If you’re that person who’s always been able to look at a problem and find the most efficient solution, then a career as a Management Analyst might be for you. And good news, according to the Bureau of Labor Statistics, the outlook for Management Analysts looks bright. Between 2014 and 2024 the field is expected to grow by 14% (much faster than average). But before you make the change, what does a career as a Management Analyst look like?
What Is a Management Analyst?
Management Analysts are also known as Management Consultants, and their purpose is to find ways to improve an organization’s efficiency to increase profits. They collect and analyze data about how a company works, and then they recommend changes to decrease cost, boost revenue, and cut out waste. Mel Wolfgang, a senior partner at The Boston Consulting Group, explained it to U.S. News this way: “Part of giving great advice to clients is looking at their challenges with a really fresh perspective. You need to be really intellectually curious to think through these tough problems from many different angles.”
Firms of all sizes and within all industries hire Management Analysts. Management Analysts can also work for consulting firms, like The Boston Consulting Group, and be hired out to companies on a case-by-case basis to solve complex problems. In short, Management Analysts have virtually unlimited freedom in choosing where they’ll work.
Management Analysts also make a hefty salary. The median annual wage was $81,320 in May 2015 with the highest 10% earning over $150,220 per year.
Top Skills for a Management Analyst
Getting a job as a Management Analyst isn’t easy. There’s considerable competition for top jobs. That’s why the Houston Chronicle recommends that candidates demonstrate four specific skills:
- Discipline and Motivation: Successful Management Analysts work long hours with frequent travel, so they need to be highly motivated and interested in their work. On top of the hours and travel, Management Analysts are expected to be able to handle a large workload and to prioritize what needs to get done and when.
- Analytical and Creative Skills: The best Management Analysts think outside the box. They should be able to use the data they gather through research and analytics to come up with creative solutions to the problems facing the company.
- Communication and People Skills: Management Analysts talk to executives, employees, vendors, clients and everyone in between. They have to demonstrate excellent people skills, be good listeners, and have exceptional spoken and written communication skills.
- Team Player: More often than not, Management Analysts are hired as a team. So, you need to be a good team player and able to get along with a variety of personality types and management styles.
Management Analyst and the MBA
The truth is that a career in consulting is still one of the most sought after industries for MBA graduates. According to a 2015 Prospective Student Survey conducted by the Graduate Management Admissions Council (GMAC), consulting topped the list of intended industries for both millennial and Gen X respondents (41% and 27% respectively).
While only a bachelor’s degree is required to become a Management Analyst, most companies want their employees to at least have a Master’s degree to move forward. In fact, according to the U.S. News, many employers prefer to hire candidates with an MBA. One reason is that consulting firms want to hire the best and brightest, and so they start looking for employees during the MBA summer internship season.
As for Management Analysts looking to get a position at a top consulting firm, an MBA is the only way to go. Bloomberg Businessweek recently revealed that McKinsey & Company, the elite management consulting firm that is among the most desirable MBA employers in any industry, hires pretty much only MBA graduates. In fact, in 2012, they hired 387 MBA graduates and only from top schools.
The reality is that “[consulting] firms need people who can actually get the work done. Top schools and MBA programs teach a great deal, but the real benefit is an education in confidence and presentation, essential for a job that basically sells knowledge and advice,” explains Business Insider.
Best MBA Programs for a Career as a Management Analyst
Many MBA programs offer concentrations, clubs, and electives focused on management consulting. However, there are a few schools that stand out.
- Kellogg School of Management at Northwestern University: Kellogg sends more MBAs to consulting jobs each year than any other U.S. business school. In fact, 35% of its graduates go to work at consulting firms. To prepare their students, the School offers two consulting majors: the Management and Strategy major and the Managerial Analytics major.
- Columbia Business School: A full 1/3 of MBAs at Columbia entered a career in consulting in 2014. The biggest benefit of the School is the Columbia Small Business Consulting Program, which matches MBA students with local businesses for consulting engagements.
- The Wharton School: The Wharton School offers its students a Global Consulting Practicum as well as a student-run Consulting Club and an annual Consulting Conference.