What is a management analyst?
Effective management is a necessity for all businesses. Strong leadership allows companies to address concerns and seize opportunities efficiently and consistently. These skills are vital for continued relevance and growth in any business.
Business management is a high-stakes endeavor, having influence on the health of the enterprise. For this reason, leaders often turn to management analysts outside their organization to analyze and improve their processes and solve operational problems.
Management analysts broadly analyze and improve performance across a company. They aim to identify a variety of issues present and address the potential changes needed to maximize and advance a company’s growth and operations.
What does a management analyst do?
An average day for a management analyst can differ, however, they generally work for consulting firms or are self-employed. This means that management analysts are consulted on a project basis, and the client work and assignments are temporary and constantly changing. For this reason, many management analysts acquire a breadth of knowledge in a niche category of business operations to succeed within various organizational environments. For example, some management analysts specialize in supply chain, manufacturing or data transformation.
Regardless of the differences between varying clients, management analysts begin each project by conducting a gap analysis. This can involve meetings with different leaders within an organization and interviewing employees to better understand the issue at hand. Other day-to-day responsibilities for management analysts include:
- Hosting or attending meetings.
- Producing reports, analyses and presentations.
- Recommending new systems, methods and equipment to stakeholders.
- Researching relevant strategies related to resource and time management.
These projects are crucial for the analyst’s clients to continue operating smoothly. Successful adjustments and improvements are what keep companies relevant in their industry and the broader economy despite the significant and sometimes rapid change.
How to become a management analyst
Management analysts make crucial determinations about many diverse business practices. While clients aren’t required to use the analyst’s suggestions, the clients’ value of those suggestions stems from their confidence in the analyst’s abilities and background. For this reason, a formal education in analytics, project management or business is often required for management analysts.
Additionally, management analyst roles require work experience and generally need firsthand experience with businesses to provide actionable advice. Managerial and supervisory roles are especially relevant in this context.
The projects that management analysts conduct often deal with tricky and substantial issues that are affecting the health of an organization. In order to successfully fulfill a management role, it’s essential to possess skills and competencies, such as:
- Consistent data gathering, both through technology and discussions with stakeholders.
- Extensive knowledge of common management issues and best practices.
- Interpersonal communication.
- Strong attention to detail.
- Time management.
Management analyst salary outlook
The high-risk situations and long hours that management analysts handle are often compensated with competitive pay.
According to the U.S. Bureau of Labor Statistics, the median salary for management analysts was $93,000 in 2021. This is more than double the median annual pay of $45,760 for all workers in 2021.
Management analyst salaries can be substantial for many reasons, including:
- In-demand abilities and knowledge.
- Many years of professional experience.
- Strong educational background.
Management analysts are in high demand
According to the Bureau of Labor Statistics, employment for management analysts is projected to grow 11% from 2021 to 2031. That’s substantial compared to the average growth rate for all jobs, which is projected to be only 5%. The BLS predicts that more than 108,000 new positions in the field will emerge by 2031.
Companies that want general or specialized help improving operations know they can turn to management consulting services for assistance, thus the high demand for these roles.
Earn your degree from Arizona State University
There isn’t a specific set of education requirements for management analysts, but there are a variety of degrees that can prepare you with the skills needed for your desired career path.
ASU Online offers a variety of relevant online bachelor’s degree options such as:
- Bachelor of Arts in organizational leadership with a concentration in project management
- Bachelor of Global Management
- Bachelor of Science in business data analytics
- Bachelor of Science in management
If you’re looking to accelerate your career in management analysis, ASU Online offers several relevant graduate degree programs: