It is important for budget analysts to seek new ways to further optimize efficiency and increase profits. They are often called upon to interpret budget directives and establish policies for carrying out directives. They also match appropriations for specific programs with appropriations for broader programs, including items for emergency funds. They are sometimes expected to analyze monthly department budgeting and accounting reports to maintain expenditure controls. Somewhat less frequently, budget analysts are also expected to testify before examining and fund-granting authorities, clarifying and promoting the proposed budgets.
And finally, they sometimes have to perform cost-benefit analyses to compare operating programs, review financial requests, or explore alternative financing methods.
Like many other jobs, budget analysts must be thorough and dependable and have exceptional integrity.
Similar jobs with educational opportunities in Lexington-Fayette include:
- Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
- Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
- Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
- Business Management Analyst. Conduct organizational studies and evaluations, design systems and procedures, conduct work simplifications and measurement studies, and prepare operations and procedures manuals to assist management in operating more efficiently and effectively. Includes program analysts and management consultants.
- Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
- Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
- Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
- Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
- Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
- Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
- Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
- Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
- Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
EDUCATIONAL OPPORTUNITIES: Budget Analyst Training
Berea College - Berea, KY
Berea College, 101 Chestnut Street, Berea, KY 40404-2182. Berea College is a small college located in Berea, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,550 students and an admission rate of 22%. Berea College has 2 areas of study related to Budget Analyst. They are:
- Accounting, bachelor's degree which graduated 21 students in 2008.
- Finance, bachelor's degree which graduated 2 students in 2008.
Georgetown College - Georgetown, KY
Georgetown College, 400 East College Street, Georgetown, KY 40324. Georgetown College is a small college located in Georgetown, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,856 students and an admission rate of 84%. Georgetown College has a bachelor's degree program in Accounting.
Eastern Kentucky University - Richmond, KY
Eastern Kentucky University, 521 Lancaster Ave, Richmond, KY 40475-3102. Eastern Kentucky University is a large university located in Richmond, Kentucky. It is a public school with primarily 4-year or above programs. It has 16,050 students and an admission rate of 69%. Eastern Kentucky University has 2 areas of study related to Budget Analyst. They are:
- Accounting, bachelor's degree and postbaccalaureate certificate which graduated fifty and zero students respectively in 2008.
- Finance, bachelor's degree which graduated 1 student in 2008.
National College-Lexington - Lexington, KY
National College-Lexington, 2376 Sir Barton Way, Lexington, KY 40509. National College-Lexington is a small college located in Lexington, Kentucky. It is a private for-profit school with primarily 4-year or above programs and has 2,694 students. National College-Lexington has an associate's degree and a bachelor's degree program in Accounting which graduated forty-three and one students respectively in 2008.
Asbury College - Wilmore, KY
Asbury College, 1 Macklem Dr, Wilmore, KY 40390-1198. Asbury College is a small college located in Wilmore, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,521 students and an admission rate of 56%. Asbury College has a bachelor's degree program in Accounting which graduated two students in 2008.
Transylvania University - Lexington, KY
Transylvania University, 300 N Broadway, Lexington, KY 40508-1797. Transylvania University is a small university located in Lexington, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,158 students and an admission rate of 23%. Transylvania University has a bachelor's degree program in Accounting which graduated one student in 2008.
University of Kentucky - Lexington, KY
University of Kentucky, , Lexington, KY 40506-0032. University of Kentucky is a large university located in Lexington, Kentucky. It is a public school with primarily 4-year or above programs. It has 26,083 students and an admission rate of 77%. University of Kentucky has 2 areas of study related to Budget Analyst. They are:
- Accounting, bachelor's degree and master's degree which graduated 144 and eighteen students respectively in 2008.
- Finance, bachelor's degree which graduated 30 students in 2008.
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For more information, see the Dynamic Works Institute website.
LOCATION INFORMATION: Lexington-Fayette, Kentucky
Lexington-Fayette is located in Fayette County, Kentucky. It has a population of over 282,114, which has grown by 8.3% over the last ten years. The cost of living index in Lexington-Fayette, 84, is well below the national average. New single-family homes in Lexington-Fayette are valued at $167,600 on average, which is well above the state average. In 2008, seven hundred seventy-one new homes were built in Lexington-Fayette, down from 1,227 the previous year.
The three big industries for women in Lexington-Fayette are health care, educational services, and accommodation and food services. For men, it is educational services, construction, and accommodation and food services. The average travel time to work is about 19 minutes. More than 35.6% of Lexington-Fayette residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 14.5%, is higher than the state average.
The percentage of Lexington-Fayette residents that are affiliated with a religious congregation, 47.3%, is less than both the national and state average. Victory Baptist Church, Aldersgate Church and Trinity Hill United Methodist Church are all churches located in Lexington-Fayette. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.
Lexington-Fayette is home to the Tates Creek Country Club and the Home of Henry Clay as well as Kentucky State Horse Park and Duncan Park. Shopping centers in the area include Fayette Mall, Turfland Mall and Lexington Mall.