Sometimes, you only need a fresh perspective to make all the differences. When it comes to business operations, that is precisely what a management analyst or management consultant aims to do. Operating as independent consultants or employed by management consulting firms, these professionals are not generally employed by the organizations. Instead, these professionals support a wide variety of government, profit, and non-profit organizations.
A well-informed management analyst applies their business knowledge, expertise, and experience to analyze businesses, and then closely works to execute adjustments that will help boost effectiveness and decrease costs. Since these professionals possess industry expertise, businesses hire them to get support entering a newer market or to remain competitive.
What Does a Management Analyst of Consultant Do?
They often work on projects to analyze a particular area and advise others on organizational improvements. In addition to these, they may:
- Collect essential information about the problems they are solving and the process they are improving
- Observe or interview employees to understand their approaches. To put it simply, they do a gap analysis
- Analyze financial and other important data
- Recommend new processes, systems, and structural changes
- Prepare and deliver reports or presentations for organizational management
- Meet with managers and others to monitor how changes should be progressed and work with others in the implementation
Since the work of these professionals is project-based and typically conducted for a wide range of businesses, the projects and requirements may vary in terms of engagement.
How to Become a Management Analyst?
Most of these professionals enter the field with some business experience. Some of them specialize in a particular area or field. For instance, a management analyst can help accounts and audit departments if they previously have been into those fields.
Additionally, a bachelor’s degree is also needed for this field. However, the education background can span a wider range of disciplines such as finance, accounting, business, management, economics, computer and information science, and psychology. Some employers may hire professionals with a master’s degree – particularly an MBA degree.
Essential Skills to Become a Management Analyst
These professionals solve challenging organizational issues and work with clients who are under high-pressure situations. Hence, they should have several essentials skills. Some of them have been listed in the table below:
|Interpersonal Skills||These professionals should be able to collaborate with managers and employees at the company they are going to develop an understanding of the issues and then implementing the solutions.|
|Problem-Solving Skills||When issues grow in an organization, a professional should be able to create viable solutions for their clients. Since the problems will vary from one organization to another, you will need a creative approach to solve problems.|
|Time Management||Management analysts often work on tight deadlines to achieve the goals. Hence, to be an effective and efficient professional, they should be able to prioritize their work and manage the time well.|
|Analytical Skills||They should be capable of assessing the information and data collected at their disposal to provide suitable and effective solutions.|
|Communication Skills||To effectively and easily convey your message and summary of the issues and solutions, as a management analyst, you must be able to communicate with the businesses, managers, employees, and stakeholders.|
|Critical Thinking||It is a fact that not all projects are the same. Hence, you must think critically as much as you can with each project.|
|Technology Skills||You must be able to adept at databases, software, web platform development software, and management system software.|
Salary of Management Analysts
As per the reports of the Bureau of Labor Statistics, in May 2017, the average annual salary for these professionals was $82,450. However, the exact salary depends on multiple factors. Salary may vary from one industry to another. For instance, the median salary for professionals with technical and scientific services is slight above – $87,840.
Job Growth and Career Outlook
Increasing competition is projected to push businesses to optimize their operations for effectiveness and lower costs, boosting the demand for certified and well-trained management analysts. According to the Bureau of Labor Statistics, the expected growth for this field is 14% between 2016 and 2026.
In particular, the IT (mainly IT security) and healthcare industries are projected to increase their demand. Key players such as government agencies will continue to find ways to manage expenses and improve efficiency.
Related Career Options for Management Analysts
This field comes with countless career opportunities. Some of them have been given below:
- Accountants and Auditors
- Administrative Services Managers
- Budget Analysts
- Cost Estimators
- Financial Analysts
- Financial Managers
- Market Research Analysts
- Operations Research Analysts
- Survey Researchers
To know more about this career option, you can get in touch with AEC. With us, you will get to know more about the top-rated universities/colleges and courses in countries like UK, Australia, Ireland, New Zealand, Canada, Singapore, and Germany. To get details related to admission application, study visas, etc., give us a call or simply visit our website for more.