Management Analysts: Salary, career path, job outlook, education and more
- Education Required
- A bachelors degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a masters degree in business administration (MBA).
- Job Outlook
The projected percent change in employment from 2016 to 2026: 12% (Faster than average)
(The average growth rate for all occupations is 7 percent.)
- As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at non-consulting organizations.
- The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USAs code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.
- Median pay: How much do Management Analysts make?
- $81,330 Annual Salary
- $39.10 per hour
Management analysts, often called management consultants, propose ways to improve an organizations efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.
What do Management Analysts do?
Management analysts typically do the following:
- Gather and organize information about the problem to be solved or the procedure to be improved
- Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
- Analyze financial and other data, including revenue, expenditure, and employment reports
- Develop solutions or alternative practices
- Recommend new systems, procedures, or organizational changes
- Make recommendations to management through presentations or written reports
- Confer with managers to ensure changes are working
Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis.
Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organizations managers.
Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.
Organizations hire consultants to develop strategies for entering and remaining competitive in todays marketplace.
Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.
Careers for Management Analysts
- Analysts, management
- Business analysts
- Business consultants
- Business management analysts
- Business management consultants
- Business process consultants
- Clerical methods analysts
- Commercial specialists
- Human resources analysts
- Industrial analysts
- Management consultants
- Organizational development consultants
- Records management analysts