There seems to be a little bit of confusion between what a management analyst and a business analyst do, but truth be told, they both do nearly the same thing. Whether you want to call the job a management or business analyst is entirely up to you, but these consultants help companies improve organizational efficiency by analyzing the current corporate, data, employee, and management structures and offering advice to streamline operations.
Specialization Is Key
The area of specialty is what sets these analysts apart. Some specialize in human resources, while others will fine-tune a business’ customer management. What they do also tends to dictate their salaries. For example, a financial analyst will likely earn more than a data network analyst does, but not by much. The U.S. Bureau of Labor Statistics breaks down the job into a few different categories. For this informative piece, business/management analysts will be the topic.
The BLS offers quick, general facts about management analysts in the United States. As of 2017, the median annual salary for this line of work was $82,450 on average. This equates to just under $40 per hour, which is a nice chunk of change in most U.S. cities but not all. For example, business analyst jobs Bay Area companies salaries average over $121,000 a year, because the cost of living in the Bay Area is exponentially higher than other U.S. metropolitan locations.
Other Notable Locations
Unbelievably, California isn’t the top paying location for management analysts; nor is New York City or Washington D.C. for that matter. According to the BLS, Laredo, TX, was the place to be in 2017 if you wanted to be a business analyst. Companies in this city in The Lone Star State paid an average of $165,000 per year for management analysts. The caveat? There were only eight jobs in the city that fit this description. Perhaps that’s why the salaries are so high. There isn’t much opportunity in Laredo.
The next highest paying city in the U.S. was Lafayette, LA. While the city averaged 60 positions, the employment-per-thousand-jobs ratio as reported by the BLS was grim. For every 1,000 jobs in Lafayette, only .33 were business analysts. Larger areas, such as New York City Metropolitan accounted for 4,000 management analyst jobs in 2017, and the average median salary was $136,570. It makes sense that big cities have more analyst positions because this is where major corporations base their businesses.
West Coast Statistics
Heading west, California’s Bay Area – San Jose, Sunnyvale, and Santa Clara specifically – came in fifth for pay. The area held 8,100 management analyst positions in 2017, that’s 7.44 jobs per 1,000, and those working in them earned $130,120. Los Angeles, Long Beach, and Glendale, CA, scored highest in The Golden State for employment opportunities. This broad area employed 21,290 management analysts in 2017 who made on average $93,850. Next was Sacramento with 20,900 jobs.
As you can see, this is a lucrative career that is in demand throughout the nation. Perhaps you have considered building your career in management analysis. If so, you might get lucky and land one of the coveted jobs in Laredo. Perhaps you need business analysis for your business. Consider the salary data to recruit the best talent. Either way, management or business analysts earn their keep. They streamline operations, which offer cost savings well beyond their salaries.
In conclusion, the article clarifies the roles and value of management and business analysts, highlighting their contribution to improving organizational efficiency. Despite minor differences, both roles focus on optimizing various aspects of a business, from human resources to customer management. The article emphasizes the lucrative nature of this career, citing the U.S. Bureau of Labor Statistics for salary data. It notes significant geographical variations in salary, with places like Laredo, TX, and Lafayette, LA, offering exceptionally high pay, albeit with fewer job opportunities compared to major cities like New York and areas in California. The demand for these professionals is consistent across the U.S., reflecting their importance in modern business operations.