Market Research Analyst Jobs: Salary and Career Facts
Research what it takes to become a market research analyst. Learn about education requirements, job duties, average salary and job outlook to find out if this is the career for you.
What Is a Market Research Analyst?
Market research analysts compile data from surveys, public opinion polls and other types of research on advertising and purchasing trends. As a market research analyst, you will monitor trends, evaluate programs and strategies for effectiveness, and analyze data. You will also prepare reports using the data you collect and present them. Ultimately, the work of these analysts helps businesses market their products or services effectively.
The following chart gives you an overview of what you need to know about entering this field.
|Education Required||Bachelor's degree required; graduate degree recommended|
|Education Field of Study||Marketing, market analysis, business, social sciences|
|Job Responsibilities||Develop public opinion surveys; interpret results using qualitative analysis; use findings to guide employer on decisions involving pricing, demand and product development|
|Job Outlook (2018-2028)||19%*|
|Average Salary (2018)||$70,030*|
Source: *U.S. Bureau of Labor Statistics
What Education Do I Need to Become a Market Research Analyst?
To become a market research analyst, the minimum qualification is a bachelor's degree, either in marketing or a related discipline such as market analysis, business, statistics or social sciences. However, according to the U.S. Bureau of Labor Statistics, if you obtain a graduate degree, you will likely qualify for higher paying positions (www.bls.gov). Many market research analyst degree programs assist students in finding internships or employment opportunities after graduation.
What Skills Do I Need?
To develop productive surveys, you need to have very strong analytical skills as well as a firm knowledge base in sociology. Interpreting the statistics requires quantitative analysis skills and a background in statistics. Due to the tedious nature of research, you must also posses great attention to detail and patience.
Where Could I Work?
Market research analysts are responsible for monitoring public opinion for all types of businesses. You may work for a product manufacturer, government agency, advertising firm or even a political candidate. Those entities may also outsource their market research needs to one of the full-service research firms that employ analysts providing services to multiple clients. Experienced market research analysts may also work as consultants later in their careers.
What Will My Responsibilities Be?
Most research analysts spend their time either creating surveys to monitor public opinion through qualitative analysis, or interpreting the resulting statistics in quantitative analysis. Surveys may take many forms, including study groups and online questionnaires. As a market research analyst, you will gather the findings and use them to help the company determine pricing, demand and new product development.
What Can I Expect To Earn?
According to the U.S. Bureau of Labor Statistics (BLS), the average annual wage for a market research analyst in 2018 was $70,960 (www.bls.gov). You may earn more in a technical industry. Analysts working in the computer systems design industry earned an average of $77,780 a year in 2018, for example. Job openings for market research analysts should grow by 20% from 2018 to 2028, which is well above the national average.
What Are Some Related Alternative Careers?
A bachelor's degree is also required to pursue a career as an operations research analyst. Operations research analysts assist organizations in resolving issues by collecting and evaluating performance data. With a master's degree, you may become a survey researcher or a statistician. Statisticians collect data and prepare reports to help solve problems in fields such as healthcare, business, government and marketing. Survey researchers create and conduct surveys to gather information and create reports for various fields such as government and healthcare.