Management analysts are professionals that operate as management consultants. They are hired to help improve efficiency and advise company managers within an existing hierarchy to make the organization more profitable. As companies grow from small local businesses to regional or even national brands, more challenges emerge.
Company owners rely on management analysts to help them understand their present and their future. They can provide recommendations for change in structure, overall efficiency or profitability.
What the Managerial Analyst Job Entails
You have the choice of specializing in one type of industry or a variety, though presenting yourself as a specialist might be advantageous. You could develop an impressive portfolio and gain experience in fields like marketing, logistics, or human resources. You may be working as an individual or with a team. You report to the company’s managers and will spend some time reviewing information related to finances, expenses and revenue.
When it’s time to find work, you may end up working as a company staff member in this role, within a firm, or as an independent consultant. The job of a management analyst is to problem-solve and determine changes for the company owners to make. This means taking into consideration the relationship of the company to others in the same industry, the company culture, the established order, the competition and other details. Before making recommendations, you will build mathematical models to better illustrate how companies are affected by various factors.
Once you make all your recommendations, you will submit a report to the client’s representative and give an oral review of the written report, as well. You may be retained even after the initial analysis in order to start bringing about these changes quickly and efficiently.
Analysts work in an office for the most part, though significant time will be spent in and around the client’s company. Still, the work environment is typically clean and in an office. You may be asked to travel occasionally and will be expected to work overtime if deadlines are approaching.
Skills and Knowledge That Will Be Helpful
Having the ability to work well with others is vital, since you will be making suggestions on improvement that may involve spending money, eliminating jobs, changing job descriptions, and the like. This requires not only professionalism but sensitivity and discretion. You may also expand into electronic commerce since many companies are now counting on this channel for revenue.
You really have to put on the mind of a client and determine what problems they see, and what changes they want to make, and help them figure out the logistics behind such a decision. This requires intellectual curiosity and a proper understanding of company structure. It also means learning the industry itself and relying on your own experience in management.
This field is set to increase in jobs, over the next decade, as much as 22 percent. Now is the time to get involved in the career of managerial analysis, even as the profession peaks in times of recession.