Pros and Cons of a Management Analyst Career
A management analyst consults with organizations on methods to improve efficiency. Continue reading for the pros and cons of this career.
|Pros of a Management Analyst Career|
|High average salary of about $90,000 per year in 2014*|
|Faster than average growth (19% growth from 2012-2022)*|
|Employment in companies or consulting work options*|
|Variety in work assignments and may work independently or on a team*|
|Cons of an a Management Analyst Career|
|Employment typically requires a bachelor's degree*|
|May require working long hours under tight deadlines|
|Experience in business may be required for employment*|
|Travel is generally required*|
Source: *U.S. Bureau of Labor Statistics.
Essential Career Info
Management analysts use their knowledge to improve a company or organization's efficiency. They work on budgeting to reduce costs and increase revenues by gathering necessary information and coming up with solutions. Management analysts handle many project-oriented tasks and analyze data on productivity, expenses, inventory, procedures, structures and systems. Some may also specialize in a specific area like health care or government agencies.
According to the U.S. Bureau of Labor Statistics (BLS), in May 2014, the mean annual wage for management analysts was nearly $91,000 (www.bls.gov). The BLS also reported that the top employing industry was management, scientific and technical consulting services, and the five top paying states were Massachusetts, New York, Maryland, Virginia and Washington.
What Are the Requirements?
According to the BLS, management analysts typically have a bachelor's degree for entry-level employment. Although management consulting degrees are not offered at many colleges, related disciplines of study include areas like business, accounting, economics and statistics. Some employers require a Master in Business Administration (MBA) for consideration for management analyst positions.
Management analysts also need above-average problem-solving, analytical, communication, time-management and interpersonal ability. Some of the other skills you will need in the industry are:
- Listening skills
- Customer service skills
- Math skills
- Critical thinking, inductive reasoning and problem-solving skills
- Computer skills
Job Postings from Real Employers
Most employers require a degree and some experience from prospective management analysts. Here are some examples of real job openings posted on Monster.com in April 2012:
- A company in Alexandria, VA, is hiring a management analyst to develop, implement and maintain quality control plans and projects. Applicants must have at least two years of experience in the industry and a bachelor's degree; however, a master's degree is preferred by this employer. The analyst must also be a U.S. citizen, be proactive and possess excellent oral and written communication skills.
- A San Jose, CA, company is hiring a management analyst with at least three years of experience and a master's degree, or at least five years of experience and a bachelor's degree. Applicants should also have experience in areas like accounts receivable and payable, general ledger, purchasing, business process analysis, management strategies, business intelligence solutions, GAP analysis and Oracle financial applications customization. Travel or relocation may be required for this position.
- A Plymouth, MN, health care company is hiring a resource management analyst to monitor and support its services requests, tickets, change queues and miscellaneous administrative tasks. Applicants must have a bachelor's degree or a high school diploma with four years of experience. Two years of experience in customer service within an information technology or management support role is also required.
How to Make Your Skills Stand Out
Some of the ways you can stand out in the field are to gain additional education or certification. Management analysts can become certified through the Institute of Management Consultants (IMC). Three levels of certification are offered for the Certified Management Consultant (CMS) credential; these include basic, experienced and management. A written and oral examination and specific experiential requirements apply to each level of certification. Many colleges offer certificate programs to prepare you for certification covering professional theories and practices used in the industry.
Additional education disciplines related to the occupation may also give you a leg up in employment opportunities. Pursuing an MBA can be beneficial for advancement, and other related master's degree programs are available, such as financial analysis. These programs can typically be completed in two years, and many are designed for employed professionals.
Other Career Paths
If you like the financial aspects of the job, another occupation to consider is to become a financial analyst. This career focuses on helping individuals or companies make sound investment decisions. According to the BLS, the mean annual salary for financial analysts in May 2011 was about $88,000.
You could also focus on the conditions of sales in services or products by becoming a market research analyst. This career entails analyzing what consumers will purchase and the price they will pay for it. The mean annual wages for market research analysts in May 2011 was approximately $67,000, stated the BLS.