Career Definition for a Management Analyst
Firms of all sizes hire management analysts, also referred to as management consultants, to find ways to improve their operations, maximize profits and increase efficiency. Management analysts talk to executives, employees, vendors and clients to determine the strengths and weaknesses of a business; a management analyst can then tell top decision makers how to improve their firm.
|Education||Bachelor's or master's degree|
|Job Skills||Have an open mind, strong communication skills, and experience with data analysis and computers|
|Median Salary (2018)*||$83,610 (for management analysts)|
|Job Growth (2016-2026)*||14% (for management analysts)|
Source: *U.S. Bureau of Labor Statistics
It takes at least a bachelor's degree to become a management analyst; however, obtaining a master's degree is usually needed to move forward in this field. Prospective management analysts have many options when choosing a course of study; degrees of interest include a Bachelor of Science in Management, a Bachelor of Science in Finance, a Bachelor of Science in Business Administration, a bachelor's degree in accounting or marketing and a Master of Business Administration (MBA). Students in these programs can expect to take classes in math, economics, computer science, public speaking, writing, ethics and the basics of business. Undergraduate programs take four years to finish while master's degrees take at least two; however, many who employ management analysts require additional work experience.
Management analysts must have both an inquisitive and an open mind; they need to ask many questions and listen to many people in order to make suggestions for a firm's improvement. Strong fundamental communication skills are a must to enable management analysts to talk with a business' executives, managers, vendors, clients and staffers. Management analysts must also have experience in data analysis and computers.
Career and Economic Outlook
The U.S. Bureau of Labor Statistics (BLS) reports that 684,470 management analyst jobs existed in 2018; some management analysts are self-employed (www.bls.gov). The BLS estimates that job growth will be at a robust 14% from 2016 to 2026. As of May 2018, the median annual salary for management analysts was $83,610.
Similar careers to a management analyst include:
Operations Research Analyst
For those interested in examining organizational issues through research and statistical evaluation, becoming an operations research analyst could be a good career option. These analysts locate problems in operations such as sales, production or supply management and break them down by utilizing mathematical and statistical calculations. They also create computer simulations, cultivate solutions, compile data for reports and discuss recommendations for procedural or financial changes with management. To work in this profession, a bachelor's degree in computer science, math, engineering or a related quantitative research field is usually necessary, and some employers may prefer applicants with a master's degree. Based on BLS projections, operations research analysts should experience employment growth of 27% from 2016-2026, with many new jobs created at government agencies. The BLS determined that these professionals earned a median annual salary of $83,390 in 2018.
If developing operational budgets and evaluating spending practices at an organization seems like an interesting career, consider becoming a budget analyst. After consulting with managers and deciding what funding is necessary, budget analysts compile this data into a comprehensive budgetary plan. They also let department heads know about additional money, as well as granting permission for expenditures, producing reports, examining monetary activities and suggesting changes to boost profits. A bachelor's degree in statistics, finance, accounting, business or a related field of study is generally required to work in this occupation. Master's degrees are also common and highly desired by some employers. According to the BLS, a 7% increase in job opportunities for budget analysts is expected between 2016 and 2026, resulting in 3,800 new positions. During 2018, the BLS estimated that 52,810 budget analysts worked in the U.S. and earned a median income of $76,220 that year.