About Budget Analyst Test Assessment
The budget analyst is responsible for providing assistance and analysis during the budget-development process. They look at the organization's past performance in terms of funds allocation to ensure current and future budgets have the most effective, efficient allocation of financial resources throughout the company.
The budget analyst must be able to, on a periodic and ongoing basis, look at the company's budgets to assess current expenditures and the accuracy of the corporate financial planning for expenditures. This analysis must include the development and use of quantitative measures to be able to properly assess the status of budgetary goals and direct the future decision-making on company expenditures. The budget analyst must also be able to present this information to management, executives, and other team members in a clear, comprehensive manner that allows individuals without extensive financial training to understand the current and future budget situation.
Responsibilities Of The Budget Analyst:
Directs compilation of data based on statistical studies.
Analyze past and current years to prepare budgets and to justify funds requested.
Correlate appropriations for specific programs with appropriations for divisional programs and include items for emergency funds.
Review operating budgets periodically to analyze trends affecting budget needs.
The Budget Analyst will also consult with unit heads to ensure adjustments are made in accordance with program changes in order to facilitate long-term planning.
Direct preparation of regular and special budget reports to interpret budget directives and to establish policies for carrying out directives.
Prepare comparative analysis of operating programs by analyzing costs in relation to services performed during previous fiscal years.
KEY SKILLS REQUIRED:
ABILITY TO ANALYZE PROBLEMS REACH OBJECTIVE CONCLUSIONS AND PREPARE AND MAKE ORAL AND WRITTEN PRESENTATIONS IN A CLEAR, CONCISE AND COMPELLING MANNER - Verbal Reasoning, Logical Reasoning, Numerical Reasoning
ABILITY TO APPLY A HIGH LEVEL OF SOUND, INDEPENDENT JUDGMENTIN THE ADMINISTRATION OF A BUDGET MANAGEMENT PROGRAM AND SOLUTION OF ATTENDANT PROBLEMS - Logical Reasoning
ATTENTION TO DETAIL AND STRONG ANALYSIS SKILLS - Abstract Reasoning, Quantitative Aptitude
EXCELLENT WRITTEN AND VERBAL COMMUNICATION SKILLS - Verbal Ability
FINANCIAL ANALYSIS EXPERIENCE - Accounts and Finance
Verbal ability is essential because grammar and vocabulary is a prerequisite for good spoken and written English.
Reading comprehension indicates an ability to comprehend and reason with the concepts on a written page.
Quantitative ability will indicate analytical thinking and problem-solving ability.
Logical Reasoning is assessed through
• Cause /Effect and
• Statement/Fact questions
These questions will indicate the quality of deductive reasoning and inductive reasoning which contribute to Critical thinking ability.
Abstract reasoning will indicate the ability to think clearly, identify logical patterns, learn new skills and solve complex problems. It is an indicator of fluid intelligence and shows an ability to strategize.
ACCOUNTING AND FINANCE
Accounting Fundamentals – The topics cover accounting topics such as posting entries, overhead allocation, FIFO, LIFO, Cash flows, stock valuation, adjustment entries, accounting principles, etc.
Financial Analysis - Financial Analysis covers topics on ratios, leverage, working capital, etc.
The Budget Analyst Test includes:
- Accounting and Finance
- Logical Reasoning
- Verbal Ability
- Abstract Reasoning