The following article discusses the career path of Project Analyst. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Project Analysts.
Project analysts are responsible for making sure that new projects are developed properly. They use research, data collection, and data analysis to achieve this. Their results help with strategic decision making at the top levels of the organization. Furthermore, project analysts research new projects and design them using various tools, such as logical framework approaches, to further improve the organization.
It is important that project analysts are able to present new ideas so that current strategic planning is improved. At the same time, they have to consider the different possible outcomes and how these would impact the business. They must use different approaches in order to gather information, which includes statistical data, interviews, market trends, and applicable legislation, using these to analyze possible results.
Project analysts understand economic and financial feasibility studies and how these impacts investment budgets. They perform various administrative activities such as cost control and making estimates, and they monitor each of their project’s activities. They form part of a team, but they also work with external teams and departments, particularly in order to perform research.
Other job duties of a project analyst include:
- Creating and maintaining the communications, goals, and schedules of the project
- Creating and managing all reports and documentation in relation to the project
- Finding out the needs of users have and verifying this using data
- Tracking, analyzing, reporting on, and forecasting project shortfalls and metrics.
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 806,400 management analysts in 2016, which is a profession closely related to that of project analyst. The largest employers of these professionals were:
- Professional, scientific, and technical services: 30%
- Self-employed workers: 17%
- Government: 17%
- Finance and insurance: 11%
- Management of companies and enterprises: 5%
How to Become
Most project analysts have a bachelor’s degree in finance, business administration, public administration, or a related field. Usually, they also have several years of work experience. It is becoming more and more common for a master’s degree, particularly the master in business administration (MBA in Project Management) to be required. Those who work in the military or government also require proof of citizenship and they must obtain secret clearance.
While the majority of project analysts have a bachelor’s degree at least, it is now increasingly common for a master’s to be required, particularly the master of business administration (MBA). Some also hold additional certifications, such as Certified Management Consultant (CMC). Of importance is that a degree includes courses in subjects such as computer and information science, psychology, marketing, finance, accounting, economics, management, and business.
The CMC certification can be obtained through the Institute of Management Consultants USA (IMC USA). To obtain this, candidates must have sufficient education and experience, present reviews from clients, and pass a written examination and an interview. The examination focuses on the code of ethics as set by the IMC USA. Re-certification is required every three years.
Generally, a project analyst will start at an entry level position, growing into consultancy. Some work as auditors, accountants, market research analysts, or computer systems analysts, for instance. Eventually, they then grow through internal and external promotions into the position of project analyst.
Traits & Qualities
The most effective project analysts have the following traits to some degree or other:
- Strong analytical skills
- Excellent communication skills, both verbal and written
- Great interpersonal skills
- Good problem solving skills
- Strong time management skills
The national average salary estimate for Project Analyst was $62,133. This number is estimated from over 206,724 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $32.36 and monthly of $5,178.
- Most Reported
Salary by State
The following section lists Project Analyst salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Michigan had the largest quoted salary of $72,802 while Kansas had the smallest quoted salary of $24,364.
Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Project Analyst. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|Principle Solutions Group||Georgia||$94,869|
|Black & Veatch||Kansas||$91,551|
|Robert Half Finance & Accounting||Michigan||$89,450|
|Pathfinder Search Group||Wisconsin||$87,000|
|San Mateo County Community College District||California||$86,833|
|Infinite Resources, Inc.||Virginia||$65,663|
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|Career Name||Average Salary|