As business becomes more complex, firms are continually faced with new challenges. They increasingly rely on management analysts to help them remain competitive amidst these changes. Management analysts, often referred to as management consultants in private industry, analyze and propose ways to improve an organization's structure, efficiency, or profits.
Related job titles are: Management Analyst, Business Analyst, Administrative Analyst, Employment Programs Analyst, Program Management Analyst, or Quality Control Analyst.
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Important Management Analyst Degree Information -Top of Page-
- Despite 24 percent employment growth, keen competition is expected for jobs; opportunities should be best for those with a graduate degree, specialized expertise, and a talent for salesmanship and public relations.
- About 26 percent, three times the average for all occupations, are self-employed.
- A bachelor's degree is sufficient for many entry-level government jobs; many positions in private industry require a master's degree, specialized expertise, or both.
How much does a Management Analyst make in Salary? || Management Analyst Pay -Top of Page-
Salaries for management analysts vary widely by years of experience and education, geographic location, specific expertise, and size of employer. Generally, management analysts employed in large firms or in metropolitan areas have the highest salaries. Median annual wages of wage and salary management analysts in May 2008 were $73,570. The middle 50 percent earned a salary of between $54,890 and $99,700. The lowest 10 percent earned a salary of less than $41,910 and the highest 10 percent earned a salary of more than $133,850.
What is a Management Analyst? || What does a Management Analyst do? || Job Descriptions -Top of Page-
In recent years, information technology and electronic commerce have provided new opportunities for management analysts. Companies hire consultants to develop strategies for entering and remaining competitive in the new electronic marketplace.
Management analysts might be single practitioners or part of large international organizations employing thousands of other consultants. Some analysts and consultants specialize in a specific industry, such as healthcare or telecommunications, while others specialize by type of business function, such as human resources, marketing, logistics, or information systems. In government, management analysts tend to specialize by type of agency. The work of management analysts and consultants varies with each client or employer and from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the organization's managers. In all cases, analysts and consultants collect, review, and analyze information in order to make recommendations to managers.
After obtaining an assignment or contract, management analysts first define the nature and extent of the problem that they have been asked to solve. During this phase, they analyze relevant data—which may include annual revenues, employment, or expenditures—and interview managers and employees while observing their operations. The analysts or consultants then develop solutions to the problem. While preparing their recommendations, they take into account the nature of the organization, the relationship it has with others in the industry, and its internal organization and culture. Insight into the problem often is gained by building and solving mathematical models, such as one that shows how inventory levels affect costs and product delivery times.
Working Conditions for Management Analysts -Top of Page-
Management analysts usually divide their time between their offices and the client's site. In either situation, much of an analyst's time is spent indoors in clean, well-lit offices. Because they must spend a significant portion of their time with clients, analysts travel frequently.
Analysts and consultants generally work at least 40 hours a week. Uncompensated overtime is common, especially when project deadlines are approaching. Analysts may experience a great deal of stress when trying to meet a client's demands, often on a tight schedule.
How to become a Management Analyst || Management Analyst Classes and Degree Programs -Top of Page-
Many employers in private industry generally seek individuals with a master's degree in business administration or a related discipline. Some employers also require additional years of experience in the field or industry in which the worker plans to consult. Other firms hire workers with a bachelor's degree as research analysts or associates and promote them to consultants after several years. Some government agencies require experience, graduate education, or both, but many also hire people with a bachelor's degree and little work experience for entry-level management analyst positions.
Few universities or colleges offer formal programs in management consulting; however, many fields of study provide a suitable educational background for this occupation because of the wide range of areas addressed by management analysts. Common fields of study include business, management, accounting, marketing, economics, statistics, computer and information science, or engineering. Most analysts also have years of experience in management, human resources, information technology, or other specialties. Analysts also routinely attend conferences to keep abreast of current developments in their field.
A high percentage of management consultants are self-employed, in part because business startup and overhead costs are low. Since many small consulting firms fail each year because of lack of managerial expertise and clients, persons interested in opening their own firm must have good organizational and marketing skills. Several years of consulting experience are also helpful.
Where are the Management Analyst Jobs? -Top of Page-
Management analysts held about 746,900 jobs in 2008. About 26 percent of these workers, three times the average for all occupations, were self-employed. Management analysts are found throughout the country, but employment is concentrated in large metropolitan areas. Management analysts work in a range of industries, including management, scientific, and technical consulting firms; computer systems design and related services firms; and Federal, State, and local governments.
Management Analyst Job Opportunities and Outlook -Top of Page-
Employment of management analysts is expected to grow by 24 percent, much faster than the average, over the 2008-18 decade, as industry and government increasingly rely on outside expertise to improve the performance of their organizations. Job growth is projected in very large consulting firms with international expertise and in smaller consulting firms that specialize in specific areas, such as biotechnology, healthcare, information technology, human resources, engineering, and marketing. Growth in the number of individual practitioners may be hindered by increasing use of consulting teams that are often more versatile.
To offer clients better quality and a wider variety of services, consulting firms are partnering with traditional computer software and technology firms. Also, many computer firms are developing consulting practices of their own to take advantage of this expanding market. Although information technology consulting should remain one of the fastest growing consulting areas, employment in the computer services industry can be volatile, and so the most successful management analysts may also consult in other business areas.
Job opportunities are expected to be best for those with a graduate degree, specialized expertise, and a talent for salesmanship and public relations.