Have you ever considered becoming a management analyst? If you think you would enjoy helping companies improve their efficiency while decreasing costs, this may be the career for you! A career as an analyst may be a good fit for individuals who are analytical, have good time management skills, have strong interpersonal and communication skills, and have solid problem solving skills. The pay for this career is quite high. The estimated growth for this profession is higher than average, and there may be some competition for jobs and contracts with companies. A bachelor’s degree in a related field is typically necessary for a career as an analyst. Some employers prefer to hire analysts who have a master’s degree in business (an MBA). This post will cover the management analyst job description and other aspects of this career.
Management Analyst Job Description
The management analyst job description can be summarized by stating that management analysts help companies improve their efficiency while decreasing their costs and provide suggestions for ways in which managers can increase their company’s revenue. Analysts’ job responsibilities may vary depending upon who they are employed by and the type of project they are working on. Some analysts primarily work independently, and in other instances they may need to work with a group of analysts depending on the size of the project they are working on.
Usually, a typical management analyst job description contains the following items:
- Collect information on the problem the company is currently experiencing
- Analyze the company’s financial data
- Make observations and interview employees on-site to figure out what changes must be made and how to go about making those changes
- Determine the most effective ways to solve the company’s problems and make suggestions on how to implement the changes
- Write summative reports and give presentations to the company about the recommended changes
- Ensure that the changes have been implemented and are effective by meeting with managers and discussing whether the problems are improving
Many management analysts spend time working in their office and also in client’s location. As a result, analysts may need to spend a great deal of time traveling from site to site. As a result, the job can be somewhat stressful and demanding. Analysts can be self employed or part of a company.
Analysts typically work full time, and often well over 40 hours each work week. During the year 2012, 1 in 4 analysts worked over 40 hours per week. This job can be stressful and demanding. However, the high salary makes it appealing to many people.
How to Become a Management Analyst and Management Analyst Education
Obviously, you’re here to learn about how to become a Management Analyst. The typical management analyst education consists of a bachelor’s degree in business, accounting, economics, political science, marketing, or another related degree from an accredited college or university. Some employers prefer to hire an individual who has a master’s in business administration. Certification is optional for analysts. However, they must qualify in order to pursue certification. They must first have the desired education and work experience. They must also take and pass an interview as well as a written exam. If they meet the qualifications and pass the exam they can become certified management consultants or CMCs. Once they become certified management consultants, they must maintain their certification by becoming recertified every 3 years. Though certification is not required of analysts, it can prove beneficial when they are searching for a job. In some instances, it can give them the upper hand over other applicants.
Even after receiving a bachelor’s degree or master’s degree, analysts must remain knowledgeable about the latest information that is relevant to the field. In order to do this, they may need to attend trainings, workshops, or classes.
Job promotions may be available to analysts as they gain experience and knowledge in and about the field. As they gain seniority, they may be promoted to supervisors who oversee teams of these analysts. However, these types of promotions typically occur after analysts have worked for many years.
There are certain personality traits and skill sets that are important for these analysts to have. A management analyst must possess strong communication and interpersonal skills as they often with clients and other analysts. They must also have strong analytical skills. In order to find effective solutions to companies’ problems, analysts must have good problem solving skills. Also, analysts must have good time management skills as they often have stringent deadlines and timeframes that they must work under.
Management Analyst Salary
The median annual Management Analyst salary for all analysts as of 2012 was $78,600 or $37.79 per hour. The median value is not the same as the value of the average salary (although they may be close). The median value reflects the value situated in the middle of all the registered salaries for these analysts. This means that half of all analysts have earned somewhat more than $78,600 per year, and the other half of these analysts earned somewhat less. The lowest earning 10 percent of these analysts earned an annual salary of less than $44,370. The top 10 percent of physicists earned an annual salary of more than $142,580.
As of May 2012, the median annual income for an analyst working in the top five industries were the following: the federal government (analysts tend to earn the highest salaries averaging $84,530 consulting services earn an average annual salary of $84,300, who manage enterprises and companies earn an average salary of $78,030, employed by insurance carriers earn an average annual income of $73,370, and local and state governments earn the lowest annual salaries at $62,270.
Management Analyst Outlook
The management analyst outlook is projected to grown by 19% for these analysts from 2012 until 2022 according to the BLS. This is faster than the average growth projected for all other occupations. As of the year 2012, there were approximately 718,700 employed analysts in the United States. By 2022, there are expected to be 852,500 positions for analysts.
It is likely that there will be an increased demand for analysts because companies will continue to look for ways to become more efficient while cutting their costs. Small consulting firms will likely see the most growth because they are typically specialized to work with certain industries. Companies will continue to expand to foreign counties, and they will likely look to analysts for assistance and advice on how to make a successful transition into markets outside the United States. All of these factors will lead to growth and the field and good job security.
Certain skills and traits will also help ensure job security for those pursuing a career as an analyst. For example, having specialized knowledge of one industry will make an analyst more desirable to companies within that industry. Fluency in certain foreign languages can also make certain analysts more desirable to employ than others. It is anticipated that there will be heavy competition in this field, so any traits or skills that set an analyst apart from the rest should be beneficial. Analysts who have a master’s degree or many years of experience and/or desirable skills have the greatest likelihood of securing a good analyst position.
*All numerical data in this report are provided by the BLS, www.bls.gov