How To Become A Management Analyst
Career Video: Management Analyst
Do you want a job that would enable you to identify an organization’s problems and propose solutions to them? Do you want to help improve an organization’s efficiency? If the answer to both these questions is yes then you can consider being a management analyst. In this profession, you will have the opportunity to delve deep into an organization’s structure and operations to determine where and how its operations can be improved.
As a management analyst, you will be talking with personnel and conducting on-site inspections to look at how the company conducts its operational processes and procedures. You will scrutinize the firm’s financial data to determine if savings can be made in some areas or if particular investments can be made in others which hold the promise of better returns. Based on the data you find, you will be making recommendations to management and proposing solutions to the setbacks being faced by the company. They could propose the elimination of unnecessary jobs, fuse departments or reorganize the company’s entire leadership structure.
Management analysts typically work as consultants and specialize in a particular field or aspect of operations of a company. Thus, before you can work in this role, it is expected that you already have many solid years of experience in a particular field before you can claim expertise in it. Consultants usually have a background in human resources, management and computer and information technology.
To succeed as a management analyst, you need to be highly analytical, first and foremost. This is a must for you to be effective in your job. Together with your analytical skills, you also need to have a knack for problem solving. Organizations go to you for help because they know that they are already at the end of their rope. They rely on you to come up with a creative solution for their problems. You also need to be an effective communicator and keen listener because these attributes will help you talk with your clients and ascertain what the problem is and at the same time, put across the solutions you have in mind. Finally, you also need to know how to manage time and resources well because most projects are placed under time pressure and are under budgetary constraints.
Why Become A Management Analyst
Management analysts are individuals who already have sufficient experience and advanced knowledge in a particular field that make them qualified to assess the situation that an organization is in and propose solutions. Obviously, not everyone can become a management analyst. But for those who are inclined to a career that puts them right smack in the center of a company’s problems, a career as a management analyst is a dream job. Moreover, the positive job prospects in the next few years and the excellent pay they get are also two reasons to work towards becoming a consultant.
Management Analyst Work Environment
Many management analysts work in the management, scientific and technical consulting services industries. Some of them also work for the federal government, state and local government and insurance firms. The U.S. Bureau of Labor Statistics revealed that around 21 percent of consultants were self-employed.
Whether management analysts are salaried or self-employed, the job can be demanding and stressful. The hours are long and many projects are often done under time pressure. The work also involves a lot of travel since consultants have to go to the site or factory that they will evaluate.
Management Analyst Salary
The Occupational Employment and Wages report of the U.S. Bureau of Labor Statistics revealed that management analysts receive a mean annual wage of $89,990. This is higher than the $67,780 paid to market research analysts and marketing specialists.
Management Analyst Career Outlook
The U.S. Bureau of Labor Statistics revealed that there are excellent job prospects for management analysts in the next few years. From 2012 to 20222, the growth of this profession is expected to be at 19 percent, a rate that is faster than the average for all job types. The demand will come from the desire of organizations to control costs, utilize their resources wisely and make their operations more efficient. Despite the positive job outlook, there will still be intense competition for the available positions. Those with postgraduate degrees and possess specialized knowledge about a particular field are bound to have the best prospects.
Management Analyst Degree
Management analysts typically hold a bachelor’s degree. Although a degree in management consulting is considered the ideal educational preparation, there are other fields that would also make sufficient preparation for this degree, such as finance, economics and psychology. Aspiring consultants also endeavor to get the Certified Management Consultant designation to improve their prospects for employment. For even better chances at getting hired, getting a master’s degree in business administration (MBA) is the preferred route for many aspiring management consultants.