What does a Management Analyst do?
|Citation||Retrieved in 2017 from BLS.org|
A management analyst (also referred to as a management consultant) investigates ways to help an organization reduce costs, increase revenue, and become more profitable. They advise management on various ways to improve efficiency. Many management analysts work as consultants. However, some may be employed through the company they are analyzing. Marketing analysts travel frequently in order to meet clients and attend conferences.
How to Become a Management Analyst
Management analysts need to have a bachelor’s degree. However, only a few colleges or universities offer formal programs in management consulting. Therefore, many degree programs provide the acceptable education. These programs would include economics, management, finance, business, political science and government, marketing, accounting, computer and information science, and psychology. Some employers require applicants to have a master’s degree in business administration (MBA).
The Institute of Management Consultants USA (IMC USA) offers a Certified Management Consultant (CMC) designation. You must meet minimum levels of education and experience, provide client reviews, and pass an interview and exam covering the IMC and USA’s code of ethics. You must be re-certified every 3 years.
Job description of a Management Analyst
A management analyst has a variety of duties that may vary from project to project and may require working with a team of consultants that would each have a specialized area, like inventory management or reorganizing corporate structures. Others may specialize in a specific industry such as telecommunications, healthcare, or government.
A management analyst develops strategies to enter a market space and to remain competitive in that market. They collect data and organize information to improve procedures and solve problems. They conduct interviews with personnel and carry out on site observations to determine what personnel, methods, and equipment would be required to make improvements.
Management analysts investigate and analyze data such as expenditures, employment reports, and revenue. They provide solutions, alternative practices, recommend new procedures, systems, or organizational changes. They also offer management written reports and present their findings and recommendations and ensure the changes are working.