Sometimes, a fresh perspective can make all the difference. When it comes to business operations, that’s precisely what management analysts — or management consultants — aim to do. Employed by a management consulting firm or operating as an independent consultant, management analysts do not work directly for the companies they advise. Instead, they support and offer consultancy services to a wide variety of for-profit, non-profit and government organizations.
The online Master of Business Administration (MBA) in Management program from Florida Institute of Technology provides an excellent path to the business knowledge and skills needed for this career. Management analysts apply their business expertise to analyze organizations, and then partner with managers to execute adjustments that will boost efficiency and decrease costs. In many cases, management analysts possess industry expertise. Organizations often hire management consultants to ensure they remain competitive, or to support entering a new market.
What Do Management Analysts Do?
A business management analyst typically works on a project basis to examine a specific area. In the course of preparing to advise managers on organizational improvements, they may:
- Collect information about the problem they are striving to solve or the process they are improving
- Interview or observe employees to understand approaches, resources and staff that may be required (gap analysis)
- Analyze financial data
- Develop solutions or establish new approaches
- Recommend new systems, effective management processes or structural changes
- Prepare and deliver presentations or reports for organizational management
- Meet with managers to monitor how changes are progressing and partner with staff to help with implementation
The work of management analysts is project-based and conducted for a variety of organizations, surrounding activities ranging from business development to new market expansion. Thus, the projects and requirements will vary by engagement.
How to Become a Management Analyst
There are numerous paths toward becoming a management analyst. Management analysts generally possess extensive business experience and education when they enter the field. They may have experience working directly for companies or ascending the ranks within management consultancy firms.
Many specialize in specific fields or areas, often related to previous experience. For example, management analysts may come from accounting, market research analysis or computer systems analysis backgrounds. Expertise gained from this work experience will inform a management analyst’s specialized work.
Business Management Analyst Education Requirements and Skills
The base requirement for management analysts is a bachelor’s degree, though the field of study can span a wide variety of disciplines, including accounting, finance, economics, management, business, and computer and information science. Some consulting firms may prefer or require a master’s degree, most often a Master of Business Administration. An MBA with a concentration in management is particularly applicable to this career, and can significantly increase a professional’s competitive advantage in the field.
Companies often bring in management analysts to solve challenging organizational issues. These professionals must work with clients in high-pressure situations. As such, management analysts must possess a wide variety of skills, including:
- Interpersonal skills: Management analysts must be able to partner with employees and managers at the organization they are supporting to develop an understanding of the issue and then to implement the solution.
- Problem-solving skills: As an understanding of the issues grow, management analysts must be able to develop viable solutions to their client’s problems. As this will vary at each organization, it requires an adept, creative approach to problem-solving.
- Time management: Management analysts are often pulled in multiple directions, working on tight deadlines to achieve their goals. To be efficient and effective they must be able to prioritize and manage their time well.
- Analytical skills: Management analysts must be able to assess the data and information at their disposal to inform their understanding and drive their recommendations.
- Communication skills: To effectively convey a summary of the challenges and their solutions, management analysts must be able to communicate well with both business leaders and stakeholders and employees.
- Critical thinking: Because no project is the same, management analysts must be able to think critically and learn as they go for each new client, environment and situation.
- Technology skills: Management analysts should be adept at navigating and leveraging enterprise software, databases, analytics software, management system software and web platform development software.
What Is a Management Analyst’s Salary?
In May 2023, the median annual salary for management analysts was $99,410, according to the U.S. Bureau of Labor Statistics (BLS). The top 10% of earners made an annual salary of more than $172,280.
Salaries vary by the industry, with professional, scientific and technical services slightly above the median at $104,400. Pay for firm-employed management analysts is often structured as a base pay plus commissions, an annual bonus and other performance-based compensation. Self-employed analysts are generally paid on a per-project or per-hour basis.
Business Management Analyst Job Growth
Increasing competition in markets pushes organizations to optimize their operations for efficiency and lower costs, boosting demand for management analysts. BLS anticipates an 11% increase in employment of management analysts between 2023 and 2033, which is higher than the average projected growth rate for all occupations.
In particular, BLS expects smaller consulting companies to see significant growth in specific industries like information technology and human resources. In addition, key players like government agencies will drive demand as they seek out ways to improve efficiency and manage spending.
Job Satisfaction for Management Analysts and Consultants
Supporting an array of clients often requires a demanding travel schedule for management analysts. This may include working weeks exceeding 40 hours, especially for self-employed consultants.
The dynamic work environment and complex job requirements, coupled with tight deadlines and fast-paced work, can create a significant stress level. However, the role also offers opportunities for advancement as well as a very high degree of flexibility and independence, all of which can help foster a healthy work-life balance. For those who thrive on problem-solving, can manage high-stress environments and value independence in work, a career as a management analyst may prove very satisfying.
Learn more about Florida Tech’s online MBA in Management program.
