Career Field Analysis: Management Analyst
Introduction
Management analysts, who are also called management consultants, work with organizations to provide management assistance planning, coordinating, special projects, and conducting studies and surveys. The purpose of this position is to improve an organization’s efficiency through the implementation of work simplifications, the design of procedures and systems, and by conducting evaluations. This is done through the act of gathering and organizing information on organization performance and then analyzing the gathered data to begin developing alternative methods and solutions with which the organization can proceed in a more efficient or effective manner.
Skills used
The skills frequently used in the field of management analysis are primarily based around solving problems an organization might face. Problem-solving, time-management, and analytical skills are employed by management analysts daily when working with organizations and corporations. For management analysts to adequately accomplish their task of advising an organization on ways in which they can improve, the analysts must first identify the issues which the organization is facing. Management analysts will utilize a high level of active listening, critical thinking, reading comprehension and decision making to determine the area of concern in the organization. A successful management analyst is highly proficient in communication, the analysts will have an impeccable ability to comprehend and evaluate when gathering information to identify problems, and the ability to skillfully express their proposed changes to the organization via their writing and speaking skills. Particular skills in the related field may be required if the analyst is employed by a firm who specializes in a specific industry, such as; telecommunications, healthcare, or government agencies.
Work Conditions
The working conditions of a management analysts are often intensive and stressful. Analysts will often have to split their time between their office and being on site with a client, this can require significant amounts of travel. The high frequency of travel, tight schedules, and demanding clients can necessitate the analyst work more than a conventional 40-hour work week. According to the Bureau of Labor Statistics Occupational Outlook Handbook, “In 2016, about 1 in 4 worked more than 40 hours per week”. The working conditions of a management consults will often test an individual’s ability to manage stress and be self-disciplined. The fast paced and ever-changing work environment of a management analyst contributes to moderately unstructured working conditions and a large amount of freedom to make decisions.
Becoming Employed
Entry level management analysts often enter the field with several years of work experience already complete. Those organizations who specialize in specific fields will usually try to hire candidates who have previous experience in the field in which they specialize. As there are consulting organizations specializing in essentially every sector of the economy, analysts can be hired with a wide variety of experience. As a management analyst gains more experience and progresses to a senior level position they tend to work on more complex projects, supervise teams of lower level analysts, and participate more in the acquisition of new clients and expending business. Those analysts who excel in the field may eventually gain a partnership position in their consulting organization where they will almost exclusively focus on increasing revenue and attracting new business. Should a senior analyst leave their consulting firm they will often move to a senior management position at an organization outside of the consulting field.
Education/Training/Licensure
A minimum of a bachelor’s degree is typically required for an entry level management analyst position. As there are few colleges who offer programs specific to management consulting, entry level management analyst candidates typically have a degree in one of the following common fields of study; business, management, economics, finance, accounting, or marketing. Management analysts have the opportunity to improve job prospects by obtaining the Certified Management Consultant (CMC) designation which is offered by The Institute of Management Consultants. This certification requires the applicant pass an interview and exam which covers IMC USA’s code of ethics. According to IMC USA, applicants should also have “a minimum of 3 up to 9 years of management consulting experience as independent or internal consultants with five satisfactory client evaluations, and a bachelor’s degree”. Designation holders must recertify every three years to maintain the designation of Certified Management Consultant from IMC USA.
Outlook/Salary
The job outlook for management analysts is positive, the number of positions in the field is expected to increase by 115, 200 from 806, 400 positions in 2016 to 921, 600 positions in 2026, this is an increase of over 14% which is higher than the average expected increase in all occupations of 7%. According to the Bureau of Labor Statistics, Occupational Outlook Handbook, “The median annual wage for a management analyst was $82, 450 in May 2017”. In May of 2015, the median annual wage was $81, 320. The lowest earners in the management analyst field earned less than $47, 140 per year and the highest earners exceeded $152, 210 annually. The salary of a management analyst is location dependent, according to indeed the average salary for an analyst is 20% below the national average where as the average analyst salary in Washington, DC is 20% above the national average. This large discrepancy in income based on location can make relocating for work an attractive proposition for management analysts.
Lifestyle Impact
The lifestyle impact of embarking on a career as a management analyst will have a large impact on one’s lifestyle. The need to travel often for the position can make maintaining a balanced personal life difficult. In order to meet the deadlines for projects and tasks, management analysts will often have to work in excess of 40 hours per week, those management analysts who are self-employed may have more flexibility and control over their work schedule. Due to the high amount of travel required, long work hours, and often tight timelines in which to complete tasks and projects, a high amount of stress is to be expected among those who work as management analysts.
Conclusions
While the job outlook and salary expectations look promising for those interested in pursuing a position as a management analyst, these perks do not come without their own set of drawbacks and compromises. The position requires the ability to communicate at a high level, as well as strong analytical and decision-making skills. As there are management consulting firms specializing in nearly every aspect of the economy those who possess specialized knowledge in a specific field are likely to find a management consulting firm who would offer them employment because of such knowledge. Opportunities exist for those in the field of management analysis who wish to increase future job opportunities by obtaining the Certified Management Consultant (CMC) designation from the Institute of Management Consultants (IMC). Those who choose to pursue a career as a management analyst can expect their work-related stress level to be high due to frequent travel, long hours, and tight deadlines.
