Management analysts essential career information:
- 2011 median pay: $78,490
- 2011, number of jobs: 538,950
- Employment growth forecast, 2010-2020: 22 percent
- Entry level education requirements: Bachelor’s degree
Management analysts; what they do:
Management analysts take a good company and make it better through cutting costs and improving efficiency, which ultimately increases revenue – everyone wins!
Management analysts work is the sleuthing of the business world, as management analysts gather and study as much information surrounding a problem as possible, interview personnel, and physically visit the location of the problem before determining ways to improve efficiency. A management analyst career includes gathering and studying information such as financial data related to revenue and spending, as well as employment reports. Also, a management analyst career sometimes includes building mathematical models to solve problems.
Depending on the problem, management analysts may work alone or with a team of analysts and consultants, each specializing in a different area.
Once a solution is decided upon – whether it is a new system, different procedure, or changes in organization – management analysts provide solutions to the company management team either through a presentation or written document.
Many businesses hire management analysts contractually for a specific job at a time, however some management analysts work for a company on a full-time basis. Management analysts working contractually must prepare and submit detailed bids to potential employers.
Common specialized areas for management analysts include: inventory management, reorganizing corporate structures, healthcare, telecommunications, or specific government agencies.
Management analysts job titles:
- Management Consultant
- Administrative Analyst
- Business Analyst
- Quality Control Analyst
- Program Management Analyst
Management Analysts Education, Certification and License Requirements
A variety of bachelor degrees appropriately apply to entry-level management analyst positions, such as a Bachelor of Science in Business Administration, a Bachelor of Science in Management, or a Bachelor of Science in Finance.
Increasingly, employers seek management analysts with a Masters in Business Administration (MBA) degree, a Master in Finance degree or a Master of Accounting degree.
Management analysts stay up-to-date on their field through regularly attending conferences.
Management analysts programs cover subjects such as:
- Computer information science
Although certification is not required for management analysts, certification demonstrates experience in the field and provides an upper hand when job seeking. The Certified Management Consultant (CMC) title is available through The Institute of Management Consultants USA, Inc.
Career Advancement Opportunities
Management analysts at the senior level may have extended responsibility for supervising teams working on larger projects, as well as the important task of seeking out new clientele. Some management analysts become a partner in their consulting organization.
Management Analysts Job Outlook
Forecast: 22 percent employment growth from 2010 to 2020 for budget analyst jobs, faster than the average for all occupations.
The rising competition and globalization of markets require businesses to be as efficient as possible, increasing the demand for management analysts, especially for smaller, specialized companies.
Federal, state, and local government agencies will also continue hiring management analysts to help reduce spending and improve efficiency.
There’s an expected high demand for management analysts specializing in areas such as lowering energy consumption and environmentally friendly initiatives.
Management Analysts Salary
- 2011 median annual wage: $78,490
- 2011, workers at the 75th percentile annual wage: $105,210
- 2011, workers at the 25% percentile annual wage: $43,920
Management Analysts Major Employers
- Management, scientific, and technical consulting services
- Finance and insurance
- Federal government
- State and local government
- Computer systems design and related services