Companies seeking to improve their business efficiency and reduce costs may hire a management analyst, also called management consultants, to suggest areas of possible improvement. Management analysts are typically hired by companies on a contract basis and may be self-employed or part of a larger company. Depending on the size of the project, a team of consultants specializing in specific areas may be necessary to complete the project. Specializations within management analysis include inventory management, reorganizing corporate structures, and more. In other situations, consultants can specialize in a specific aspect of the industry, such as telecommunications or healthcare.
- Collect and organize a company's information about issues that needs to be resolved or improved.
- Analyze financial data
- Determine the personnel, equipment, and methods necessary to solving the problem
- Propose suggestions for changes, processes, or revised systems leading to improvement of efficiency.
Given the current economic situation businesses are dealing with, companies are seeking new ways to increase their efficiency and productivity. Since management analysts are often hired on a contractual basis, they are increasing in popularity with businesses attempting to streamline their processes. According to the Bureau of Labor Statistics (BLS), jobs for management analysts are expected to increase 22% by 2020.
Job Growth for
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Becoming a Management Analyst
In order to become a management analyst, candidates must meet basic education and work experience requirements. Most management analysts have bachelor's degrees at minimum, and having a certification can improve job prospects even more. In terms of the type of bachelor's degree a person should have if pursuing careers in management analysis, there are some majors that are more beneficial as preparation for management analyst jobs than others. For example, having a bachelor's degree with business, accounting, economics, or management concentrations can strengthen the resume and prepare students for elements of a management analyst career.
Because of the nature of the job, management analysts must possess certain skills to be successful. This includes analytical thinking, communication, problem-solving abilities, self-confidence, and time-management skills. With experience cultivating these skills, consultants will be given more advanced tasks or work in areas more in line with their specialization. Taking courses in the right subjects can help a student gain the skills necessary for success and lay the foundation for a career in management analysis.
- Business Management
In addition to having the proper educational background, management analysts typically enter their careers with work experience in management, information technology, or human resources (to name a few). Certain kinds of certification, such as the Certified Management Consultant (CMC) designation, can only be obtained with adequate work experience as well. Offered by the Institute of Management Consultants USA, Inc. (IMC USA), the CMC requires candidates to have adequate education and work background, submit client reviews, and successfully pass an interview and exam. Having an advanced degree, such as a Master of Business Administration (MBA), along with several years of work experience and a certification will give candidates the most options when it comes to careers in management analysis.