Budgeting and forecasting [prototype] BUDF
(new)
Developing and managing financial budgets and forecasts to enable effective decision-making and resource allocation.
SFIA 9 is in development
- SFIA 9 beta due in early July 2024
- SFIA 9 planned for publication October 2024
This is a prototype for SFIA 9. It is subject to change before publication.
Disclaimer - prototypes/new skills may be substantially modified prior to launch or may never be released.
Guidance notes
(new)
Activities may include, but are not limited, to:
- gathering and analysing financial data to prepare budgets and forecasts
- selecting and applying appropriate budgeting and forecasting methodologies and tools
- incorporating scenario planning, sensitivity analysis, and risk assessment into the budgeting and forecasting process
- presenting budget and forecast information to stakeholders and facilitating data-driven decision-making
- developing and implementing budgeting and forecasting strategies, policies, and processes aligned with organisational objectives
- driving the adoption of best practices
- providing strategic insights and recommendations based on budget and forecast analysis
- ensuring compliance with accounting standards, governance, legal, and regulatory requirements
- applying budgeting and forecasting to cloud-computing/FinOps contexts, such as consumption-based pricing, rapid scalability, and the need for real-time cost visibility and optimisation.
Understanding the responsibility levels of this skill
Where lower levels are not defined...
- Specific tasks and responsibilities are not defined because the skill requires a higher level of autonomy, influence, and complexity in decision-making than is typically expected at these levels. You can use the essence statements to understand the generic responsibilities associated with these levels.
Where higher levels are not defined...
- Responsibilities and accountabilities are not defined because these higher levels involve strategic leadership and broader organisational influence that goes beyond the scope of this specific skill. See the essence statements.
Developing skills and demonstrating responsibilities related to this skill
The defined levels show the incremental progression in skills and reponsibilities.
Where lower levels are not defined...
You can develop your knowledge and support others who do have responsibility in this area by:
- Learning key concepts and principles related to this skill and its impact on your role
- Performing related skills (see the related SFIA skills)
- Supporting others with tasks (generic examples are provided by the essence statements for each level)
Where higher levels are not defined...
- You can progress by developing related skills which are better suited to higher levels of organisational leadership.
Levels
| Defined at these levels: | 2 | 3 | 4 | 5 | 6 |
Click to learn why SFIA skills are not defined at all 7 levels.
Show/hide extra descriptions and levels.
Level 1
Budgeting and forecasting [prototype]: Level 2
(new)
Assists in gathering financial data and preparing basic budget templates under supervision.
Supports the budgeting and forecasting process by completing assigned tasks.
Budgeting and forecasting [prototype]: Level 3
(new)
Performs varied tasks in the budgeting and forecasting process, including data analysis and report preparation, using standard methods.
Identifies and resolves routine budgeting and forecasting issues.
Communicates budget and forecast information to relevant stakeholders.
Budgeting and forecasting [prototype]: Level 4
(new)
Contributes to the development of budgets and forecasts for specific areas of responsibility.
Gathers and analyses financial data and prepares budget templates and reports.
Supports stakeholder communication and collaboration in the budgeting and forecasting process.
Budgeting and forecasting [prototype]: Level 5
(new)
Leads the development of budgets and forecasts for a department or function.
Selects and applies appropriate budgeting and forecasting methodologies and tools.
Incorporates scenario planning, sensitivity analysis, and risk assessment into the budgeting and forecasting process.
Provides expert advice and guidance on budgeting and forecasting best practices.
Collaborates with stakeholders to align budgets and forecasts with organisational objectives and business metrics.
Budgeting and forecasting [prototype]: Level 6
(new)
Develops and implements budgeting and forecasting strategies, policies, and processes aligned with overall organisational objectives and business metrics.
Drives the adoption of best practices across the organisation.
Oversees the development of complex financial models and scenario analyses to support strategic decision-making. Provides insights and recommendations to optimise investments and resource allocation.
Collaborates with senior leaders to ensure budgets and forecasts support long-term organisational goals and drive value creation. Sets the vision and direction for budgeting and forecasting practices.