According to the Bureau of Labor Statistics, management analysts made a median salary of $85,260 in 2019. The best-paid 10 percent made $154,310 that year, while the lowest-paid 10 percent made $49,700.
Team player mentality
Businesses across all industries need to ensure the efficiency of their organization to be able to meet their respective company goals. They turn to the help of management analysts whose job is to identify the underlying issues and provide resolutions for it. They help organizations create more profitable opportunities while reducing costs.
If you are one who seeks to be a management analyst in the near future, you can expect a very rewarding job. It offers a great pay of $85,260 annually and has a job outlook of 11% which is much faster than the average. This is based on the annual report of the Bureau of Labor Statistics (BLS).
Often called “management consultants,” management analysts help organizations improve their efficiency in getting things done. They provide advice to managers on how to create more effective ways to boost productivity and ensure the goal attainment of the organization.
Their typical job description looks like this:
In order to thrive in this career, you shall evaluate yourself if you fit the job environment. Getting the job takes a painstakingly long process. You ought to know at the initial stage if you are wired to be a management analyst. Here are the telling signs to guide you in figuring out if you are wired to be a management analyst:
Do you love the methodological process of developing strategies to combat anything? Then this job is perfect for you! The job is about ensuring the efficiency of organization, therefore you need to think of competent strategies on how to reach that goal. If you have the capacity to handle a huge responsibility like this, you are off to a good start!
In order to design effective strategies, you have to look at the big picture of an issue. This is an essential part of fulfilling the job. You can’t just zero in on a particular issue and single it out without taking consideration of its whole scope. If this sounds like one of your habits, then this is a good sign to pursue this career.
Do you have a gift for effective communication? If yes, you can wing this job easily as you need to be good at communicating to all employees of an organization—whatever level they belong to. Having the right communication skills is one of the foundations of successfully doing duties for higher job positions.
You will be spending tons of time talking to various people to know how they tick. They have to feel at ease with you considering you are far higher than a manager. You need to learn how to be approachable and trustworthy so that employees will not hide anything from you which can affect the organization. If you love being around people, this job is a good fit for you.
Your main job is to identify problems in the organization and find solutions for them. If you are born a problem-solver, then this should be easy for you. After all, you have to take these challenges as just a normal part of your job.
You will be doing a lot of decision-making in this job—ones that are highly critical to the organization. You have to innately have the analytical skills to produce good decisions. You carry a big responsibility and you must have the capacity to handle it.
If you have always been a good leader, this is a good sign to thrive in this career. Management analysts handle clusters of people in the organization to be able to find ways on how to ensure they are performing well.
Your main objective is to ensure the efficiency and success of an organization. You have to take pleasure in having met that goal as this boosts your drive to ensure consistency. If you are a person who always strives for the success of company-level goals, this is the right job for you.
To land a role as a management analyst, you will have to undergo grueling years of education and experience. You have to accept the painstakingly long process of being a management analyst. To guide you on how to become a management analyst, here is a complete breakdown of what you need to complete:
The first step to become a management analyst is earning a good foundation of how business management works. You ought to complete a 4-year bachelor’s degree course focusing on business, management, economics, accounting, finance, psychology, marketing, and information science. These subjects are enough to provide you a good overview of how you are going to handle business organizations.
A master’s degree in business boosts your credentials when you apply for a job as a management analyst. This is a demonstration of your educational pursuits as proof of your expertise. In addition to that, you are far more knowledgeable in specialized areas of business management when you have earned this.
Employers prefer those who have an MBA than those who don’t, especially in the field of management. Earning an MBA also offers a host of additional career benefits, including from networking with classmates and discovering new potential career paths.
Before earning the coveted title as a management analyst, you have to earn an ample amount of working experience on management. Promotions are your best bet upon landing the role which means you have to prove your expertise before jumping up a notch in your career.
Although not required, having your CMC is much preferred when you are applying for the role. This certification provides a competitive advantage and most management analysts get them. The Institute of Management Consultants USA (IMC USA) issues this certification when you have met required educational attainment and experience, submitted client reviews, and passed the interview and exam covering the association’s code of ethics. In addition, in order to retain the certification, they need to be recertified every three years.
To be a successful management analyst, you have to instill the right qualities that will effectively push you to perform your duties well. Here are some of the skills and knowledge essential in achieving success in this career:
Management analysts use their analytical skills to derive conclusions from gathered data. Your job focuses on finding out organizational issues and giving recommendations on how to improve and avoid them.
