Chicago area projections from the Illinois Department Employment Security
Nationwide projections from U.S. Bureau of Labor Statistics
Despite projected rapid employment growth, keen competition is expected for jobs as management analysts. Because analysts can come from such diverse educational backgrounds, the pool of applicants from which employers can draw is quite large. Furthermore, the independent and challenging nature of the work, combined with high earnings potential, makes this occupation attractive to many. Job opportunities are expected to be best for those with a graduate degree, industry expertise and a talent for salesmanship and public relations.
Employment of management analysts is expected to grow faster than the average for all occupations through 2012, as industry and government increasingly rely on outside expertise to improve the performance of their organizations. Job growth is projected in very large consulting firms with international expertise and in smaller consulting firms that specialize in specific areas, such as biotechnology, healthcare, information technology, human resources, engineering, and telecommunications. Growth in the number of individual practitioners may be hindered, however, by increasing use of consulting teams, which permits examination of a variety of different issues and projects within an organization.
The growth of international business also has contributed to an increase in demand for management analysts. As U.S. firms expand their business abroad, many will hire management analysts to help them form the right strategy for entering the market. These trends provide management analysts with more opportunities to travel or work abroad, but also require them to have a more comprehensive knowledge of international business and foreign cultures and languages.
Salaries for management analysts vary widely by experience, education, and employer. Median annual wage and salary earnings of management analysts in 2004 were $63,450. The middle 50 percent earned between $48,340 and $86,650. The lowest 10 percent earned less than $37,600, and the highest 10 percent earned more than $120,220. Median annual earnings in the industries employing the largest numbers of management analysts and consultants in 2004 were:
According to a 2004 survey by the Association of Management Consulting Firms, earnings – including bonuses and profit sharing – averaged $52,482 for research associates in member firms; $65,000 for entry-level consultants, $89,116 for management consultants, $123,000 for senior consultants, $191,600 for junior partners, and $317,400 for senior partners.
Employment of administrative services managers is expected to grow about as fast as the average for all occupations through 2010. Like other managerial positions, there are more competent, experienced workers seeking jobs than there are positions available. However, demand should be strong for facility managers because businesses increasingly are realizing the importance of maintaining and efficiently operating their facilities, which are very large investments for most organizations. Administrative services managers employed in management services and management consulting also should be in demand, as public and private organizations continue to contract out and streamline their administrative services functions in an effort to cut costs. Many additional job openings will stem from the need to replace workers who transfer to other jobs, retire, or stop working for other reasons.
Continuing corporate restructuring and increasing utilization of office technology should result in a flatter organizational structure with fewer levels of management, reducing the need for some middle management positions. This should adversely affect administrative services managers who oversee first-line mangers. Because many administrative managers have a variety of functions, however, the effects of these changes on employment should be less severe than for other middle managers who specialize in only certain functions.
Earnings of administrative services managers vary greatly depending on the employer, the specialty, and the geographic area. In general, however, median annual earnings of administrative services managers in 2004 were $60,200. The middle 50 percent earned between $42,000 and $83,000. The lowest 10 percent earned less than $31,000, and the highest 10 percent earned more than $90,120. Median annual earnings in the industries employing the largest numbers of these workers in 2004 are shown below:
The abundant supply of qualified college graduates and experienced workers should create keen competition for jobs. Overall employment of human resources, training, and labor relations managers and specialists is expected to grow about as fast as the average for all occupations through 2010. In addition to openings due to growth, many job openings will arise from the need to replace workers who transfer to other occupations or leave the labor force.
Annual salary rates for human resources workers vary according to occupation, level of experience, training, location, and size of the firm, and whether they are union members. Median annual earnings of human resources managers were $81,500 in 2004. The middle 50 percent earned between $49,900 and $89,340. The lowest 10 percent earned less than $39,360, and the highest 10 percent earned more than $118,800. Median annual earnings in the industries employing the largest numbers of human resources managers in 2004 were: