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Salary Range: $80,000 or more
Average Hourly: $42.14
Education: Bachelor's degree
Number of Jobs: 907,600
Jobs Added to 2029: 124,400
Growth: Faster than average
Go here to see salary and job data specific to the United Kingdom.
What Management Analysts Do
Management analysts typically do the following:
- Gather and organize information about the problems to be solved or the procedures 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, many work as consultants on a contractual basis.
The work of management analysts may vary from project to project. Some projects require a team of analysts, each specializing in one area. On other projects, analysts work independently with the client organization’s managers.
Management analysts often specialize in certain areas, such as inventory control or reorganizing corporate structures for efficiency. Some focus on a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.
Organizations hire management analysts to develop strategies for entering and remaining competitive in the market.
Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst requests proposals from a number of consultants and consulting companies that specialize in the needed work. Interested companies then submit a proposal that explains details such as how the work will be completed, what the schedule will be, and how much it will cost. The organization selects the proposal that best meets its needs and budget.
|Professional, scientific, and technical services||31%|
|Finance and insurance||13|
|Management of companies and enterprises||5|
Management analysts usually divide their time between their offices and the client’s site. Because they must spend a significant amount of time with clients, analysts travel frequently. Analysts may experience stress, especially when trying to meet a client’s demands on a tight schedule.
Analysts often work many hours under tight deadlines. Some work more than 40 hours per week.
Employment of management analysts is projected to grow 14 percent from 2020 to 2030, faster than the average for all occupations.
About 99,400 openings for management analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
How to Become a Management Analyst
A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).
Management analysts address a range of topics, and many fields of study provide a suitable educational background. Fields of bachelor's degree study may include business, social science, and engineering.
Licenses, Certifications, and Registrations
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 and who complete other requirements. Management analysts are not required to get certification, but having the credential may give jobseekers a competitive advantage.
Work Experience in a Related Occupation
Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. For example, tax preparation firms may prefer candidates who have worked as an accountant or auditor, and software companies might seek those with experience as a computer systems analyst.
As management analysts gain experience, they often take on more responsibility. Senior-level analysts may supervise teams working on complex projects and may become involved in seeking out new business. Those with exceptional skills may eventually become partners in their organization and focus on attracting new clients and bringing in revenue. Senior analysts may leave consulting and move to management positions at non-consulting organizations.
Analytical skills. Management analysts must be able to interpret information and use their findings to make proposals.
Communication skills. Management analysts must be able to convey information clearly in both writing and speaking. Analysts also need good listening skills to understand an organization’s problems and recommend appropriate solutions.
Interpersonal skills. Management analysts work with managers and other employees of the organizations for which they provide consulting services. They should be able to work as a team toward achieving the organization’s goals.
Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.
Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on schedule.