How to Become a Management Analyst: Salary and Job DescriptionHow to Become a Management Analyst: Salary and Job DescriptionHow to Become a Management Analyst: Salary and Job Description

Modern businesses require innovation to stay ahead of the curve in their industries. No matter the industry, companies also have a strong desire to improve efficiency. This is why the work of management analysts is so important. Management analysts are critical thinkers and problem-solvers, entrusted to uncover operational efficiencies, new revenue streams, and profitable ways to monetize data.

As organizations seek to thrive in their industries, management analysts provide clarity and actionable insight. Whether it’s in information technology (IT), finance, healthcare, government, or another thriving sector, pursuing a career as a management analyst can be fulfilling for those with an affinity for data analysis. Individuals with a desire to take the next step in a data science career and become management analysts should consider the benefits of pursuing an advanced degree.

Sometimes called a business analyst or a management consultant, a management analyst is a data science professional who typically focuses on improving the efficiency of an organization’s processes and procedures. Because these professionals often analyze revenue and expenditures, they assist companies in cutting costs, enhancing performance, and making their business operations run more smoothly.

Several paths can lead to becoming a management analyst. Candidates for the role typically need to earn a bachelor’s degree and gain relevant work experience. Earning a master’s degree and certifications can also improve job prospects.

Candidates looking to get into management analysis should have earned a bachelor’s degree, as this is a requirement for most entry-level analyst positions. New analysts tend to start with jobs as consultants in their chosen field of study.

Typical undergraduate majors for management analysts include business, finance, and data science, but they can include social science, engineering, and other areas of study. After several years of related work experience, analysts tend to earn promotions to junior management analyst positions or return to school to pursue a master’s degree.

Prospective and entry-level management analysts should be focused on developing their skills and expertise. Skills needed in the profession include analytical, problem-solving, time-management, and interpersonal skills, according to the U.S. Bureau of Labor Statistics (BLS).

For those exploring how to become a management analyst, it’s important to understand the need for interpersonal skills to succeed in the role. Some management analysts work independently, but others contribute as part of a team, specializing in a certain area of expertise or across an industry. Management analysts work for small and large organizations alike, or as consultants for external clients. Those in senior management analyst roles typically oversee a team of analysts or operate their own consulting firms.

Management analysts should also be familiar with certain tools, such as Google Analytics, Microsoft Excel, Microsoft PowerPoint, SQL, and Tableau. The role of a management analyst often involves creating charts, graphs, maps, and other visuals that bring data to life and make it easier to consume.

Professionals working in this field may want to consider earning a master’s degree to help advance their careers, move into management positions, or better compete in the marketplace. Employers looking to fill senior management analyst roles typically require candidates to have a master’s degree in a related subject or additional certification, alongside years of work experience.

A graduate degree in business or even a management analyst degree such as a master’s in data science or data analytics may be required to work in a large organization or business management consultancy. Earning a relevant advanced degree allows professionals to develop their knowledge and skills in computer science, statistics, data mining, data modeling, business intelligence, dashboards, and visualization, as well as their understanding of the related software and technology.

Besides earning an advanced degree, aspiring management analysts may want to seek a professional designation to help qualify their knowledge to potential employers. The Institute of Management Consultants USA, an association for professional consultants, offers the certified management consultant (CMC) designation, which attests to certain professional and global standards of competency and ethics and may give a candidate a competitive edge.

Applicants must have been active consultants for three of the last five years, have earned a degree from a four-year college, take a written and oral exam for competency and ethics, and offer references and client assignment summaries. The certification process can take several months for qualified candidates.

Another certification is the certified business analysis professional (CBAP) credential, offered by the International Institute of Business Analysis, a nonprofit professional association. Additionally, some universities offer certificate programs that allow students to get ahead in specific fields. For instance, earning a certificate in big data allows students to gain a graduate-level understanding of certain data analysis techniques that can stand out to employers and verify the individual’s knowledge outside of established career experience.

