How to Become a Management Analyst

How to Become a Management Analyst
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Management Analyst: A Quick Look
Median Salary $78,600 or $37.79 per hour
Entry-level Education Bachelor’s degree
On-the-job training None
Primary employers Consulting services, federal government, and self employment
Number of positions (U.S.) 718,700
Job Growth (2012-2022) 19% (Slightly faster than average)
New positions (2012-2022) 3,800

Management Analyst Job Description:

How to Become a Management Analyst

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The management analyst job description includes determining how companies can increase their efficiency, look for ways for companies to reduce their costs, and provide suggestions for ways managers can increase company revenue, and more. To become an analyst, you need a bachelor’s degree or a master’s degree. Analysts make a good salary, and can anticipate growth within the field which will lead to good job security. You can discover more about the typical management analyst job description here.

Management Analyst Salary:

Data from the BLS indicates that the median annual management analyst salary for all analysts as of 2012 was $78,600 or $37.79 per hour. The top 10 percent of these analysts earned an annual salary of more than $142,580. The lowest earning 10 percent of these analysts earned an annual salary of less than $44,370. Analysts who worked for the federal government earned the highest salaries that averaged $84,530 annually. Analysts who worked for state and local government earned the lowest annual salaries at $62,270. Learn more about the management analyst salary here.

How to Become a Management Analyst:

At this point you might wonder how to become an analyst. To become a management analyst, you typically need a bachelor’s degree in a related field from an accredited college or university. Related courses of study may include business, accounting, marketing, finance, economics, political science, and more. Relevant work experience is typically important as well. If you’re interested, you can learn more about how to become a management analyst here.

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Management Analyst Job Outlook:

According to BLS data, the typical Analyst outlook is projected to grow by 19% for management analysts between the years 2012 to 2022. That rate of growth is notably faster than the average rate of growth for all other professions. By the year 2022, it is anticipated that there will be approximately 852,500 of these types of analysts in the United States. The following guide will tell you all about the Management Analyst job outlook. You can read more here.

Management Analyst Salary:

The management analyst salary is higher than the average of all other occupations. The latest data calculated at a national level by the BLS, indicates that the median annual analyst salary as of the year 2012 was $78,600 (or $37.79 per hour). The median value is not the same as the value of the average salary. However, in some instances they may be close. The median value indicates the middle value of all the documented salaries for these analysts in the United States. This means that half of all management analysts in the United States have earned a bit more than $78,600 per year, and the other half of these analysts earned somewhat less. The management analyst salary may vary somewhat based on the industry in which the analyst works. In regards to location, the most highly paid of these analysts work in Massachusetts, Washington, and San Francisco.
  • The top 10 percent of these analysts earned an annual salary of more than $142,580.
  • The lowest earning 10 percent of these analysts earned an annual salary of less than $62,270.
  • Analysts who are employed by the federal government tend to earn the highest salaries averaging $84,530
  • Analysts who work for consulting services earn an average annual salary of $84,300
  • Analysts who manage enterprises and companies earn an average salary of $78,030
  • Analysts who are employed by insurance carriers earn an average annual income of $73,370
  • Analysts who work for local and state governments earn the lowest annual salaries at $62,270
Some analysts are self employed, so their salaries may vary somewhat. Management analysts who worked in the field for a decade or two tend to earn around $77,000+ per year. Analysts who have worked for 20 or more years tend to cap out somewhere around $80,000. However, other factors such as location of employment and industry do influence overall pay scales for analysts.

How to Become a Management Analyst:

Do you want to learn how to become a management analyst? Of course you do. That’s probably why you’re here reading this guide! To become a management analyst, you need to earn a bachelor’s degree in a related field from an accredited college or university. A bachelor’s degree in accounting, marketing, economics, business, political science, and others are usually most desired. However, some employers prefer to hire management analysts who have a master’s in business administration (MBA). Analysts must stay current on the latest information pertinent to their job, so they must continue their education through conferences and workshops. Analysts who have the right qualifications (the designated level of education and positive client evaluations) and are able to pass an exam and interview can become certified management consultants or CMCs. Once an individual becomes a certified management consultant, they must pursue recertification every 3 years. Certification is not a requirement for analysts; however it may give them an advantage when they are searching for a job. Most analysts are offered their positions after they have gained relevant work experience in human resources or management. Also, some companies in specific industries prefer to hire analysts who have experience with or knowledge about that particular industry. Having an area of specialty can prove to be an asset to analysts who are looking for contracts or positions. As analysts gain relevant work experience, they may be offered job promotions. Eventually, analysts may be offered positions where they supervise and oversee a team of management analysts. This typically occurs after they have worked as analysts for many years. It is important for analysts to possess effective time management skills, strong communication and interpersonal skills, solid analytical skills, and good problem resolution skills.

Management Analyst Job Description:

The job description for this type of analyst includes determining how companies can increase their efficiency, look for ways for companies to reduce their costs, and provide suggestions for ways managers can increase company revenue.

A typical management analyst job description contains the following job responsibilities:

  • Gather information about the problem the company is experiencing or the policy that needs to be amended
  • Gain first-hand observations on-site at the company location and conduct interviews with employers to determine what will need to be used to make appropriate changes
  • Assess and analyze the company’s financial information and data
  • Formulate solutions to the company’s problems and recommend changes and new systems that could be put in place to address the problem/s
  • Give presentations or write reports that convey the recommended changes
  • Consult with managers to ensure that the recommended changes are accurately and effectively address the problem/s
Some job responsibilities vary depending upon who the analyst is employed by and what project they are currently working on. In some cases, a team of consultants may need to work together collaboratively to help a company or organization. Some projects require analysts to work independently or with managers of the companies they are assisting. It is not unusual for analysts to specialize in a specific industries, areas, or agencies. Analysts who work contractually may sometimes have to bid for jobs or write proposals in order to secure a contract with a company. Based on the needs of the company and what the consultant/s have to offer, the company selects the analysts who best address their needs and fit in their budget. Management analysts often have to work extended hours under a tight, stressful schedule. As of the year 2012, 1 in 4 management analysts worked over 40 hours each work week.

Management Analyst Job Outlook:

The management analyst job outlook is projected to grow by about 19% between the years 2012 through 2022. This is notably faster than the average growth of all other occupations. During the year 2012, there were around 718,700 employed management analysts working in the United States. It is expected that there will be around 852,500 positions for analysts by the year 2022. It is anticipated that there will be a high demand for management analysts as organizations and business seek out ways to decrease their costs and increase their efficiency. Noticeable growth will be among the smaller consulting firms as they tend to be specialized in certain industries. Growth of foreign businesses will also place additional demands for more management analysts. As companies in the United States grow and expand to foreign countries, they will look to management analysts to help them determine the most ideal strategies to successfully enter foreign markets. Specialization in certain industries will prove to be an asset to consulting companies and management analyst job seekers. Also, being fluent in a popular foreign language could prove very useful to job seekers. There is expected to be a great deal of competition among individuals who are seeking positions in this field. The high salaries associated with this profession tend to make it very appealing to many people. Individuals who are certified and/or have a master’s degree as well as some of the aforementioned skills and knowledge are likely to have the best job opportunities.

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