The Career-path of a Management Analyst
The following article discusses the career path of a Management Analyst. Learn about how to become one, education requirements, job duties, traits and qualities as well as US national salary outlook.
There are positions for management analysts available in a huge range of industries. These include investment companies, medical companies, government organizations, and the military, to name but a few. The exact requirements that a management analyst has to meet varies depending on the position and the field.
Management analysts work hand in hand with various other departments. Together, they make sure that all operations are accurate and as efficient as possible. This means they focus on everything, including budgeting, payroll, new program creation, writing policies, and more. As part of their role, management analysts will conduct large scale analyses in order to identify areas in which the company can improve. Furthermore, they write reports on their findings, presenting these to management. Lastly, they anticipate future needs, particularly in relation to budgets, thereby making sure that there are sufficient resources in place.
Other job duties of a management analyst include:
Conducting organizational evaluations and studies, creating new procedures and systems, and ensuring work is simplified as much as possible, creating measurement studies to confirm this
Writing new manuals and ensuring that all workers are instructed on them, particularly if new procedures or forms are put in place
Preparing procedures manuals and operations to help management become more efficient and effective
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 806,400 management analysts in 2016. The largest employers of these professionals were:
Professional, scientific, and technical services: 30%
Self-employed workers: 17%
Finance and insurance: 11%
Management of companies and enterprises: 5%
How to Become one
Most management analysts have a bachelor’s degree in finance, business administration, public administration, or a related field. Usually, they also have several years’ work experience. It is more and more common for a master’s degree, and particularly the master in business administration (MBA) to be required. Those who work in the military or government also require proof of citizenship and they must obtain secret clearance.
While the majority of management analysts have a bachelor’s degree at least, it is now increasingly common for a master’s to be required, particularly the master of business administration (MBA). Some also hold additional certifications, such as Certified Management Consultant (CMC). Of importance is that a degree includes courses in subjects such as computer and information science, psychology, marketing, finance, accounting, economics, management, and business.
The CMC certification can be obtained through the Institute of Management Consultants USA (IMC USA). To obtain this, candidates must have sufficient education and experience, present reviews from clients, and pass a written examination and an interview. The examination focuses on the code of ethics as set by the IMC USA. Re-certification is required every three years.
Generally, a management analyst will start at entry level positions, growing into consultancy. Some work as auditors, accountants, market research analysts, or computer systems analysts, for instance. Eventually, they then grow through internal and external promotions into the position of management analyst.
Traits & Qualities
The most effective management analysts have the following traits to some degree or other:
Strong analytical skills
Excellent communication skills, both verbal and written
Great interpersonal skills
Good problem solving skills
Strong time management skills
The US national average salary estimate for Management Analyst was $72,076. This number is estimated from over 1,041,624 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $37.54 and monthly of $6,006.