Management analysts are employed by public companies, organizations and government agencies. For the same professionals that work independently or in a consulting role, the position is often referred to as management consultants. Management analysts evaluate the structure, efficiency and profits of an organization. They then make recommendations on ways the organization can improve in all of these areas. There are three primary types of management analysts: financial, information and project.
Financial management analysts help organizations evaluate and make investment decisions. These analysts also review and make recommendations on anything that relates to the financial health of the company. The general focus of a financial management analyst is on any trends that affect the industry, geographic region or product or service that the organizations operates. For example, financial management analysts working for the local power company would focus on the trends affecting the utilities industry.
Information management analysts evaluate the software, technology and procedures of an organization for using and storing information. They would make recommendations on how the organization can shorten the sales process or computer software the company can use to make the entire process more efficient. For example, an information management analyst may suggest that a mortgage lender put a workflow management software system in place to speed up the processing of mortgage files.
Project management analysts tend to focus on the details of a specific project. A popular place for these types of analysts is in construction companies, where the company has several building or construction projects happening at the same time. A project management analyst reviews and evaluates every aspect of the project, from gathering estimates on the work that needs to be done in each area, to supervising the project when the construction is underway.
Management consultants tend to be self-employed or work for a private organization. Consultants may work part time in their own office setting, but the majority of their work is done at the client’s site. If a company hires a financial management consultant, then they are hiring this individual to provide them with an outside prospective on what they need to do to improve the financial situation of the company.
All of the analysis that these types of management analysts perform ultimately help the organization to gain a competitive advantage over its competitors. The necessary changes identified by the analysts are the ones that improve the process, effectiveness and efficiency of the internal and external organization, as well as the products or services that the organization produces.