Fiscal Analyst

Industry:
Public Sector
Last Updated:
March 12, 2023

Job Description Overview

If you're thinking about becoming a Fiscal Analyst in the public sector industry, you might wonder what the job entails. In summary, a Fiscal Analyst is responsible for reviewing and analyzing financial data to evaluate a governmental body’s budget performance. They are in charge of making sure that the business unit has enough funds to achieve its desired outcomes. The job also involves monitoring expenses, auditing accounts, and preparing financial reports. Moreover, the role involves providing advice to managers and executives on how to optimize their budget performance and adhere to applicable laws and regulations. The ideal candidate for the Fiscal Analyst job description should have a degree in Accounting, Finance, or a related field, excellent analytical and critical thinking skills, as well as the ability to communicate financial concepts to non-financial stakeholders.

Job Duties and Responsibilities

  • Monitor and analyze financial data to ensure compliance with established policies and procedures.
  • Assist in the preparation of budgets, financial reports, and forecasts.
  • Develop and maintain financial models and spreadsheets to track expenses and revenues.
  • Participate in the development and implementation of financial policies and procedures.
  • Provide support in financial audits, reviews and evaluations.
  • Research and identify trends in economic and financial indicators to assess the impact on the organization.
  • Prepare and review financial statements, reports, and projections.
  • Collaborate with colleagues and stakeholders to identify opportunities to improve financial performance.
  • Provide financial guidance and support to management and staff in the organization.
  • Maintain financial databases and systems to ensure accuracy and timeliness of data.

Experience and Education Requirements

To become a Fiscal Analyst in the Public Sector, you typically need a bachelor's degree in Accounting, Finance, or Business Administration. A master's degree may be required for higher-level positions. Experience in financial analysis and budget preparation is also necessary. Fiscal Analysts must have strong analytical and problem-solving skills, and be highly detail-oriented. They should have knowledge of federal and state laws and regulations related to financial management. Communication skills are also important as Fiscal Analysts work closely with other departments and must be able to explain complex financial information in a clear and concise manner.

Salary Range

If you're considering a career as a Fiscal Analyst in the Public Sector industry in the United States, you can expect an average salary range of $50,000 to $90,000 per year, depending on your location, years of experience, and specific job duties. According to data from the Bureau of Labor Statistics, the median annual wage for budget analysts, which includes fiscal analysts, was $76,540 as of May 2020.

Salary ranges for fiscal analysts can vary significantly based on location. For example, fiscal analysts working in Washington D.C. can make upwards of $100,000 per year, while those in smaller cities or rural areas might earn closer to $50,000. In other countries like the United Kingdom and Canada, fiscal analysts can expect to make a similar salary range of £25,000 to £40,000 and CAD $40,000 to CAD $80,000, respectively.

Sources:

  • Bureau of Labor Statistics: https://www.bls.gov/ooh/business-and-financial/budget-analysts.htm
  • Glassdoor: https://www.glassdoor.com/Salaries/fiscal-analyst-salary-SRCH_KO0,14.htm
  • Indeed: https://www.indeed.com/q-Fiscal-Analyst-jobs.html

Career Outlook

The career outlook for a Fiscal Analyst in the Public Sector industry over the next five years is positive. According to the Bureau of Labor Statistics, employment opportunities for Financial Analysts will increase by 5% from 2019 to 2029, which is faster than the average for all occupations. As governments continue to face financial challenges, Fiscal Analysts will be in demand to help with budgeting, forecasting, and risk analysis. Additionally, the push for transparency and accountability in government spending increases the need for experts who can help ensure that public funds are spent efficiently and effectively. Overall, the trend suggests a growing demand for Fiscal Analysts in the public sector.

Source: Bureau of Labor Statistics (https://www.bls.gov/ooh/business-and-financial/financial-analysts.htm)

Frequently Asked Questions (FAQ)

Q: What is a Fiscal Analyst?

A: A Fiscal Analyst is a financial professional who works in the public sector industry, analyzing and managing government budgets, expenditures, and revenue.

Q: What are the job responsibilities of a Fiscal Analyst?

A: A Fiscal Analyst's job responsibilities include conducting financial analysis and modeling, developing budgets, forecasting revenue, monitoring spending, reviewing financial reports, providing insight and advice to management, and ensuring compliance with financial regulations.

Q: What qualifications are required to become a Fiscal Analyst?

A: To become a Fiscal Analyst, you typically need a bachelor's degree in finance, accounting, economics, or a related field. Some employers may require a master's degree or specific certifications, such as a Certified Public Accountant (CPA).

Q: Where do Fiscal Analysts work?

A: Fiscal Analysts work in a variety of public sector organizations, including government agencies, non-profit organizations, and educational institutions.

Q: What skills are necessary to be a successful Fiscal Analyst?

A: Strong analytical skills, attention to detail, excellent communication skills, proficiency in financial software and tools, knowledge of financial regulations and compliance, and the ability to work independently and as part of a team are necessary skills for success as a Fiscal Analyst.

Cover Letter Example

As a [qualifications], I am excited to apply for the Fiscal Analyst position in the Public Sector industry at [organization]. My [experience] in financial analysis and budget management has prepared me for this role. I am confident in my ability to contribute to the team and help achieve the organization's financial goals.

My experience in financial analysis has allowed me to develop a strong understanding of budget management, forecasting, and financial reporting. I have also had the opportunity to work on various projects that required me to develop complex financial models and provide financial insights to support decision-making. At [previous company], I was responsible for managing the budget for multiple departments, implementing cost-saving initiatives, and identifying areas of financial improvement. I believe that my experience in financial analysis and budget management, along with my attention to detail and ability to work under tight deadlines, make me a strong fit for the Fiscal Analyst role in the Public Sector industry at [organization].

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