Summary
Management analysts recommend ways to improve an organization’s efficiency.
What they do
Management analysts advise managers on how to make organizations more profitable through reduced costs and increased revenues.
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.
Work Environment
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.
How to become a Management Analyst
Management analysts typically need at least a bachelor’s degree and several years of related work experience.
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. Common fields of study include business, economics, finance, marketing, and psychology.
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.
Pay
The median annual wage for management analysts was $85,260 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $49,700, and the highest 10 percent earned more than $154,310.
Job Outlook
Employment of management analysts is projected to grow 11 percent from 2019 to 2029, much faster than the average for all occupations. Demand for consulting services is expected to increase as organizations seek ways to improve efficiency and control costs. As markets become more competitive, firms will need to use resources more efficiently.
Demand for management analysts is expected to be strong in healthcare. This industry segment is experiencing higher costs in part because of an aging population. In addition, more management analysts may be needed to help navigate the regulatory environment within health insurance.
Information technology (IT) consultants are also expected to see high demand.
Similar Job Titles
Administrative Analyst, Business Analyst, Employment Programs Analyst, Leadership Development Manager, Management Analyst, Management Consultant, Organizational Development Consultant, Principal Consultant, Program Management Analyst, Quality Control Analyst
Related Occupations
Marketing Manager; Human Resources Specialist, Training and Development Specialist; Market Research Analyst and Marketing Specialist; Fraud Examiner, Investigators and Analysts
More Information
The trade associations listed below represent organizations made up of people (members) who work and promote advancement in the field. Members are very interested in telling others about their work and about careers in those areas. As well, trade associations provide opportunities for organizational networking and learning more about the field’s trends and directions.
- Academy of Management
- American Institute of CPAs
- American Society for Public Administration
- Association for Public Policy Analysis and Management
- Association of Management Consulting Firms
- Institute of Management Accountants
- Institute of Management Consultants USA
- International Association of Law Enforcement Planners
- Management Consulting Institute
Magazines and Publications
- Analytics Insight
- Analytics
- The Economics
- Fortune Magazine
- Barron’s Magazine
- Entrepreneur Magazine
- Modern Analyst e-Journal
Video Transcript
Developing better ways to deliver a service… organize employees… or reach out to customers… management analysts— also called management consultants— advise organizations on how to become more efficient and profitable. Management analysts start by gathering and analyzing information about the problem they are hired to solve. They may conduct interviews, observe processes, and explore a variety of data to decide on the best approach. Based on what they learn, management analysts write reports and make presentations to share their findings and recommend solutions. To ensure success, they follow up once new practices or ideas are implemented. Most management analysts work as consultants on contract with a company for a particular project, writing a proposal to compete for the job, then moving to a new company or project when it’s complete. They generally specialize in a subject area, an industry, or type of government agency. Management analysts often work on tight deadlines, and may travel to their clients. Many work in management and technical consulting organizations, the finance and insurance industry, and government. A bachelor’s degree is required for most entry-level jobs, along with several years’ experience in IT, human resources, or management. Majors in business, economics, political science, psychology, English, or computer science may all be appropriate. Some positions require a MBA.
Content retrieved from: US Bureau of Labor Statistics-OOH www.bls.gov/ooh,
CareerOneStop www.careeronestop.org, O*Net Online www.onetonline.org