How to Become a Management AnalystCareer News August 26, 2013
The business world is highly competitive with companies often changing their tactics to improve their efficiency or discover new ways to increase profits. In order to move forward as a successful enterprise, organizations and companies will often employ the assistance of a management analyst who is also called management consultants; management analysts may work exclusively for a specific organization, as part of a consulting firm or as an independent practitioner, hiring out their services as the need arises within a company.
It’s the management analyst’s goal to improve and secure the productivity of the organization. This is accomplished by collecting and analyzing data concerning the company’s operational methods, determining the nature of any existing problems, and through interviewing the company managers and its employees. The management analyst will take into account the business environment and its relationship to other organizations within its industry.
Management analysts are well-paid with an average income of $78,000 a year. However, it is a field that requires a number of special skills, intensive training and often some years of experience in other areas of finance and business, as much as five years experience in a related position. Generally, a Bachelor’s Degree in Business Administration or a related field is required, although increasingly, companies prefer to hire those with a master’s degree. Schools such as University of Maryland College Park, George Washington University, Georgetown University, or others in the Washington D.C. area are ideal to start your career.
Special skills for a management analyst are an inquisitive mind, problem solving abilities, critical thinking and analytical skills. A management analyst needs to be able to get along with a wide range of people and be able to communicate clearly. Not only will the analyst need to be able to listen to and discuss procedures with managers and employees, he or she must be able to file written reports, give lectures and work within a team.
What Studies Should You Target?
Recommended courses for those aspiring to become management analysts are accounting, management, economics, computer and information sciences, marketing, human resources, information technology, statistics and engineering. Although not required, most management analysts also seek certification to become a Certified Management Consultant (CMC). The certification adds to the credentials, creating greater possibilities for advancement in a career many business majors see as highly favorable.
In order to receive a CMC, the applicant must acquire the minimum amount of education, some work experience and must submit client reviews, as well as pass the interview and the exam. Certification must be renewed every three years. It is recommended that all management analysts, as well as those who wish to keep their certification updated, attend seminars, conferences and engage in further class studies from year to year.
Job Security and Stability
There is a great deal of security in attaining a management analyst position. The demand for expert consultants is expected to increase by 22% by the year 2020. The services offered by management analysts continue to grow as organizations seek new ways to improve the efficiency of their businesses and become more cost effective. The demand will be particularly strong among consulting firms that specialize in specific industries or with expertise in types of business functions. There will also be more demand in the public sector as state, federal and local government agencies seek to reduce spending costs and improve overall efficiency.
If travel is agreeable to you, this may be one of the attractive aspects for deciding to take a management analyst position, as generally, there is a great deal of travel involved. You should also be able to work under pressure, meet deadlines, think creatively and have an ability to look at situations and problems objectively. As part of a team, you must be able to communicate clearly your proposed solutions to other members of the consulting firm, and then to your organizational or business clients. While the course work and preparation for becoming a management analyst are challenging, the rewards are a productive and lucrative career.