A good management analyst is a good communicator who doesn’t only interact effectively with the organization, but also actively listens to their side. As a management consultant, you aim to know everything that is happening which may directly affect the organization’s efficiency.
Working with a lot of people, you have to be good at holding conversations with them. You are often talking to managers and team members so you need to develop a good approach on how you will talk to them and earn their trust.
Your main role is to provide resolutions for any underlying issues of the organization you are serving. Together with your analytical skills, your excellent problem-solving skills will work together in achieving a consistent organization efficiency.
Management analysts often work on tight deadlines to produce their deliverables. You must develop the practice of good time management to meet these deadlines. You must be efficient in using your time as most of your expected outputs are highly needed by the organization.
As a leader, you ought to provide the motivation that the entire team needs in order to boost their productivity. To be a good leader, you are not only there to provide assistance, but also motivational support. You should know the importance of providing consistent motivation to team members as this is a factor in improving themselves.
As an experienced manager, you should display your expertise in handling teams. You have to be knowledgeable about effective strategies to improve the organization. Strong management and analysis skills are your best assets to fulfill your duties.
The fact that you are working in an organization shows the responsibility of being collaborative with your co-workers. You are on the same team, thus, you need teamwork in order to get things done.
Upon finishing your bachelor’s degree, you will be looking into a master’s degree pursuit. To help you find the best schools that offer competitive MBA programs, here’s a list of 2020’s top universities for getting Masters in Management as listed by MiM Guide.
So where do you find job opportunities as a management analyst? There are tons of ways to score a job today. It’s either you get promoted by your company because of your proven competence, or you apply to career opportunities to jumpstart your career.
Here are some ways on how you can score job opportunities:
Your preferences should always be your priority. Check out the job openings of your respective desired companies. If you find any opportunities that fit your credentials and expertise, go for it. Only move on to your other options when you don’t find any career opportunities in your desired companies.
Practice keeping tabs with your professional acquaintances to find career opportunities in a time of need. You can tap them on your LinkedIn and share your career exploration. Considering that most of your network connections belong to the same industry as you are, you have a fair chance of finding job vacancies.
The easiest and most convenient way to find a career opportunity is through browsing the web and making use of online job portals. Most companies use this avenue to post job openings as most job seekers are utilizing the web to find career opportunities.
Here are some of the online job portals you can check out for management analyst jobs:
Career fairs offer a wide array of opportunities you can check out in person. These events happen every once in a while in your vicinity for sure so watch out for them. These are pre-scheduled so you have a lot of time to prepare yourself before the big day.
You can check out these websites for the schedules of career fairs to find management analyst jobs:
Earning an average of $85,260, management analysts receive a highly rewarding wage. However, the location where you will work affects how much you are going to earn. To find out how much you can receive, here’s a list of the 2019 annual mean wages of every state in the country according to Bureau of Labor Statistics.
|State||2019 Mean Annual Wage|
|District of Columbia||$107,000|
|State||2019 Mean Annual Wage|
Report from the Bureau of Labor Statistics
The first thing your employer sees is your resume. Ensure that the moment your employer touches your resume, they would be blown away with your credentials. With most employers spending 7.4 seconds looking at resumes according to a study, you should do everything you can to catch their attention and make a striking impression.
Knowing that employers only spend seconds reading your resume, you should make sure your resume is free from fluff. You want to make your resume look as brief as possible. Too many details are just not timely to present on your resume, so save that for the interview.
Remember to keep everything direct and digestible when it comes to these details: name, title and company, previous employers and dates of employment, and education. Try to be as concise as possible to make your resume neat and organized.
The proper way to highlight anything is by placing them at the top part of your resume. This way, the employer will see them first. List down your expertise and skills in a brief manner focusing on your accomplishments in your previous endeavors. Using action verbs and statistical data amp up the impact of what you have already done.
One of the best assets you can show off to potential employers is your garnered certifications. These display the career investments that pave the way for a more knowledgeable you whom any company can benefit from. Here are some of the certifications you can get as a management analyst:
As you have established a career in the field, you are more likely to have been affiliated with professional associations related to your niche. Being a member of at least one of these provides the benefit of amplifying your credentials as a management analyst.
