Have you ever thought you would enjoy helping companies become more effective and efficient? If so, the job of a management analyst might be perfect for you. This career involves helping companies decrease their costs and expenses and increase their revenue, helping companies become more efficient, creating plans and strategies for ways in which companies can meet theirgoals, and more. Job security is anticipated to be very good in the years ahead. There will likely be many job opportunities for individuals pursuing positions as analysts. Analysts typically work full time, but they often end up working over 40 hours each week. If this field sounds like it may be of interest to you, here are all the details you need to know about. In this article, you can learn everything from an management analyst salary to the management analyst job description.
Overview of a Management Analyst Salary
According to the BLS, the median annual salary for analysts was $78,600 or $37.79 per hour in May 2012. The highest earning analysts earned an annual salary of approximately $142,580, whereas the lowest earning analysts earned an annual salary of less than $44,370. This median annual salary is somewhat higher than the average median for all occupations which was $34,750 per year as of May 2012. As determined in May 2012, the median annual income for management analysts within the top five industries management analysts worked in were: the federal government (average annual salaries were $84,530), consulting services (average annual salaries were $84,300), enterprise/companies (average annual salary of $78,030), insurance companies or carriers (average annual salary of $73,370), and state and local governments (the lowest average annual salary at $62,270).
Earning Factors of a Management Analyst
The salaries of analysts tend to vary somewhat based on how much experience they have, what the geographical location in which they are employed, who they work for. As with many jobs, analysts’ salaries tend to increase the longer they work in the field. As analysts get into the later part of their careers, their salaries tend to reach their largest amount. Also, analysts who are in employed in Washington, D.C. tend to receive the highest overall salaries for analysts. On average analysts who work in Washington, D.C. earn $7,500 more than the national average for management analysts. The worst location for analysts to work is in Houston, Texas, where analysts earn $6,373 less than the national average.
Management Analyst Job Description
The job of an analyst is best suited for people who like to problem solve, work with other people, do not mind some travel during the work day, and can handle stress and pressure. Typically, analysts work a full-time schedule at 40 hours a week. However, it is not uncommon for analysts to work over 40 hours each week in order to meet deadlines and get all their work finished. Analysts work with managers and employees of the companies they are assisting. However, they may also work in teams with other analysts. Analysts may find their job to be stressful as they tend to have strict deadlines and often must travel for their job. Some analysts feel that their job can be very demanding. This job is not particularly physically demanding, but it can cause some analysts to feel pressure and stress.
A typical management analyst description contains the following items:
- Gather information on the issue or issues the company is currently experiencing
- Evaluate the company’s financial information and data
- Conduct first-hand observations at the company and have face-to-face interviews with company employees in order to determine what changes must be made
- Create a strategy for effectively resolving the company’s issues
- Make suggestions on how the company can implement the necessary changes
- Give presentations and write summaries about the suggested changes
- Follow up with managers and employees to determine if the changes have been effective for the company
The job responsibilities of management analysts may differ slightly based on the type of project they are working on and what company they work for. Some analysts typically work in groups, while other analysts often work independently. The size of the project given to analysts typically dictates whether they work alone or in groups.
An analyst should have these important qualities and characteristics:
- Strong communication skills as analysts must be able to communicate clearly and concisely through speech and writing
- Good listening skills to understand the needs of the companies they are assisting
- Interpersonal skills are imperative because analysts work closely with many people as they do their job
- Good analytical skills are necessary because analysts must be able to effectively and efficiently analyze company information in order to formulate their proposals
- Time management skills are also important because analysts tend to work under stringent deadlines and must be able to complete all necessary tasks within the allotted timeframe
- Critical thinking and problem solving is also necessary for analysts because they must come up with effective solutions to difficult issues within companies
Analysts can be self employed or they can work for a company. In this case, they may work contractually. It is common for analysts to spend a great deal of time working at their client’s place of business. However, they do spend some time working from their own office. They may spend a large amount of their work time traveling from one client to the next. This can lead to high levels of stress and pressure.
Management Analyst Job Outlook
The BLS projects that the management analyst job outlook is quite good. The employment rate is anticipated to grow by 19% between the years 2012 and 2022, which is faster than the average rate of growth for all other occupations. There are expected to be 852,500 positions for analysts by the year 2022. As companies look for ways to cut back costs, the demand for management analysts will increase. Also, the expansion of companies to foreign countries will also lead to increased demand for management analysts.
Let’s look at the management analyst education requirements that will be needed in order to compete for these coveted positions.
Management Analyst Education Requirements
A management analyst education typically consists of a bachelor’s degree in a related field (such as marketing, political science, economics, business, and others). Although it is not always required, some employers prefer to hire individuals who have master’s degrees in business administration (MBAs). Analysts have the option of becoming certified, but they must first meet the qualifications to do so. For example, they must have a specific amount of work experience as well as education. A passing grade on a written exam is required and a face-to-face interview must be conducted. When all of these qualifications have been met, analysts can become certified management consultants or CMCs. In order to maintain their certification, CMCs must recertify every 3 years. Certification can give analysts a leg up when applying for jobs even though it is not required.
Ongoing, career-long continued education is necessary for management analysts. In order to keep up to date on the latest, newest information in the field, analysts can attend classes, workshops, conventions, and other training opportunities.
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