Market Research Analyst Career
Market research analysts are important players in the process of bringing new products to market. Long before you see new things on the shelves at the store, market analysts have researched potential customers, thought about advertising, analyzed costs, and gathered information about competitors to see whether it makes financial sense to pursue the production of a new item.
An important part of being a market research analyst is gathering information about consumers and what they want. This might mean spending time organizing focus groups, creating surveys, and talking to consumers directly about their needs. A good market analyst has to be able to translate information about consumers into quantifiable data, and translate that data into easy to understand presentations for clients.
Market Research Analyst Career Snapshot
Market research analysts usually work for forty hours a week in an office environment. They will likely have to spend some time out of the office meeting with consumers and clients during the process of data gathering and presentation.
Further details on a career as a market research analyst are listed below (statistics from the May 2015 Bureau of Labor Statistics and Onet Online):
is the average pay for market research analysts per year.
increase in employment between 2014 and 2024.
have a Bachelor’s degree while 21% have a Master’s.
Market Research Analyst Education
Almost all market research analysts (71%) have at least a bachelor’s degree. Pursuing an education beyond the undergraduate level will make you significantly more attractive as a job candidate, since 21% of market research analysts have master’s degrees, and 4% have post-baccalaureate certificates.
Market Research Analyst Job Duties
Your duties as a market research analyst will vary depending on the stage of your project. At the beginning of the analysis process, you can expect to spend a lot of time meeting with your peers to design a strategy; later on you, you might spend time in the field speaking with clients and competitors. Finishing a project will mean dedicating effort to creating a clean, understandable presentation and answering questions from your clients.
Market Research Analyst Salaries
Market research analysts are typically well-paid, with a median pay of $62,150 in May 2015 according to the BLS.gov. The top 10% of market research analysts earn $120,460 or more, while the bottom 10% earns no more than $33,530.
Market Research Analyst Job Outlook
The United States had 495,500 market research analysts as of 2014, and the job market for them is expected to grow at a much faster than average 19% through 2024 as businesses work to gain a competitive edge for their products and services.
Market Research Analyst Skills & Traits
| Market Research Analyst Skill Set: | Required Abilities: | Tools Used by Market Research Analysts: | Typical Work Activities: |
|---|---|---|---|
| • Reading comprehension • Active listening • Complex problem solving • Critical thinking | • Written comprehension • Written expression • Deductive reasoning • Inductive reasoning • Oral comprehension | • Desktop/Notebook computers • Analytical or scientific software • Customer relationship management software • Enterprise resource planning software | • Analyzing data or information • Getting information • Interacting with computers • Communicating with others |
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