Career Definition for a Management Analyst
Firms of all sizes hire management analysts, also referred to as management consultants, to find ways to improve their operations, maximize profits and increase efficiency. Management analysts talk to executives, employees, vendors and clients to determine the strengths and weaknesses of a business; a management analyst can then tell top decision makers how to improve their firm.
| Education | Bachelor's or master's degree |
| Job Skills | Have an open mind, strong communication skills, and experience with data analysis and computers |
| Median Salary (2021)* | $93,000 (for management analysts) |
| Job Growth (2021-2031)* | 11% (for management analysts) |
Source: *U.S. Bureau of Labor Statistics
Required Education
It takes at least a bachelor's degree to become a management analyst; however, obtaining a master's degree is usually needed to move forward in this field. Prospective management analysts have many options when choosing a course of study; degrees of interest include a Bachelor of Science in Management, a Bachelor of Science in Finance, a Bachelor of Science in Business Administration, a bachelor's degree in accounting or marketing and a Master of Business Administration (MBA). Students in these programs can expect to take classes in math, economics, computer science, public speaking, writing, ethics and the basics of business. Undergraduate programs take four years to finish while master's degrees take at least two; however, many who employ management analysts require additional work experience.
Skills Required
Management analysts must have both an inquisitive and an open mind; they need to ask many questions and listen to many people in order to make suggestions for a firm's improvement. Strong fundamental communication skills are a must to enable management analysts to talk with a business' executives, managers, vendors, clients and staffers. Management analysts must also have experience in data analysis and computers.
Career and Economic Outlook
The U.S. Bureau of Labor Statistics (BLS) reports that 950,600 management analyst jobs existed in 2021; some management analysts are self-employed (www.bls.gov). The BLS estimates that job growth will be at a robust 11% from 2021 to 2031. As of May 2021, the median annual salary for management analysts was $93,000.
Alternative Careers
Similar careers to a management analyst include:
Operations Research Analyst
For those interested in examining organizational issues through research and statistical evaluation, becoming an operations research analyst could be a good career option. These analysts locate problems in operations such as sales, production or supply management and break them down by utilizing mathematical and statistical calculations. They also create computer simulations, cultivate solutions, compile data for reports and discuss recommendations for procedural or financial changes with management. To work in this profession, a bachelor's degree in computer science, math, engineering or a related quantitative research field is usually necessary, and some employers may prefer applicants with a master's degree. Based on BLS projections, operations research analysts should experience employment growth of 23% from 2021-2031, with many new jobs created at government agencies. The BLS determined that these professionals earned a median annual salary of $82,360 in 2021.
Budget Analyst
If developing operational budgets and evaluating spending practices at an organization seems like an interesting career, consider becoming a budget analyst. After consulting with managers and deciding what funding is necessary, budget analysts compile this data into a comprehensive budgetary plan. They also let department heads know about additional money, as well as granting permission for expenditures, producing reports, examining monetary activities and suggesting changes to boost profits. A bachelor's degree in statistics, finance, accounting, business or a related field of study is generally required to work in this occupation. Master's degrees are also common and highly desired by some employers. According to the BLS, a 3% increase in job opportunities for budget analysts is expected between 2021 and 2031, resulting in 1,400 new positions. During 2021, the BLS estimated that 50,400 budget analysts worked in the U.S. and earned a median income of $79,940 that year.
