Management Analyst: Salary, Job Description, and Requirements
Written by:
Wilson College
• Jan 31, 2024
Management Analyst: Salary, Job Description, and Requirements
Management analysts are hired to help businesses find ways to improve organizational efficiency, boost profits, and make significant operational changes. Sometimes referred to as management consultants, these professionals gather and analyze data about business operations and recommend changes based on an organization’s goals.
Many management analysts choose this career because they enjoy handling data, identifying problems, and designing productivity solutions. They want to contribute to the success of their clients and shape the businesses of the future. Some professionals are also drawn to these jobs because of the median management analyst salary. Individuals who have completed a B.A. in Business Management are prepared to take on these roles.
What Does a Management Analyst Do?
Management analysts do what their name suggests—they analyze business operations to find room for improvement. Individuals in these roles are passionate about both data and business efficiency. The research they conduct and the insight they possess help business leaders reach their goals and strengthen company success.
Organizations hire management analysts to identify areas that could be improved. Such professionals might be responsible for the following tasks.
- Planning and hosting meetings with clients and business professionals
- Reducing inefficiency
- Finding redundancy in processes
- Pinpointing opportunities to increase profit
- Conducting data analysis
- Creating and presenting reports
- Researching strategies used by other businesses to solve productivity problems
- Suggesting new systems, processes, or methods to increase productivity
- Overseeing and implementing changes to systems and processes
Analysts communicate their findings and make suggestions through presentations and written reports. They have a solid understanding of business intelligence (BI) and data, and must be able to communicate clearly with company stakeholders.
Where Do Management Analysts Work?
Management analysts may work for business consulting firms, where they find or are assigned clients and accounts. Other management analysts’ work on a short-term contract or freelance basis. Management analysts salaries can vary significantly between different professionals. The amount of time they commit to each of their clients may also vary according to:
- The client’s needs
- The size of the organization
- The time it will take to gather and analyze data
The specific employment terms for management analysts are set out in their contracts with individual employers or clients. Some analysts advertise their business or contact organizations they believe could benefit from their services. They set their own management analyst salary or compensation agreements. Other analysts apply directly to job listings.
Regardless of how they find employment, management analysts work in a wide variety of settings that include:
- Government departments
- Private organizations
- Finance and insurance organizations
- Professional, scientific, and technical services companies
- Small businesses and startups
Management analysts may maintain their own office and travel to client sites for meetings. These professionals tend to travel frequently and may work more than 40 hours a week to meet their obligations.
Management Analyst Education and Skill Requirements
Those who are wondering what they can do with a business management degree might be interested in learning more about the management analyst career path. To land a job as an analyst, it is critical to gain in-depth knowledge of the role and applicable business skills. Aspiring management analysts can gain these skills through a bachelor’s degree program in a business field, such as business management, accounting, or engineering.
Becoming a management analyst also requires having relevant work experience. Many analysts have worked in a management or financial role. This is especially important for freelance management analysts, who need proven experience to attract clients.
Management Analyst Skills
Management analysts are hired to scrutinize business operations and regularly apply the following competencies.
Critical Thinking
Management analysts need to have critical-thinking skills and intellectual creativity to find solutions to the challenges they identify. They should be able to look beyond the surface of a business to understand the nuances of its operations. Analysts should also be comfortable with challenging their own assumptions and ideas.
Big-Picture Vision
The ability to see the ‘big picture’ is also important, as analysts generally work with different departments across complex organizations. Instead of focusing on each individual process or task, analysts should be able to see how everything fits together. Management analysts are also required to possess a thorough knowledge of the missions and goals of organizations they work with.
Communication
Of course, analysts also need strong written and verbal communication skills. They should be able to create visual presentations that show where and how organizations can improve their operations. Additionally, analysts need to be able to connect with and inform an organization’s employees and management, gain the trust of stakeholders, and present their findings clearly.
Management Analyst Salary and Job Outlook
Management analysts earned a median annual salary of $95,290 as of May 2022, according to the U.S. Bureau of Labor Statistics (BLS). Various factors may impact the exact salary an individual can expect as a management analyst. These factors may include:
- Geographic location
- Years of management or business experience
- Education level
Analysts who work for consulting firms or in temporary roles generally earn a base salary and may receive annual bonuses. Freelance analysts earn the amount that was negotiated in their contract and don’t generally receive additional compensation.
The BLS projects job opportunities for management analysts to grow by 10% between 2022 and 2032. This robust job growth is directly due in part to the need to replace professionals who are retiring or leaving the field. As more businesses rely on data and insights from data analysis, companies will likely choose to hire management analysts to stay competitive.
Pursue a Career as a Management Analyst
Does a career as a management analyst sound like the perfect choice for you? Wilson College Online offers a Bachelor of Arts in Business Management that can help you gain the skills to thrive as a management analyst. With impressive job growth and salary prospects, there’s never been a better time to study business management.
Explore potential career paths and learn more about how to earn your B.A. today.
Recommended Readings
4 Types of Leadership Styles Every Manager Should Know
6 Tips for How to Start a Consulting Business on the Side
Master’s in Organizational Leadership vs. M.B.A.
Sources:
Indeed, How to Become a Management Analyst
