Here’s an experiment: Pretend you’re taking a road trip. Would you be able to get to your destination on time without a GPS? For many, the answer is no. This task is similar to a business and its professional goals. Would a business be able to grow its customer base without knowing what those customers want? Can it create a yearly budget without knowing where its money goes? Can it hire without knowing if it needs more staff?
The answer to these questions can be determined with data and one professional who can provide this data is a management analyst. Sometimes executives look at their operations and realize they need help to ensure their company is running efficiently. This is the job of a management analyst. From payroll to budgeting, a management analyst reviews the operations of specific departments to ensure efficiency and accuracy.
It's common for management analysts to specialize in a specific area found in most industries like inventory, but they can also be called on to review a company’s overall structure, identifying redundancies and nonessential personnel.
Management analysts conduct extensive research, identifying and exploring potential solutions to productivity problems. Once this is complete, they present their findings and suggestions to company executives. During this presentation, they also make suggestions to ensure resources will be adequate in the future to ensure the company’s optimal performance.
While particular requirements for a management analyst vary, you can find this position in a variety of industries ranging from government organizations to investment companies. Common requirements include at least a bachelor’s degree in a relevant field as well as a year of specialized experience in a related area or department such as management, human resources or information technology. Having the Certified Management Consultant designation may also improve your appeal in the job market.
Build competencies with a bachelor's in management
The online Bachelor of Science in management program at the W. P. Carey School of Business at Arizona State University explores the tools students may need to build competencies in the major skill areas managers depend upon to succeed, such as communication, leadership, teamwork, problem-solving and more.
Jessie Lebario Wall, of the class of 2019, highlighted how helpful ASU has been in building professional connections:
“I’ve had professors that have helped me figure out my career options, and peers that have encouraged me to go to events and expand my network even more.”
A typical day in the life of a management analyst
Your daily experience in the management analysis field depends on the industry or company you are working for. For example, evaluating a military organization would be very different from working with a medical company. Common elements regardless of the industry include suggesting more efficient ways to build out a company’s hierarchy or identifying redundant positions that can be eliminated.
You may be asked to generate collateral material breaking down your analysis for the company to retain and use. Management analysts can also prepare procedural/operational manuals to help instruct employees on new systems and procedures being implemented by upper management.
A management analyst’s ultimate goal is to help a company be more profitable. Highlighting areas of inefficiency and suggesting solutions cuts down on waste, thus improving a company’s finances.
Developing the right skill set
A highly professional, process-oriented individual is best suited for a career as a management analyst. Objectively looking at how a company operates and suggesting ways to improve can be difficult. Maintaining a professional and unbiased tone when presenting your findings can make the information easier for executives to digest and effectively implement. Skills a management analyst should possess include:
- Robust analytical skills.
- Clear communication skills.
- Strong interpersonal skills.
- Problem-solving abilities.
- Time-management skills.
Earning a degree in management gives you the chance to practice and develop the necessary skills before joining the workforce. The W. P. Carey School of Business Bachelor of Science in Management degree program encourages students to experience and test management and ethical leadership theories and concepts in skill-based exercises, case discussions and real-world team projects. This experience provides a foundation for students to become successful managers.
A closer look at the professional landscape for management analysts
Naturally, salary is an important consideration for any profession. Payscale places the median salary for management analysts at $64,500 with variations based on work experience. Being a management analyst opens the door to different career path options. Some examples include:
- Management Analyst – Business Analyst, IT – Senior Business Analyst.
- Management Analyst – Budget Analyst – Senior Financial Analyst.
- Management Analyst – Management Consultant – Senior Professional Service Consultant.
Furthermore, there are many entrepreneurial opportunities in this career, such as a business owner of a consulting firm.
In general, projected growth for management analysts is estimated to be significantly above average for all occupations at 14%. Demand for people who can analyze and improve outcomes for a business is increasing based on the common need for companies to cut costs and perform more efficiently. The U.S. Bureau of Labor Statistics predicts the health care industry will have one of the strongest needs for management analysts, due to rising costs and mandated health care reform.
Learn more about your potential career as a management analyst
A community exists of skilled management analysts who provide a vast array of data and insight for organizations. Sound like a community you’d like to join? The best place to start a career as a management analyst is with the proper college degree. Applying for management analyst positions with a bachelor’s degree in management may be the right path for you. You can explore additional relevant skills utilized by managers through the W. P. Carey online BS in management degree program.
Sources:ASU Online Bachelor of Science in management
W. P. Carey School Instagram post
Payscale's average management analyst salary
Occupation outlook fro management analysts