A Google AdWords Help thread has complaints from those who manage many accounts with MCC (My Client Center) access, that when they try to click on the Google Analytics link, it redirects them back to the MCC home page.

This is a known issue that Google is working on:

The issue first popped up about two weeks ago and is still not addressed. Zee from Google updated the thread yesterday saying it was added to the known issues report and is being worked on.

Forum discussion at Google AdWords Help.