Here are some of the associations that you can check out as a management analyst:
An impressive resume is direct and free from any unimportant details. You don’t want to bore your potential employer. A one-page resume is ideal, but two pages aren’t that bad either. It’s just a matter of keeping your resume to the point and clutter-free.
And here you are at the final step of landing that role—your interview! It takes an ample amount of effort to nail that interview. No matter how seasoned you are, sometimes interviews will still give you nerves. You’re not a first-timer, we get it. But a helping hand for some of the possible questions that could be thrown to you wouldn’t hurt.
Here is a little guide on possible questions that could be asked to your management analyst interview:
A question of self-evaluation, your interviewer seeks to know how you perceive yourself and what qualities you have. They want to know what your expectations are in the job and how you can fulfill your duties well.
Answer this question confidently by stating the good qualities that make up a good management analyst. Cite examples and stories that show these qualities. You should enumerate your competent skills in management analysis and other expertise that help achieve an organization’s efficiency.
A management analyst communicates with everyone on the organizational hierarchy—from stakeholders down to the team members. You are not directly reporting to them, but you have the responsibility of influencing them to align with your proposals.
In this question, display your flexibility to lead others into attaining goals. Discuss your effective leadership and cite instances of how you were able to employ this to previous experiences. The gist is to show your interviewer your capability to lead team members.
A situational question to test your competency, this seeks to know your methodological process in improving the organization’s efficiency. An employer is interested in knowing your strategies to find out how you tick as a management analyst.
Provide an answer that will break down the processes you take in drawing conclusions. You will have to look at the figures from the previous years, then do some market research and competitive analysis to derive a conclusion. Elaborate on how you are going to get results with your systematic methods.
Working closely with managers, you are going to recommend new strategies on how to efficiently improve the team. Some managers feel off about analysts because they don’t like being told what to do. That’s the situation that’s perfect to illustrate in this question.
Building trust is the key to a harmonious relationship with co-workers. Share how you can gain the trust of the managers through active listening and knowing their needs as a part of the organization. Giving affirmations also helps build a good connection with them. Cite instances where you used these to nurture relationships in your previous experiences.
Being on the upper management, you will have the authority to dismiss, promote or recommend dismissal and promotion of someone from the lower management. With your position, you have to learn how to cast aside any feelings to prioritize company objectives.
To answer this question, show how you prioritize business goals over personal feelings towards co-workers. It will be hard, but making sure you have the best workers in the team is an essential part of the job. Emotions should not get in the way of accomplishing this task as your main job is to ensure the efficiency of everyone working in the organization.
These are some of the questions that may be thrown to you during the interview. Prepare ahead and wear that confidence. This is the last step to landing that role—make sure you do everything you can to secure it!
If you are too keen on learning the related careers of a management analyst, here’s a complete list of every career and their responsibilities:
Accountants and auditors prepare and interpret financial records. Their primary roles include monitoring the financial activities of a business and ensure it complies with tax regulations. They assist in every organization’s decision-making by providing them an overview of the past financial records that show profitability.
Administrative Services Managers’ role is to plan, direct, and coordinate the supportive services of a business. They most commonly maintain the facilities and oversee activities that comprise recordkeeping, mail distribution, and office upkeep.
Budget analysts assist in organizing the finances of both public and private institutions. Their primary responsibility includes the preparation of budget reports and the monitoring of organizational spending.
Cost estimators collect and analyze data to estimate the time, money, materials, and labor needed to finish the production of a product, the construction of a building, or completion of service.
Economists specialize in the production and distribution of goods, resources, and services. They analyze data, research trends, and evaluate existing economic issues.
Financial analysts assist businesses and private individuals in making investment decisions. They guide their clients by sharing the performance of stocks, bonds, and other forms of investments in the market.
The primary responsibility of financial managers is to ensure an organization’s financial health is stable. They are also in charge of preparing financial reports, directing investment opportunities, and planning long-term financial goals.
Market research analysts study the market conditions to identify the potential profitability of a product or service. They assist businesses to know what people want, desire, buy and afford.
These professionals utilize complex mathematical and analytical methods to help businesses identify issues, solve problems, and create wise business decisions.
Survey researchers’ primary responsibilities include designing and conducting surveys for data analysis. These surveys aim to collect and analyze data that would answer specific questions concerning opinions, beliefs, preferences, and more.
Sharpen your skills in management analysis by taking these top online courses
Here are some of Skill Success’ best courses to help you in pursuing a career as a management analyst: