Management analysts, also known as management consultants, help companies and governmental agencies to solve management problems and devise ways to become more efficient. Problems needing management oversight can arise as a result of business relocation, quick expansion, stiff competition or even the implementation of new technology.
Responsibilities of Management Analysts
Management analysts can have a variety of job responsibilities that range from helping a company to adjust to new business regulations to preparing and presenting proposals. In fact, on the job, a management analyst may be expected to:
- Analyze financial data related to expenditures, revenue and finances
- Come up with new strategies, systems or procedures to improve organizational efficiency
- Provide management and high-level staff with details about new solutions or proposals
- Consult with upper management about overall needs and issues
- Modify strategies and proposals to better meet end goals
- Write job proposals, particularly when employed as an independent contractor
Also, management analysts often specialize in a particular field, according to the Bureau of Labor Statistics (BLS). This could include anything from reorganizing a corporation's structure to eliminating certain positions or duplicate jobs to improving inventory management.
The specific characteristics of the job can differ based on the particular setting and industry and even whether the analyst is employed for a company or works as a consultant. However, management analysts may need to:
- Work more than a 40-hour week
- Be able to meet tight deadlines and handle stress and pressure
- Attend conferences to stay current with the latest developments
- Travel frequently, particularly to see clients
In addition, management analysts also should be able to:
- Set and meet goals and objectives
- Have good analytical and interpersonal skills
- Give effective presentations
- Be open-minded and inquisitive
- Use computers and understand data analysis
Management Analyst Salary and Career Information
The following nationwide information from the BLS is available regarding management analysts:
- Total Employed: 587,450 as of 2012
- Job Growth: 19%, from 2012 to 2022
- Average Salary: $90,860, in 2014
Career opportunities are expected to be best for those with industry certifications, graduate-level education, niche expertise or even foreign language fluency, according to the BLS. Management analysts in New York, Massachusetts, Virginia, Maryland and Washington had the highest mean annual wages, all above $98,000, as of 2014.
Education, Certification, and Licensing
A bachelor's degree is usually needed to enter the management analyst field, although some employers prefer a Masters in Business Administration (MBA), according to the BLS. Since degrees in management analysis are typically not available, a degree in accounting, business, economics, finance, marketing or another field can provide students with a broad education. In these degree programs, students should take classes focused on:
- Business Basics
- Computer Science
- Public Speaking
Certification is available through the Institute of Management Consultants USA in the form of the Certified Management Consultant (CMC) credential. Specific education and experience guidelines need to be met in order to be eligible for this certification, and candidates also must pass an exam and an interview.
Licensing is not necessary for the field, but those with extensive background experience often have more opportunities for career advancement, according to the BLS. Advancement opportunities could include promotion to partner, upper management or even senior consultant.
- Management consulting firms
- Government agencies, including those at the federal and state level
- Insurance companies
- Consulting firms that specialize in management, scientific and technical services
- Self-employment as a management consultant
- Association of Internal Management Consultants
- Association of Management Consulting Firms
- Institute of Management Consultants (IMC) USA
- Investment Management Consultants Association, Inc.
- Management Analysts, Bureau of Labor Statistics, Occupational Employment Statistics, Jan. 8, 2014. http://www.bls.gov/oes/current/oes131111.htm
- Management Analysts, Bureau of Labor Statistics, Occupational Outlook Handbook, May 2014. http://www.bls.gov/ooh/business-and-financial/management-analysts.htm#tab-3