Management Analyst Degree

Who is a Management Analyst?

Management Analysts are individuals that advise a company on methods that would help them improve the organizational structure, efficiency and overall profits. They provide professional advice on how to increase revenues and decrease costs.

What does a Management Analyst Do?

The main purpose of a Management Analyst is to increase an organization’s profitability by making it more efficient in all processes. Their typical duties, according to the US Bureau of Labor Statistics include the following:

  • Research and gather information about a problem at hand and the potential procedures that can help solve it
  • Interview individuals and conduct observations within the organization to analyze the methods, equipment and manpower that would be needed to implement a certain plan of action
  • Thoroughly analyze any relevant financial data including revenues, expenditures and HR related documents that state salary data, bonuses and benefits
  • Find solutions or give alternate solutions to the organization’s management and ways to effectively implement them
  • Make recommendations regarding new systems and procedures or changes in the organization’s structure
  • Provide management personnel with written reports and presentations on what things need to be improved, why and how
  • Evaluate the changes that are being implemented and staying in touch with the relevant managers to ensure the changes are working

How to Become a Management Analyst?

Step 1: Get a Bachelor’s Degree

To avail entry level positions in this sector, you must possess at least a bachelor’s degree. This 4-year degree in a field related to the management sciences will help you excel as a Management Analyst. Potential majors could be in business administration, finance, accounting, management or organizational behavior. Such disciplines would provide good knowledge and training to aspiring Management Analysts, specifically in areas of human resource, statistical analysis and management theory.

Key Skills for a Management Analyst

  • Active listening: Giving complete attention to what people are saying and making an effort to understand their context and intentions. Ask appropriate questions to get all the data required
  • Critical Thinking: Making use of reason and logic to identify the pros and cons of a particular solution. Drawing conclusion regarding the various possible approaches that can be taken to solve the problem at hand
  • Reading Comprehension: Understanding the written content in the data collected and deciphering it according to the context
  • Judgment and Decision Making: Analyzing the costs against benefits of the different potential solutions and making a well informed decision
  • Communication: Conveying information to the employees in a clear and effective manner
  • Time Management: Making sure change in policies are implemented in a timely manner
     

Step 2: Gain Work Experience

After you have acquired a bachelor’s degree, you will need to invest some time in gaining work experience. Some colleges offer recruitment services to their graduates while others have career consultants in place to help students figure out their next move. In order to get higher level jobs in the field, you would need at least 4-5 years of relevant experience.

Step 3: Obtain a Master’s Degree

Various private and government organizations require candidates to have at least a Master’s degree in the relevant field. A Master of Business Administration is typically the degree of choice for most employers. MBA Programs are offered by many colleges across the US in both part-time and full-time formats. You can even get an MBA online, an option usually available for individuals who want to continue their jobs while they study. This graduate degree might result in potential employers waiving off part of the work experience requirements.

Step 4: Obtain a Certification

Even though this is not a necessity for professionals in this field, it can certainly provide an edge over other applicants. A certificate in this field is offered by the Institute of Management Consultants USA. The title given to people who get this qualification is a Certified Management Consultant (CMC) at the Basic, Experienced or Management Level. For a Basic level certification, candidates would be required to have at least three years of relevant work experience. Along with that, they will need to clear an oral and a written examination. For the Experienced and Management Level certificate, the IMC requires 10 and 20 years of experience respectively.

Career Outlook for a Management Analyst

Even though some analysts work for a specific organization, most management analysts choose to work as consultants on a contractual basis. Either way, the nature of their work would vary from project to project. Some projects might require a complete team of consultants, each specializing in different areas, while in other projects, consultants might be able to perform the tasks singlehandedly.

Management Analysts usually specialize in areas such as inventory management or altering organizational structures to eliminate ineffective practices. Some analysts might specialize in a specific industry such as telecommunication or healthcare.

Management analysts may find work by writing proposals for jobs and making bids. Usually an organization that requires a management consultant would collect proposals from a number of professionals and pick the one that suits their needs and budget the most.

Here is a quick look at some of the statistics and facts related to the job of a Management Analyst:

2016 Median Pay

$81,330 per year

Typical Entry Level Education

Bachelor’s Degree

Work Experience in a Related Occupation

Less than 5 years

On-the-job Training

None

Number of Jobs, 2014

758,000

Job Outlook, 2014-2024

14% (A lot faster than average)

Employment Change, 2014-24

103,400

*Source: US Bureau of Labor Statistics

Management Analysts typically divide their work time between their own offices and the client’s site. The nature of the job would require them to spend a considerable amount of time with their clients. Frequent travel might also be a part of some projects.

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