Management Analyst Job Description
|Salary: $58,200 – $104,200||Number of Jobs: 746,860|
|Hourly Rate: $28.01 – $50.10||Employment Outlook: Good|
|Green Job: No||Education: Bachelor’s or higher degree, plus work experience|
What do Management Analysts do?
Management analysts research and analyze an organization’s policies, procedures, and structure. They use their analysis to recommend ways that the organization can operate more efficiently and profitably.
Some management analysts work directly for the company that employs them, but the majority of people in this occupation work as consultants who are hired by outside firms. Consultants work on a contract basis, so their time working with a particular company depends on the size of the project. In some cases a consultant may work with a company for years, and in other cases they may only work with one for a few months.
The work that management analysts do varies from project to project, and is dependent on the needs of the organization that they’re working for. For example, one client may need help managing their inventory, while another may need help restructuring their organization.
Because there are so many types of problems that organizations may want management analysts to help them solve, many people in this occupation choose to specialize. Some specialize in working with a particular industry (like healthcare or telecommunications), while others specialize in solving a particular type of problem (like organizational restructuring). Specialization helps analysts develop valuable skills, and it also makes it easier for them to market their services.
Sometimes an organization will hire a management analyst based on personal relationships or a recommendation from another organization, but they’re also commonly hired through a bid system. This is how bid systems work:
An organization solicits proposals from many different management analysts. Each analysts creates a proposal that explains what they will do, how they will do it, how much it will cost, and why they would be the best fit. The organization then reviews all of the proposals, and decides which analyst would be the best match for their needs.
Work Environment and Schedule
Management analysts split their time between their office and client sites. Travel is frequently required, and analysts may be away from home for long periods of time. As you think about pursuing a career in this occupation, you should consider the impact that the traveling demands can have on your personal life. Some people really enjoy traveling for work, but for others, the demands get in the way of their personal goals and dreams.
This can be a very stressful occupation, particularly when working under tight deadlines. Clients often have large demands and expect them to be met in a short period of time. Balancing the demands of multiple clients at once can be difficult, and analysts need to be able to set expectations that are reasonable for them and fair for the client.
When an organization is restructuring, it’s sometimes necessary for management analysts to recommend that some jobs be eliminated. It’s not always easy to decide that someone should lose their job, and doing so can be emotionally difficult.
Roughly 25% of management analysts are self employed. Analysts who work for themselves are often able to enjoy a more flexible work schedule than those who work for others, but their schedules are still largely at the mercy of client demands. Self employed analysts also work under a lot of stress, since their livelihood is dependent entirely on their individual success.
Most management analysts work full time. Working overtime is common, particularly as deadlines approach or when traveling.
How to Become a Management Analyst
A minimum of a bachelor’s degree is required for entry level management analyst positions. However, if you’re considering a long-term career in this occupation, it would be wise to get a master’s degree in business administration. Without a master’s degree, it may be difficult to advance into senior positions within a consulting firm.
Management analysts come from many different academic backgrounds. Some schools offer programs in management consulting, but it’s more common for management analysts to have a bachelor’s degree in a field like marketing, statistics, engineering, business, accounting, or economics.
Though it isn’t always required for employment, becoming a Certified Management Consultant can help to boost credibility with potential clients and improve employment prospects. This certification is offered by the Institute of Management Consultants USA.
Here are the requirements for becoming certified:
- A degree from an accredited four year college or university.
- Three years of experience as a full-time consultant.
- Five references from executives or officers at client organizations.
- Presenting a case study to a panel.
- Written summaries from five different client assignments. These summaries must also be presented to a panel.
- Passing a written exam and an oral exam that tests competence and experience.
- Passing a written exam and an oral exam that tests the ethical aspects of consulting.
There are currently 746,860 management analysts in the United States, with 30,650 new management analyst job openings created each year.
Management Analyst jobs are not expected to see much growth beyond their current levels in the next decade.
Management Analyst Salaries
Management Analyst salaries can vary depending on your experience, the location, company, industry, and benefits provided. Nationwide, most management analysts make between $58,200 – $104,200 per year, or $28.01 – $50.10 per hour.