An erbium-doped fiber laser (EDFL) constructed in a master oscillator and power amplifier (MOPA) configuration is analyzed. The pump powers for the fiber cavity laser and the booster amplifier stages are managed properly to achieve maximal pump conversion efficiency. Our design achieves a pump conversion efficiency of 91.4%, corresponding to a quantum efficiency of 96.6%, for a 1565.8 nm MOPA laser pumped by a total power of 300 mW at 1480 nm. The optimized MOPA laser shows a 25% enhancement in the Pump conversion efficiency, compared to a non-MOPA fiber laser. A side lobe suppression ratio of 48 dB for the optimized MOPA laser is observed.