Salary Information for Management AnalystsCareer News November 15, 2013
The world is changing quickly, and business is sprinting to stay up with the changes spewing out all over the world these days. A couple of decades ago, an “efficiency expert” would take charts and the power of observation into the factory or office and make suggestions on how to improve work output and, therefore, profitability.
Today, where information is key, management is for activities, but for information and the transfer of it. Computers dominate business, so much that even McDonalds has experimented with computerized ordering and payment, eliminating numerous “McJobs” in the process. The swift and accurate exchange of information throughout the store is a reality, just as critical as in a large manufacturing plant.
What Management Analysts Do
There is still the aspect of sitting down and making ergonomic and flow of product decisions in the job, but it has emerged as a position that needs to use the power of the computer. Companies want advancements that justify a higher salary. That salary is specifically about $78,000 per year (median). To work in this field, a breadth of knowledge that crosses multiple disciplines is required.
For example, a cabinet manufacturer would need an analyst in almost every aspect of the operation. A restaurant chain would find estimation of business and food items essential to its survival. Many companies hire in-house personnel, but there is also a strong demand for independent consultants in this occupation. The internal employees will earn more, but the security and the benefits are in freedom of choice alone.
What is the Job Outlook?
A large market growth has been observed in this occupation, and as much as 20 percent more job openings are predicted for the next decade. Colleges are offering courses to help fill the need, but there are concerns about companies importing workers from Europe and India. After you attain your bachelor’s degree, you can work in the field for three to five years before venturing out into the management area.
The salaries will run in the $25,000 to $30,000 range, starting after school. As you progress, the salary ranges increase, from $30,000 to near $100,000 per year while working with companies. Working as an independent contractor, your income will depend quite a bit on the amount of time that you are willing to invest in your career. It may be well to consider working for a company internally if you’re unwilling to put in more than 40 hours a week.
The variety of possibilities available in the field, to an information management analyst, is impressive in the world of business today. It can be home-based or company-based. The ability to mold this occupation to your personal desires is intriguing on many levels.
It is an occupation that does require “paying dues” with education and work experience, but the investment would seem worth it. Don’t keep postponing! You have a full career ahead of you, and a college of your choosing is the first step towards improving your professional life.