Companies seek management analysts to solve problems and recommend solutions. Analysts can review single departments, entire companies, lines of business, or individual business processes and procedures. Management analysts think critically and make conclusions by reviewing a variety of data.

Unlike program analysts, who focus primarily on finding ways to improve the efficiency of a company’s computer systems or network, management analysts attempt to improve efficiency from a holistic standpoint, by looking at the impact of certain processes on a company’s overall performance. Their work can result in a large corporate restructuring, business-boosting inventory control improvements, or entrance into a new business.

A management analyst focused on business intelligence may concentrate on predictive modeling by analyzing massive amounts of unstructured data. Analysts in IT departments can work to ensure databases are secure. Management analysts in the healthcare sector scour big data from sources such as hospital records and patient medical records to improve services.

The median annual salary for management analysts is $93,000 as of May 2021, according to the BLS. Individual salaries are influenced by experience, education level, and job location.

Salaries can also vary for management analysts depending on the industry. Those working in the professional, scientific, and technical services sector have the highest median annual salary of $100,170. Professionals working in management at companies and enterprises have a median salary of $96,940, while those working in finance and insurance have a median salary of $83,050. Management analysts employed in the government sector have a median annual salary of $81,090.

Management analysts employed by consultant firms typically receive a base salary plus a year-end bonus, according to the BLS.

Employment of management analysts is projected to grow by 11% between 2021 and 2031, according to the BLS, which is much faster than the average for all occupations (5%). The demand for management analysts will likely be highest in consulting services. Tapping the expertise of analysts helps organizations improve efficiency and control costs, so there is always a market for their services among businesses looking for a competitive edge.

In IT consulting, where management analysts are projected to be in high demand, these professionals help to maintain cybersecurity and IT systems. Government agencies, another sector where management analysts are projected to have strong job growth, rely on these professionals to help them reduce spending and enhance efficiency.

Management analyst candidates have better job prospects if they have certain professional assets, such as a graduate degree, certification, foreign language fluency, or an aptitude for public relations or sales, according to the BLS.

The Maryville University online Master of Science in Data Science program has a 36-credit-hour curriculum developed in collaboration with data science industry leaders. This graduate-level program is designed to reflect the most in-demand skills in the field and includes instruction in machine learning, mathematics, predictive modeling, and programming. The coursework is project-based, allowing students to demonstrate the practical application of their studies to future employers through hands-on projects.

This program’s data science curriculum combines required courses with electives chosen based on areas of interest, allowing for an individualized degree that gives students the opportunity to take various courses tailored to their career goals and interests. Students can choose from courses such as SAS Programming, Big Data Analytics, Statistical Modeling, Deep Learning, and Predictive Modeling.

Students will also learn to apply mathematical theorems and principles in their work, and their knowledge of statistics and calculus can give them a competitive advantage in the workplace.

For individuals with a bachelor’s degree who aren’t quite ready to pursue a master’s degree, Maryville also offers two online professional data science certificates in big data and machine learning. These graduate-level certificates consist of 15 credit hours, and individuals can apply the credits toward a master’s degree in data science later on.

Management analysts help organizations find more efficient ways of doing business, uncover new markets, and implement new systems and procedures. They are the key to putting big data to use, and their input may even lead to major organizational changes. Those interested in learning how to become a management analyst should consider the benefits Maryville University’s online Master of Science in Data Science program can offer in preparing them for this dynamic career.

Our program was designed with input from employers and partners that use big data across industries, so you can build proficiency in the most in-demand areas of the modern data science world. Begin your own journey toward becoming a management analyst or accelerate your existing career with Maryville University today.

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Indeed, “How to Become a Management Analyst”

Institute of Management Consultants, How to Become a Certified Management Consultant

International Institute of Business Analysis, Certified Business Analysis Professional (CBAP)

Investopedia, “Business Analyst: Career Path and Qualifications”

U.S. Bureau of Labor Statistics, Management Analysts