Market research analysts essential career information:
- 2011 median pay: $60,250
- 2011, number of jobs: 318,190
- Employment growth forecast, 2010-2020: 41 percent
- Entry level education requirements: Bachelor’s degree
Market research analysts; what they do:
Market research analysts not only recognize consumer trends, they can help set them. A marketing research analyst studies and analyzes consumer markets; they report to companies on what products people buy, what they will buy in the future, how much they will buy of a product, and how much they will pay for it.
Marketing is a field of ever-evolving strategies; market research analysts are at the forefront of measuring any given strategy’s success or failure, as well as developing and proposing ways to make it better. Most marketing research analysts get their information about what people want through surveying potential customers; market research analysts decide when, where, and how to tap into these people, using methods such as questionnaires, opinion polls, interviews, focus groups, or surveys.
In addition to gathering information from customers on what they want, a marketing research analyst gathers information about the customers themselves; age, gender, employment, living situations, education, marital status, etcetera all influence their spending habits.
Market research analyst careers include taking large amounts of complex information they gather and transforming it into easy-to-understand graphs, tables, or reports to present to their employers. A market research analyst career involves utilizing information to propose specials, sales, and promotions companies use to sell more products.
Market research analysts job titles:
- Market Analyst
- Market Research Consultant
- Project Manager
- Marketing Research Analyst
- Client Service and Consulting Manager
- Product Line Manager
- Market Research Manager
- Business Development Specialist
Market Research Analysts Education, Certification and License Requirements
People seeking a market research analyst career typically need at least a bachelor’s degree, such as a Bachelor in Market Research degree or a bachelor’s degree in a relevant field such as mathematics, statistics, computer science, business administration, a social science, or communications.
Many marketing research analyst positions require a master’s degree, such as a Masters in Marketing Research, but a master’s degree in statistics, marketing, or a Masters in Business Administration (MBA) are also applicable.
Market research analysts programs cover subjects such as:
- Research methods
Market research analysts benefit from internships and work experience in business, marketing, or sales.
Market research analysts are not required to have, but obtaining the Professional Researcher Certification (PRC) from The Marketing Research Association demonstrates expertise, experience, and provides an advantage while job hunting. Market research analysts must take continuing education courses and apply for renewal every two years to maintain their certification.
Market Research Analysts Job Outlook
Forecast: 41 percent employment growth from 2010 to 2020 for market research analyst jobs, much faster than the average for all occupations.
The marketing research analyst profession is growing exceedingly fast as companies are competing globally for the growing consumer market. Companies use market research to improve efficiency and cut costs.
Colleges, universities, civic organization, government agencies, and similar organizations use marketing research analysis to measure the success and reach of their programs, assuring they spend money appropriately and effectively.
As a growing number of employers seek market research analysts with a master’s degree, job competition among those with a bachelor’s degree becomes more aggressive.
Market Research Analysts Salary
- 2011 median annual wage: $60,250
- 2011, workers at the 75th percentile annual wage: $84,690
- 2011, workers at the 25% percentile annual wage: $43,930
- Professional, scientific, and technical services
- Finance and insurance
- Wholesale trade
- Management of companies and enterprises