Market Research Analyst Career
Considering a career as a Market Research Analyst? Find out all you need to know to decide whether this career is right for you.
- What does a Market Research Analyst do?
- How to become a Market Research Analyst?
- What is a Market Research Analyst's Salary?
- How does the future look for a Market Research Analyst?
What does a Market Research Analyst do?
The role of a Market Research Analyst is to analyze market data and determine an organization's likely degree of success in a certain market. A Market Research Analyst may also have a hand in developing business strategies for future projects.
The expertise of a Market Research Analyst lies in their ability to create methods of acquiring and evaluating market data in a manner that represents a market's capacity to generate satisfactory amounts of revenue. A Market Research Analyst will use a large variety of techniques to acquire pertinent data. They might study government records of a particular industry, demographic data of potential areas to conduct business services or to expand distribution, public records of competitors and even surveys through cold-calling, interviews or email.
In combination with current advertising and marketing techiques, MarketResearch Analysts will create formulas and relate all acquired data of a particular market. They will then determine if proceeding with expansion into the particular market is a viable business strategy as well as begin creating marketing strategies if the market proves to be economically fertile.
As a Market Research Analyst, you will need to have a variety of skills in order to succeed. You will need to have strong analytical skills and a lengthy background in mathematics and economics. You will need to have a strong grasp of business and accounting theories in order to properly assess the state of markets.
Successful Market Research Analysts must also possess very strong communication skills. Market Research Analysts are often directing teams to conduct interviews or acquire and evaluate data. You must be able to effectively communicate the goals of each individual project. You will also need strong communication skills when presenting recommendations to upper management or a company's decision-maker with respect to your assigned project.
The Market Research Analyst career is a difficult one which requires the ecandidate to have a variety of skills and education. Most Market Research Analyst positions require candidates to possess a graduate level of education such as an MBA in Marketing, or an MBA with an emphasis in whichever industry one wishes to work in. However, there are lesser, but similar, job opportunities that are available to individuals with only Bachelor degrees in Business such as a Research Assistant.
How to Become a Market Research Analyst?
Educational requirements may vary slightly depending on the company, the area you wish to work and your previous work experience.
For most Market Research Analyst careers, the minimum educational requirement is the completion of a Master's or MBA degree. However, there are some organizations who hire individuals with a Bachelor's degree in Accounting.
Beyond a quality education and the development of skills necessary to succeed as a Market Research Analyst, you will need to learn where to gain experience by finding career opportunities.
You will find some career opportunities on Marketing Research portals such as The Marketing Research Association; however, you will probably have quicker results if you contact a local recruiter or begin contacting hiring firms directly. You may find Market Research Analyst openings under newspaper or online classifieds (Craigslist or Monster.com).
What is a Market Research Analyst's Salary?
As a Market Research Analyst, your salary can vary significantly depending on your level of experience, your level of acquired education and size of the company you work for.
The median salary* for a Market Research Analyst is $58,800.
The top 10% of Market Research Analysts are pulling in an average of $112,500.
In order to boost yourself to this level of success, you will need to perform highly, develop years of experience at a respectable company and lastly, earn yourself an advanced degree.
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* Source: The Bureau of Labor and Statistics for 2006
How does the future look for a Market Research Analyst?
Job growth for the Market Research Analyst career is projected to be above average. The Bureau of Labor and Statistics (BLS) projects growth to be at 20% from 2004 to 2014. Market Research Analyst jobs are supposed to grow from 189,900 to 227,000 positions.
There are many reasons for this increase. The overarching theme for this kind of growth is the increased complexity of business operations in today's industries. Businesses are needing to streamline their efforts and use every ounce of knowledge they can get their hands on in order to make the most profitable business decisions.
As our economy continues to rely heavily on a global market, competition will increase and the necessity of Market Research Analysts will become even more apparent.
The future looks bright for the Market Research Analyst profession, so go ahead and get started!
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