With consumerism at an all-time high, most companies are scrambling to analyze and predict consumer buying trends for boosting their sales. That’s where market research analysts come into the picture. Market research analysts are finance professionals who carefully track the current market conditions to examine the potential sales outlook for a particular product or service. In today’s competitive business marketplace, market research analysts play a prominent role in business growth. They help companies pinpoint exactly what their targeted audience wants and at what price. Market research analysts bring their expertise to nearly every industry of our economy, including:
- finance
- insurance
- manufacturing
- wholesale trade
- government
- business
Below we’ve created a detailed job overview on what finance graduates can expect from choosing a career in market research.
Salary
According to the Bureau of Labor Statistics, the 468,160 market research analysts and marketing specialists employed across America make an average annual salary of $68,700. This which is equivalent to a mean hourly wage of $33.03. Market research analysts who work in computer systems design earn higher than average at $77,370. Those in aerospace manufacturing have the highest mean salary at $107,830 annually.
Beginning Salary
When just starting out in market research, analysts will likely land within the bottom tenth percentile of earnings and make around $33,460. Although this may seem low, it’s important to remember that market research analysts with more experience can bring home upwards of $116,740 each year.
Key Responsibilities
As their name suggests, market research analysts are mostly responsible for performing research that gathers crucial predictions on how consumers will likely respond to certain products and services. To get this data, market research analysts may use:
- interviews
- questionnaires
- surveys
- public opinion polls
- focus groups
- eyetracking
- geofencing
- other methods
On a typical day, a market research analyst may be found:
- forecasting sales trends
- measuring their company’s marketing tactics
- researching information on competitors
- analyzing data with statistical software
- preparing written reports for management
By learning more about the targeted consumers, market research analysts can help companies:
- develop new products
- establish pricing
- create sales marketing plans
Necessary Skills
Market research analysts must possess strong analytical abilities for poring over vast amounts of data and consumer information. Being detail-oriented with solid mathematical and organizational skills is essential to accurately conduct precise data analysis as well as keep detailed records. Market research analysts should be critical thinkers with good decision-making skills to determine which sales plans work best for a company. Technical skills are important for analysts. They must use software that analyzes their data and creates visual graphs of the results. Since market research analysts must present report results to their business leaders, good written and oral communication skills are another must.
Degree and Education Requirements
Before finding a job in market research, you’ll need to earn at least a bachelor’s degree from an accredited four-year institution. Most aspiring market research analysts choose to major in:
- business
- finance
- mathematics
- or statistics
A social science degree in economics or even psychology could be helpful also. Regardless of your major, for the best career preparation, take courses related to:
- market research
- research methods
- statistics
- marketing communications
- economics
Having an MBA or a specialized Master of Finance degree may be required for market research positions involving more leadership and technical responsibilities too.
Pros and Cons of the Position
Working as a market research analyst is a dream come true for many driven people with a mind for numbers and passion for conducting research. Market research analysts have a very high salary potential with solid benefits and area for advancement into leadership. Market research has America’s second highest employment growth. There’s plenty of job opportunities available for analysts in various industries. Even in a weak economy, market research analysts will have job prospects for delving into the consumer’s mind.
On the flip side, market research analysts must be deeply committed to their work with long hours beyond the standard 40-hour workweek. Analysts often have to deal with tight research deadlines and face the stress of finishing their reports quickly. Market research analysts also spend significant time in solitude when completing statistical analysis for their research.
Getting Started
While earning your degree, it’s best to get a head start on your career by building relevant work experience in:
- market research
- finance
- marketing
- sales
You can:
- volunteer
- complete a market research internship
- work in a customer service-oriented job
- find a faculty advisor for conducting your own independent research
From there, you can take on entry-level positions in market research. These mostly consist of:
- conducting surveys
- entering data
- writing reports
You may then want to consider attending graduate school for advancement. Many employers will also look favorably upon market research analysts who have received professional credentials. Through the Marketing Research Association (MRA), you can earn the Professional Researcher Certification (PRC) after at least three years of full-time work experience.
Future Outlook
As long as customers are buying products and companies are looking to grow their sales with better marketing campaigns, there will be a large demand for market research analysts. Our global business world is growing increasingly competitive. Companies are relying on market research to better understand consumer behavior and market to their targeted audience. It’s also important for companies to track their customer satisfaction levels to improve their products or services and outpace their competitors. Therefore, the Bureau of Labor Statistics predicts that the employment of market research analysts will grow rapidly by 32 percent across all industries over the next decade. Analysts with a master’s degree and a strong background in statistical analysis will be the most marketable.
Overall, market research analysts are focused on preparing reports for management that highlight their:
- consumer demographics
- sales trends
- customer buying habits
- market needs
Market research was named the #1 best business job in America by the U.S. News and World Report for booming job growth and high pay potential. If you decide to become a market research analyst, you’ll have the unique opportunity to enter one of the most in-demand fields and help your company climb to the top with thriving sales.
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