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The job of a management analyst is all about the art of efficiency and ways to increase it. Management analyst are experts in finding the right solutions to optimize cost-effectiveness while boosting the organization’s earning power.
Management analysts’ main priorities will be to cut down on cost while maximizing revenue. Even if they aren’t a permanent member of the in-house team of the organization that they help, they are skilled in flexibly applying their analytical skills to the benefit of the organization that they consult.
Management Analyst Occupation Data
According to the Bureau of Labor Statistics, the median pay of a management analyst is about $81,000 per year, coming out to approximately $40 per hour. Management analysts typically only require a bachelors at the entry level, though some do acquire higher degrees. It is common for management analysts to seek out a Certified Management Consultant designation to improve their window of opportunities. Most management analysts usually have less than five years in a related occupation.
In the year 2014, there were 758,000 management analysis jobs in the United States. Between 2014 and 2024, the projected job outlook for management analysis is about 14%, which is considerably faster than average. Should the job outlook prediction come true, then this would be a boost of 103,400 management analyst jobs within the next decade.
Fresh Insight
No matter what the job of the client may be, the management analyst will be counted on to find the best ways for the client to do their job in the most effective manner. Many clients are often too close to their work to see things from the perspective of an outsider, which can make the management analyst’s perspective highly valuable for giving fresh insight.
Creativity Plus Analysis
To determine the best new approaches to any client can make towards having their business run more efficiently, a management analyst will need to have a balance between creativity and analytical accuracy. Both qualitative and quantitative analysis are powerful tools in the management analyst’s skill set, and they will need to learn how to leverage both analytical tools with equal efficacy.
Presenting Solutions
Once the management analyst has reached to a conclusion as to what the best possible course of action to take could be, they may present their ideas as an oral presentation and a typed document. However they may present their ideas, the management analyst will keep an open mind to the ability and willingness of the client to implement their suggestions.
Financial Statement Literacy
Every company that a management analyst works with will have unique financial statements, and an effective management analyst should be capable of interpreting balance sheets and profit/loss statements. With experience, a management analyst may be able to identify common patterns in financial statements that indicate common problems; with these common denominators, the analyst may be able to suggest proven methods with higher chance of success.
Conclusion
Rather than simply giving a solution and walking away, management analyst will work with the client develop a plan gradually and cooperatively. Ideally, the final version of the plan be realistically enacted with respect to the values that the organization already has in place.
Related Resource: 5 Tips for a Financial Advisor to Find New Clients
When it comes to financial analysis, effective decision making can only be done with the right combination of both technical accuracy and human intuition. Financial management analysts have the right calculative and intuitive skills to help businesses make the most of their unique financial situations for continuous improvement.
