What They Do: Management analysts propose ways to improve an organization’s efficiency.
Work Environment: Management analysts travel frequently to meet with clients. Some work more than 40 hours per week.
How to Become One: Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.
Salary: The median annual wage for management analysts is $83,610.
Job Outlook: Employment of management analysts is projected to grow 14 percent over the next ten years, much faster than the average for all occupations. Demand for the services of these workers should grow as organizations continue to seek ways to improve efficiency and control costs.
Related Careers: Compare the job duties, education, job growth, and pay of management analysts with similar occupations.
Following is everything you need to know about a career as a management analyst with lots of details. As a first step, take a look at some of the following jobs, which are real jobs with real employers. You will be able to see the very real job career requirements for employers who are actively hiring. The link will open in a new tab so that you can come back to this page to continue reading about the career:
Job Announcement Senior Data Analyst and Analytics Strategy Manager for the Fire and Rescue Department (FRD). Manages the Data Analytics Program and supervises a team of analysts that provide ...
Minimum 5 years of work experience in a management consulting, market research, or software ... Strong analytical and financial skills to work on complex business issues with minimum supervision
... managers and the organization. * Business administrative tasks could include performance of complex analysis and preparation of related reports. Maintenance of files, records, and documentation ...
Management analysts, often called management consultants, propose ways to improve an organization's efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.
Management analysts typically do the following:
Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis.
Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization's managers.
Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.
Organizations hire consultants to develop strategies for entering and remaining competitive in today's marketplace.
Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.
Management analysts hold about 876,300 jobs. The largest employers of management analysts are as follows:
|Professional, scientific, and technical services||30%|
|Finance and insurance||11%|
|Management of companies and enterprises||5%|
Management analysts usually divide their time between their offices and the client's site. Because they must spend a significant amount of time with clients, analysts travel frequently. Analysts may experience stress when trying to meet a client's demands, often on a tight schedule.
Analysts often work many hours under tight deadlines. Some work more than 40 hours per week.
Get the education you need: Find schools for Management Analysts near you!
Most management analysts have at least a bachelor's degree. The Certified Management Consultant (CMC) designation may improve job prospects.
A bachelor's degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master's degree in business administration (MBA).
Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, accounting, finance, marketing, psychology, and computer and information science.
The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA's code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.
Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Consulting is a wide field, and there are consultants who specialize in virtually every sector of the economy. Therefore, work experience varies widely and can include experience as an accountant or auditor, computer systems analyst, or market research analyst.
As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at non-consulting organizations.
Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.
Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization's problems and propose appropriate solutions.
Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization's goals.
Problem-solving skills. Management analysts must be able to think creatively to solve clients' problems. Although some aspects of different clients' problems may be similar, each situation is likely to present unique challenges for the analyst to solve.
Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.
The median annual wage for management analysts is $83,610. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $48,360, and the highest 10 percent earned more than $152,760.
The median annual wages for management analysts in the top industries in which they work are as follows:
|Professional, scientific, and technical services||$89,370|
|Management of companies and enterprises||$83,410|
|Finance and insurance||$83,090|
Management analysts working for consulting firms are usually paid a base salary in addition to a year-end bonus. Self-employed analysts are paid directly by their clients, typically either by the hour, or per project.
Analysts often work many hours under tight deadlines. Some work more than 40 hours per week.
Employment of management analysts is projected to grow 14 percent over the next ten years, much faster than the average for all occupations. Demand for consulting services is expected to grow as organizations seek ways to improve efficiency and control costs. As markets become more competitive, firms will need to use resources more efficiently.
Demand for management analysts is expected to be strong in healthcare. This industry segment is experiencing higher costs in part because of an aging population. In addition, more management analysts may be needed to help navigate the regulatory environment within health insurance.
Information technology (IT) consultants are also expected to see high demand. Businesses will seek out consulting firms to help them attain a high level of cyber security, and make sure their IT systems are efficient and up to date.
Growth will be particularly strong in smaller consulting companies that specialize in specific industries or types of business function, such as information technology or human resources. Government agencies will also seek the services of management analysts as they look for ways to reduce spending and improve efficiency.
Jobseekers may face strong competition for management analyst positions because the high earning potential in this occupation makes it attractive to many jobseekers. Job opportunities are expected to be best for those who have a graduate degree or a certification, specialized expertise, fluency in a foreign language, or a talent for sales and public relations.
|Occupational Title||Employment, 2018||Projected Employment, 2028||Change, 2018-28|