What is the Job Market Outlook for Management Analysts?
Job Market Outlook October 1, 2013Management analysts are analysts in charge of analyzing an organization’s efficiency, particularly in the area of management. Companies are certainly not unwilling to hear criticism, and that explains the 22 percent increase predicted for this profession over the next decade. Approximately 157,000 jobs will be created because of this growth, and there is a lot of big news coming out of California, particularly in California, Florida and Kentucky.
The Management Analysis Field
The top earners in the profession average over $100,000 per year, while the bottom range comes in at $58,000, which is still formidable. Consulting services are in high demand, as companies seek improvement without having to hire additional staff. The market is competitive and so a thorough knowledge of consolidating techniques is necessary, as is an eye for improving efficiency and control cost.
Experts claim the best potential for growth is in smaller consulting companies that cater to niche industries or highly specific business programs. The public sector field and even government agencies are booming markets for this profession, as is an international business. Many small, mid-range and large companies are taking their services and products overseas and require the assistance of consulting management analysts to help them strategize and avoid potential problems.
There is a lot of promise in green technology, as many firms seek to hire technology consultants who can help them in lowering energy consumption costs and with other green-friendly practices that save money and natural resources.
While it is true the competition is intense, there is still room for individuals who come from a college background, who have certification, and who have proven expertise. Of course, social skills are a plus, since the top earners always tend to have excellent public relations skills and sales abilities—the ability to sell an idea to a client.
The recession-stage economy will only help boost the management analyst industry, as companies are frequently enlisting the help of knowledgeable and experienced consultants to analyze their business model and make recommended changes for better profitability. It is wise to spend some time researching market differences according to territory.
Region plays a part not only in determining a worker’s salary, but also in a person’s qualifications, and profile. Most positions will require a minimum of a bachelor’s degree, though it is noteworthy that as many as 28 percent had graduated to a master’s degree before securing employment.
Recommendations for Landing a Career in Management Analysis
More students are entering the profession with work experience already accounted for and applied on a resume, not merely waiting to take an entry-level job. Students may seek out work experience in human resources, information technology, or retail management. They’re looking for jobs that allow them to practice analysis and problem solving abilities so that they can use this experience on their resume.
The best way to prepare for this career field is to focus on building communication skills, in addition to gaining work experience, and education. Focus on interpersonal skills, self-motivation, and negotiation, since you will undoubtedly be facing some high-pressure situations on the job.
With determination and a natural confidence that comes from knowing the business, you will be qualified to earn a high figure paycheck and find a steady career path.
