Market Research Analysts are individuals who use a variety of data and information in order to study market conditions for a specific product or service.
This includes looking at the potential sales that a new, revamped or conventional is expected to earn.
Market Research Analysts also use the information they analyze to compare sales to a similar product from a competitor.
For example, Coca Cola may have a team of Market Research Analysts that constantly monitor the sales trends from its competitor, Pepsi.
Education Requirements to Become a Market Research Analyst
Individuals who want to become a Market Research Analyst need a minimum of a Bachelor’s degree in order to enter this profession.
Individuals may also benefit from securing a Master’s degree, certification and additional job experience in order to be competitive amongst other candidates.
When entering an undergraduate program, individuals who want to become a Market Research Analyst can focus their degree in market research or a closely related field such as math, statistics, business administration, communications or the social sciences.
Whichever degree an individual chooses, taking a variety of classes to prepare oneself to handle basic tasks in this profession is important in order to become a Market Research Analyst.
One can takes classes in research methods, statistics, marketing, social sciences, communications, economics, sociology and psychology will help individuals become prepared to undertake this interdisciplinary field.
In some instances, employers will search for individuals with an advanced degree such as a Master’s.
These types of employers are usually larger corporations who are able to pay larger wages.
Individuals pursuing this track will need to complete a graduate program in a field such as marketing research.
Individuals may also pursue a graduate degree in statistics and marketing or apply for a Master Business of Administration (MBA).
These graduate degrees will also assist individuals who want to become a Market Research Analyst to procure a leadership position or a job in technical research.
Individuals may also opt to securing a certification in order to enter this profession.
Certification is not mandatory, but is heavily suggested to demonstrate to potential employers that an individual is knowledgeable in the field.
Market Research Analysts can take a certification test for Professional Researcher Certification (PRC) provided by the Market Research Association.
Visit their website at MRA to learn more information on the certification requirements and about the association.
Market Research Analyst Job Description
Market Research Analysts are responsible for examining and studying the market conditions for a product or service.
Examining this information will help the companies they work for to understand what consumers want from a product, what types of products are being sought by consumers in addition to what price consumers are willing to pay for a specific product.
They make these types of conclusions by looking at marketing and sales trends, determine the effectiveness of a marketing campaign or strategy and develop and test techniques for collecting data in the form of: surveys, opinion polls and questionnaires.
Using these data collection strategies, Market Research Analysts will gather information about competitors, consumers and the current market conditions.
They will then analyze the information and make it presentable in the form of graphs, tables and reports to display to their clients, management and other stakeholders.
Market Research Analyst Salary and Career Path
In 2012, the median salary for Market Research Analysts was approximately $60,300 per year.
The exact wage a Market Research Analyst will earn will heavily depend on level of experience and the industry in which they are employed in.
For example, Market Research Analysts working in the manufacturing industry can expect a median annual salary of $67,550 while professionals working in management, scientific or technical consulting services will earn a median wage of $56,760 per year.
The job outlook for Market Research Analysts looks strong as job opportunities are expected to grow extremely fast.
Job projections state that this profession will increase by 32 percent through the year 2022.
Much faster than the average profession at a growth rate of 12 percent.
This growth is attributed to the high demand of consumer information and data for market research.
Individuals who are interested in a profession as a Market Research Analyst will have a lot to look forwards to such as an engaging, interdisciplinary field that involves human behavior, data analysis and business.
In addition, individuals pursuing this track can also look forwards to a healthy income and job outlook.
Frequently Asked Questions
What does a market research analyst do?
Market research analysts gather market intelligence (complicated spreadsheets and dense reports) and present them to the customer or a colleague in a way that they would understand.
The analysts can do that in private briefings, at conferences or through articles, for example.
The main aim of a market research analyst is to help the company figure out the best way to promote products, to whom it may sell the product, and what the product should be.
The analysts design surveys, keep track of the industry’s trends and analyze the data.
A lot of market research analysts are great psychologists and understand not only logic but also human emotions.
How much do market research analysts make?
On average, a market research analyst can make a little less than $62.000 per year in the United States.
In case you decide to choose this career path, you can expect to earn anywhere between $33.500 and $114.000 annually.
The salary would certainly depend on a variety of factors – your education and experience level, the employer, the location, and so on.
The professionals that work in New Jersey, Delaware, and Massachusetts, for example, have the highest average salaries.
An entry-level market research analyst can earn around $16 per hour, while a top-level specialist with plenty of experience can make $55 and more per hour.
How much does it cost to become a market research analyst?
You would need to have at least a bachelor’s degree in marketing research, statistics, mathematics or a related field to be able to become a market research analyst in most of the cases.
To improve job prospects, you can consider getting a master’s degree or taking some postgraduate courses.
A year in a university can cost you anywhere between $8.000 and $45.000 (and more); the cost depends on a variety of factors (bear in mind that the books, supplies, and accommodation expenses are not included).
A master’s degree will typically cost you over $30.000.
You can also receive certification from the Marketing Research Association; that will cost you around $200-$450.
What is the demand for market research analysts?
Between 2016 and 2026, the market research analyst job market is expected to grow by 23.2%, according to the Bureau of Labor Statistics.
That’s a lot faster than the average for all occupations in the United States.
This will happen due to the fact that more and more businesses will be opening throughout the country.
The candidates that possess a master’s degree and plenty of experience will have better chances of getting the highest-paid job.
The industry is mainly concentrated in Florida, New York, and California.
How long does it take to become a market research analyst?
It will take you 4 years to obtain a bachelor’s degree and 1-2 years to get a master’s degree.
You can consider seeking an internship during your last year in university to get that on-job experience as the majority of employers prefer the candidates to have at least a few years of experience.
To qualify for the Marketing Research Association certification exam, you would need to have at least 3 years of experience in the industry, as well as 12 industry-related education hours.