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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. Watch a video to learn what a management analyst does.
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 an 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.
There are also several benefits to being a management analyst. First, these analysts enjoy working independently with minimal supervision. Second, these professionals learn something new while on the job as their projects and scope change. Furthermore, if employed in a full-time role, they often receive competitive salaries and benefit packages.
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. In addition, they develop strategies to enter a market space and to remain competitive in that market.
Analysts also 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. Furthermore, they 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. Marketing analysts travel frequently in order to meet clients and attend conferences.
Management Analyst Career Video Transcript
Developing better ways to deliver a service… organize employees or reach out to customers, management analysts (also called management consultants) advise organizations on how to become more efficient and profitable. Management analysts start by gathering and analyzing information about the problem they are hired to solve. They may conduct interviews, observe processes, and explore a variety of data to decide on the best approach.
Based on what they learn, management analysts write reports and make presentations to share their findings and recommend solutions. To ensure success, they follow up once new practices or ideas are implemented. Most management analysts work as consultants on contract with a company for a particular project, writing a proposal to compete for the job, then moving to a new company or project when it’s complete. They generally specialize in a subject area, an industry, or a type of government agency.
Management analysts often work on tight deadlines, and may travel to their clients. Many work in management and technical consulting organizations, the finance and insurance industry, and government. A bachelor’s degree is required for most entry-level jobs, along with several years’ experience in IT, human resources, or management. Majors in business, economics, political science, psychology, English, or computer science may all be appropriate. Some positions require an MBA.
Article Citations
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Management Analyst.
National Center for O*NET Development. 13-1111.00. O*NET OnLine.
The career video is in the public domain from the U. S. Department of Labor, Employment and Training Administration.
