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It is no secret that a well-run company has a competitive advantage over a poorly managed one, and the research concurs. According to a 2012 study from the National Bureau of Economic Research, solid management not only pays off in terms of revenue, but can produce happier, more productive employees. This is precisely what makes management analysts so valuable.

What is a management analyst?

Management analysts -- or management consultants -- create strategies designed to make organizations more efficient. Working closely with managers and executives, management analysts' goal is to help businesses reduce costs and increase revenues, often on a personnel-basis. Management analysts' day-to-day tasks, as reported by the U.S. Bureau of Labor Statistics (BLS, bls.gov, 2012):

• Analyze problems to be solved or procedures to be improved
• Interview and observe personnel
• Study financial and other data like revenue or expenditure
• Develop management solutions and give recommendations
• Follow up with managers to ensure strategies are effective

Becoming a management analyst

While some of the skills that make one well suited for management analysis are seemingly innate -- like solid problem-solving and interpersonal skills -- others, like a strong sense for business, are honed through formal education. According to the BLS, a bachelor's degree is typically sufficient for most entry-level management analysts, but employers increasingly prefer to hire candidates with a master's degree in business administration (MBA) or a related field, like marketing, economics or accounting. Specialized management analyst schools and programs are an excellent place to start. In some cases, students can even complete at least part of their management analyst training online.

According to the BLS, the Institute of Management Consultants, USA, Inc., offers the Certified Management Consultant professional credential to those who meet the minimum formal training requirements, pass an interview and exam, and submit to a client review process. While not a requisite for employment, professional certification may give management analysts a competitive edge in the job market, or improve their earnings.

Management analyst salary trends

Management analysts tend to earn more than the average U.S. worker. According to the BLS, the management analyst salary in 2011 was $78,490 median with the middle 50 percent earning between $58,530 and $105,210. The lowest 10 percent of management analysts earned up to $43,920.

It is important to keep in mind that these figures are not guaranteed; there are a number of factors that can influence your salary potential. For example, the BLS reports that the following industries tended to offer the highest mean management analyst salaries in 2011:

• Petroleum and coal products manufacturing ($115,320 mean)
• Motion picture and video industries ($109,530 mean)
• Pipeline transportation of crude oil ($109,010 mean)

Likewise, the BLS reports that the following states offered the highest average salaries the same year:

• New York ($103,540 mean)
• Massachusetts ($103,440 mean)
• Georgia ($97,210 mean)

Another factor that can influence your earnings potential is education: Degree-carrying management analysts tend to earn more than their lesser-educated colleagues.

Career outlook for management analysts

The BLS has good news for management analysts: according to its projections, positions among these professionals are expected to grow by 22 percent between 2010 and 2020. The BLS notes that growth is expected to be especially strong within smaller, specialized consulting companies and those who offer international services. Keep in mind that just as location can influence your salary, it can drive your career potential as well. With this in mind, the U.S. Department of Labor projects that career growth for management analysts will be strongest in the following states between 2010 and 2020:

• Utah (32 percent)
• Virginia (32 percent)
• Rhode Island (26 percent)

Perhaps one of the best ways to improve your career outlook, no matter where you settle, is investing in the right training. Research a number of management analyst schools in order to find a program that suits both your goals and learning style.