Recently, AWS IAM Team announced support for Login Profiles - an easy and convenient way to create username/password pairs which can be used to sign-in and use AWS Management Console and AWS Developer Forums.
S3 Browser allows you to easily create and edit Login Profiles.
Below are few simple steps describing how to create new username/password for AWS Management Console.
Click Tools -> Access Manager (IAM)

Click Tools -> Access Manager (IAM)
Right-click on the user and choose AWS Login Profile -> Set new password..

Choose AWS Login Profile -> Set new password from user's context menu. You may also use Ctrl + Shift + E keyboard shortcut
AWS Login Profile dialog will open. Enter new password and click Save changes. 
Enter new password and click Save changes to save new Login Profile password.
Users who use the AWS Management Console must sign in to your AWS Account through the IAM-enabled sign-in page.
The IAM-enabled sign-in page URL has the following format: https://Your_AWS_Account_ID.signin.aws.amazon.com/console/s3
S3 Browser generates such link automatically. You may send this link and username/password to your users.
To delete Login Profile:
Right-click on the user and choose AWS Login Profile -> Delete profile

Choose AWS Login Profile -> Delete profile from user's context menu. You may also use Ctrl + Shift + Del keyboard shortcut
Confirm Login Profile deletion.

Confirm Login Profile deletion.