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Market Research Analyst Career Guide

Job Description:

Research conditions in local, regional, national, or online markets.
Gather information to determine potential sales of a product or service, or plan a marketing or advertising campaign.
May gather information on competitors, prices, sales, and methods of marketing and distribution.
May employ search marketing tactics, analyze web metrics, and develop recommendations to increase search engine ranking and visibility to target markets.

Market Research Analyst Salary 2024

National Salary Data for Market Research Analysts

This bar graph shows the annual salary for Market Research Analysts.

U.S. Salary in 2024

Annual Median Salary: $68,230

Hourly Median Wage: $32.8

Data sourced from O*NET Online, provided by the BLS Occupational Employment and Wage Statistics wage estimates.

Projected Employment for Market Research Analysts

Job Growth Projections

This line chart shows the projected job growth over 10 years for Market Research Analysts.

Projected Job Openings for s by 2031

Projected Growth Rate in Job Openings by 2031: 19%

Data sourced from CareerOneStop, provided by the U.S. Department of Labor.

Typical Tasks for Market Research Analysts

Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand.
Conduct research on consumer opinions and marketing strategies, collaborating with marketing professionals, statisticians, pollsters, and other professionals.
Prepare reports of findings, illustrating data graphically and translating complex findings into written text.

Technologies and Skills Used by Market Research Analysts

Analytical or scientific software

IBM SPSS Statistics
The MathWorks MATLAB

Data base user interface and query software

Airtable
MySQL

Information retrieval or search software

LexisNexis
Verispan Patient Parameters

Basic Skills

Reading work related information
Thinking about the pros and cons of different ways to solve a problem

People and Technology Systems

Figuring out how a system should work and how changes in the future will affect it
Thinking about the pros and cons of different options and picking the best one

Problem Solving

Noticing a problem and figuring out the best way to solve it

How To Become a Market Research Analyst

Pursuing a career as a Market Research Analyst requires a blend of education, skills, and practical experience. Here's a step-by-step guide on how to break into the field.

Understand the Role

Before you start your path to becoming a Market Research Analyst, it's important to understand what the role entails. Market Research Analysts are responsible for gathering data, analyzing information, and providing insights to help businesses make informed decisions. They study market conditions to examine potential sales of a product or service.

Educational Requirements

Most Market Research Analyst positions require at least a bachelor's degree. Here are the steps you can take in terms of education:

Earn a Bachelor's Degree: Focus on programs related to marketing, statistics, or business administration. Courses in psychology, sociology, and economics are also beneficial.
Consider Advanced Degrees: Although not always necessary, a master’s degree in market research, marketing, statistics, or business administration can give you an edge over the competition.

Gain Relevant Skills

To be successful in this career, certain skills are essential:

Analytical Skills: Ability to interpret large amounts of data and multifaceted information.
Communication Skills: Proficiency in presenting findings clearly and effectively.
Critical-Thinking Skills: Ability to use logic and reasoning to identify the strengths and weaknesses of alternative solutions or approaches to problems.
Detail Oriented: Attentiveness to accuracy and detail in conducting analyses.
Mathematical Skills: Aptitude for using mathematical formulas and understanding statistical techniques.

Obtain Practical Experience

Hands-on experience is invaluable:

Internships: Look for internship opportunities while studying. Internships provide practical experience and networking opportunities.
Entry-Level Jobs: Positions like data analyst or assistant researcher can offer foundational experiences.
Develop Technical Proficiency
Market Research Analysts need to be proficient with certain tools and technologies:
Statistical Software: Familiarity with software like SPSS or SAS is often required.
Survey Tools: Experience with survey platforms such as SurveyMonkey or Qualtrics is useful.
Database Management: Knowledge of database interfaces and query languages such as SQL.

Get Certified

Certifications can enhance your qualifications:

Professional Researcher Certification (PRC): Offered by the Insights Association, it demonstrates your commitment to staying current in the field.
Google Analytics Certification: Shows proficiency in digital analytics which can be particularly useful for digital market research.

Stay Current with Industry Trends

The market research industry is constantly evolving, so it's crucial to stay updated:

Join Professional Organizations: Organizations like the American Marketing Association provide resources for professional development.
Attend Workshops and Conferences: These can help you network and learn about emerging methodologies.

Network

Building professional relationships can lead to job opportunities and career advancement:

LinkedIn: Create a professional profile and connect with industry professionals.
Alumni Networks: Leverage your college or university alumni network.

By following these steps, you'll be well-equipped to pursue a career as a Market Research Analyst. Remember that continuous learning and adaptability are key in this ever-changing field.

Market Research Analyst Career Path FAQ's

What education is required to become a market research analyst?

To pursue a career as a market research analyst, the typical educational requirement is a bachelor’s degree in market research, marketing, statistics, or a related field. However, many employers prefer candidates with a master’s degree, particularly for advanced positions.

What skills are essential for a market research analyst?

Analytical Skills: Ability to interpret data and draw insights from research findings.
Critical Thinking: Evaluating data and making reasoned conclusions.
Detail Oriented: Precision in data analysis and reporting.
Communication Skills: Articulating findings clearly to clients and stakeholders.
Technical Skills: Proficiency with analytical software and tools such as SPSS or SAS.

Is certification important for a market research analyst?

While not mandatory, certification can enhance job prospects. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market researchers who want to demonstrate their expertise.

What industries employ market research analysts?

Market research analysts can find employment across various industries, including:

Advertising and marketing agencies
Consultancy firms
Healthcare
Finance and banking
Technology companies
Retail and consumer goods

Can a market research analyst work freelance?

Yes, many market research analysts work on a freelance basis. Freelancing offers flexibility in choosing projects but requires strong networking and business skills to secure consistent work.

What does career advancement look like for market research analysts?

Career advancement for market research analysts may include:

Moving into senior analyst roles
Becoming a project manager or research manager
Leading a team of analysts
Transitioning into a consultancy role
Specializing in a particular industry or type of research

Is there demand for market research analysts?

The demand for market research analysts is expected to grow. According to the U.S. Bureau of Labor Statistics, employment of market research analysts is projected to grow much faster than the average for all occupations due to the increased use of data and market research across all industries.

What professional organizations should market research analysts consider joining?

Joining professional organizations can offer networking opportunities, professional development, and access to industry publications. Notable organizations include:

How does one stay updated with industry trends as a market research analyst?

Staying updated with industry trends involves:

Subscribing to industry journals and publications
Attending webinars, conferences, and workshops
Participating in online forums and professional networks
Following thought leaders and influencers on social media

What are typical working hours for a market research analyst?

Market research analysts typically work full time during regular business hours. However, tight deadlines can require additional hours. Freelance analysts may have more control over their schedules but might also work irregular hours to meet client needs.