The management analyst is in charge of improving a company’s efficiency, by helping management to find ways on reducing costs, increasing revenues, and gathering the information needed to back up these decisions.
Traditionally, management analysis involves gathering information (oftentimes problems management identifies) and then interviewing staff and conducting other investigations in order to determine what changes will be needed.
Managerial Analysis Job Description
Part of the job involves analyzing hard financial data. This means expenses, income, employment reports, and perhaps more advanced mathematical models. The analyst’s job is to recommend needed changes, whether to systems, protocols, or even organizational structures.
While you do not order these changes, you make recommendations to management. This means creating compelling evidence through written reports and oral presentations. Part of the job is communicating with other managers and ensuring unified thought and perspective.
You have a choice of whether to pursue an internal position with a company or work independently on a contract basis. Some projects are actually quite complex and will need a group of consultants, each one bringing a unique field experience to the equation.
Management analysts specialize in managing inventory, organizing corporate hierarchies, and weeding out unnecessary expenses or jobs that are unnecessary. Most workers will limit themselves to a set industry, such as health or finance, so that they can build a relevant portfolio and grow in experience. Sometimes companies may even have these workers create proposals and bids.
What Is It Like Working in This Profession?
Office hours are typically long, but close to standard. Travel is sometimes required, since you will be reporting to various branches. This is a deadline oriented business, and it often involves working with more than one client at the same time.
Perhaps the most stressful part of the job is eliminating the jobs of others as a cost-cutting measure. This is by no means easy, and workers in the field may very well feel ambivalent towards making these life-altering decisions. Still, it is a necessary move sometimes; less a company go bankrupt by continuously losing money.
The good news is that the career field is rewarding for those who are strong enough to work independently and pursue higher education. Statistically speaking, 25 percent of the workers in this field work for themselves. Of course, since the primary duties are maintaining client relations and being available at all times, this is not a standard contractor position with unlimited flexibility.
A bachelor’s degree is recommended to start in this career path and is practically a prerequisite in the field, given the intense competition. However, many students find that pursuing a master’s degree in a related subject such as business administration will help to give you the edge over your peers.
Without an MBA, it may be difficult to advance from your entry-level role and reach higher.
Academically speaking, business administration is a safe bet, just as many individuals have found success in studying accounting, economy, marketing or even engineering. Let’s start thinking about the future! Plan your education now so you can experience the work benefits later.