How Do I Become a Management Analyst?
Research what it takes to become a management analyst. Learn about education requirements, job outlook, and salary to find out if this is the career for you.
What Is a Management Analyst?
Management analysts, also known as management consultants, advise a company on how to improve their organization's structure, profits or efficiency. They give advice about how to increase revenue and decrease costs. Responsibilities include but are not limited to interviewing employees, gathering data, and recommending new systems and processes. As a result, they must have strong interpersonal, communication, and analytical skills. The more experience a consultant has, the more time they may need to give to a specific company. The table below outlines the general requirements for this career.
|Degree Required||Bachelor's degree|
|Education Field of Study||Management, accounting, marketing, economics, statistics, computer science or engineering|
|Key Skills||Analysis skills, organizational skills, attention to detail|
|Job Growth (2018-2028)||14%*|
|Median Annual Salary (2018)||$83,610*|
Source: U.S. Bureau of Labor Statistics*
What Does a Management Analyst Do?
As a management analyst, your work varies depending on the type of project you're working on. Whether with a team of analysts or working independently, you collect, review and analyze information and then make recommendations to a manager on a solution. This information can include annual revenues, expenditures and employment. Once you have analyzed, collected and reported the information, you assist in training employees in the use of new procedures or equipment and prepare manuals according to the policies of the organization.
What Should I Study?
According to job listings on CareerBuilder.com and Monster.com as of April 2014, employers prefer candidates with at least a bachelor's degree. But some only require 5-11 years of experience. However, the U.S. Bureau of Labor Statistics (BLS) reports as of 2012 that a graduate degree can improve employability.
At the undergrad level, you may wish to major in management, accounting, marketing, economics, statistics, computer science or engineering. Some programs, such as a Bachelor of Science in Business Administration, offer concentrations to cater to those looking for careers as an analyst or consultant. You gain skills in decision-making, communication, conflict management and creating a cohesive working environment.
Master's degree programs may offer a concentration in management practice or fall under a professional degree track that allows you to design your own degree to fit your personal goals. You develop collaborative leadership and organizational management skills. A Master of Business Administration usually takes 1-2 years or 36-40 credit hours to complete. They offer flexibility for working adults, allowing you to continue gaining real-world experience while expanding your knowledge of the industry.
What Are the Work Conditions?
The BLS reported that management analysts commonly work in an office but spend time at client workplaces. They travel regularly and may work overtime, especially as a deadline draws near. In this case, you can set your own hours and control your workload from home. If you are self-employed, your livelihood depends on how well you can maintain your client base as well as obtain new clients.
Career opportunities are available in specific areas such as accounting, business administration, finance, and information technology. At the freelance level, contractors may expect a sales background with strong management experience. The BLS reports that management analysts are expected to experience a 14% growth in the 2018-2028 period. According to the BLS, the median annual wage for management analysts was $83,610 as of May 2018.
What Are Some Related Alternative Careers?
Accountants examine financial records, prepare them for their clients, and ensure accuracy when assessing finances in order to best help an individual or business. Budget analysts help organizations accurately maintain all financial matters such as budgets. Cost estimators analyze data in a given industry to calculate the cost of manufacturing or service. All of these jobs require at least bachelor degrees.