Management analysts or consultants are typically hired to come up with ways to improve an organization's efficiency and often to boost profits. "We want to help make the client better at what they do," says Mel Wolfgang, partner and managing director at The Boston Consulting Group. "Part of giving good advice to clients is about looking at problems that a client might be having with a really fresh prospective, and you need to be really intellectually curious to think through that process at many different angles." Management analysts collect and analyze data about how a company works, and then recommend changes that will decrease costs or boost revenue. Consultants often present their suggestions as a written report and oral presentation, which can help when it comes to implementing their suggestions at the company.
Management-analyst employment is expected to grow by 22 percent between 2010 and 2020, according to Bureau of Labor Statistics (BLS) projections. An additional 157,200 jobs will need to be filled over the coming decade.
Salary
The BLS reports that the median annual wage for management analysts was $78,490 in 2011. The best-paid 10 percent in the field made more than $141,780 per year, while the bottom 10 percent made approximately $43,920. The best-paying jobs are in Santa Cruz, Calif., Naples, Fla., and Bowling Green, Ky.Salary Range
75th Percentile $105,210
Median $78,490
25th Percentile $58,530
Training
A bachelor's degree is required for most entry-level positions, but many employers prefer to hire people with a master's degree in business administration. A Certified Management Consultant designation may improve job prospects. Additional years of experience in the field or industry in which the worker plans to consult may also be required.
Reviews & Advice
"We tend to get brought into situations when there are particularly intractable issues or concerns that aren't easily solved over the course of an organization's development. You need to know how organizations work and how companies work, and you have to like solving problems and fixing things," says Peter Aman, managing partner of the Atlanta office of Bain and Company. "You need to have a sharp analytical mind and the ability to establish frameworks and analyze things in an efficient manner and bring data to bear." You also need to be able to communicate your proposed solutions to other consultants and clients. "You work in a team at the consulting firm and then you work in a larger team in partnership with your client," says Aman.
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