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:
Some advertisers are unable to access Google Analytics from their AdWords MCC account.
Our Engineers are aware of this issue and are working to resolve it as soon as possible.
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.