While the idea of accounting often brings to mind positions such as auditor, payroll accountant, and tax accountant, there are a variety of other roles where these skills are highly desired by employers and can be put to good use. One such position, management analyst, which may also be called management consultant, can prove to be especially beneficial for accountants, thanks to a combination of opportunities for growth in this specific role and the chance for accounting professionals to bring a variety of their skills to bear.
What does a management consultant do?
Students and graduates interested in understanding the management consulting career should recognize both the prospects for this career type and its core responsibilities. According to information compiled by the U.S. Bureau of Labor Statistics, the management analyst role has exceptionally strong growth potential from 2016 to 2026. While the average growth for all occupations over the same time frame is expected to be 7%, management analyst roles should increase by an impressive 14%. The BLS noted that these roles will be in especially high demand in the healthcare, information technology, and specialized consulting fields.
With the potential for substantial growth established, understanding the management consulting career is vital for making an informed decision. What are some core responsibilities of this role? A management analyst:
- Analyzes and reports on business operations and workflows, with an ultimate goal of making recommendations tied to reducing unnecessary spending, improving revenue, and enhancing operational efficiency
- Creates or compiles relevant, effective criteria for assessing the current state of business operations
- Identifies specific problem or low-performing areas that could be priorities for change
- Designs or directs the design of more effective systems and operations
- Reviews potential and completed changes and improvements with relevant stakeholders, potentially ranging from individually affected employees to executives
How a management consulting career path incorporates accounting
Accounting isn’t the area of knowledge that management analysts have to cultivate, but it’s a foundational element that has to be in place for success in this role. With so much of the position focused on financial concerns and information that must be considered from an accounting perspective, it’s not surprising that a proficiency in accounting is necessary to prosper as a management analyst. Other important competencies include communication, data analysis, group dynamics, and production and processing.
Students who choose to earn an online accounting degree through UAB and are considering the management analyst role should recognize how the Upper Level Core curriculum can help them develop the general business knowledge and proficiency needed to succeed. Courses ranging from Management Processes and Behavior to Information Systems, Business Communications, and Operations Management all play a role in helping students develop the broad-based understanding of the business world necessary for this career.
Salary and career path considerations for the management analyst role
Considering the high level of projected long-term demand for management analysts, it’s not surprising that salaries are also impressive. According to U.S. News & World Report, the median yearly income for management analysts is $82,450. It also notes that a bachelor degree is often the only educational qualification necessary for entry-level jobs in this field. While more advanced positions often favor those who hold a Master of Business Administration degree, along with a certified management consultant certificate, an undergraduate degree can be enough to get started in this lucrative and engaging field.
Starting your career path with a powerful educational foundation from UAB
The right type of education can go a long way for management analysts, giving them an introduction to key concepts that they’ll regularly employ in their duties and the knowledge of business operations that is vital for making informed judgments. Students who join the UAB accounting degree online program also benefit from a combination of dedicated, high-quality professors, a completely asynchronous learning environment, and the ability to progress through the degree program at their own pace. The result is an engaging, future-focused education that learners participate in while balancing their other personal and professional responsibilities. To learn more, speak with an enrollment advisor today.