Market Research Analysts
Career, Salary and Education Information
What They Do: Market research analysts study market conditions to examine potential sales of a product or service.
Work Environment: Because most industries use market research, these analysts are employed throughout the economy. Most analysts work full time during regular business hours. Some work under pressure of deadlines and tight schedules.
How to Become One: Most market research analysts need at least a bachelor’s degree. Some research positions may require a master’s degree. Strong math and analytical skills are essential.
Salary: The median annual wage for market research analysts is $63,920.
Job Outlook: Employment of market research analysts is projected to grow 19 percent over the next ten years, much faster than the average for all occupations.
Related Careers: Compare the job duties, education, job growth, and pay of market research analysts with similar occupations.
Following is everything you need to know about a career as a market research analyst with lots of details. As a first step, take a look at some of the following jobs, which are real jobs with real employers. You will be able to see the very real job career requirements for employers who are actively hiring. The link will open in a new tab so that you can come back to this page to continue reading about the career:
Top 3 Market Research Analyst Jobs
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Debt Originations Analyst
- Real Estate Lending Company
- Los Angeles, CA
The Debt Origination Analyst is an excellent opportunity for a recent graduate to join a growing ... Perform detailed market and sub- market research to refine assumptions and enhance deal ...
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R&D Bakery/Confection Supervisor
- Chalet Desserts, LLC.
- Sacramento, CA
Job Title: R& D Bakery/Confection SupervisorPosition Type: Full Time, Employee.Compensation: Hourly ... market introduction of new products.Conduct advanced lab analyses (e.g., pH, water activity ...
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Compensation Specialist
- Methodist Healthcare Ministries
- San Antonio, TX
Market Research and Analysis : Conduct comprehensive market analyses to ensure competitive positioning. Benchmark compensation data against industry standards and provide insights on pay ...
What Market Research Analysts Do[About this section] [To Top]
Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.
Duties of Market Research Analysts
Market research analysts typically do the following:
- Monitor and forecast marketing and sales trends
- Measure the effectiveness of marketing programs and strategies
- Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
- Gather data on consumers, competitors, and market conditions
- Analyze data using statistical software
- Convert complex data and findings into understandable tables, graphs, and written reports
- Prepare reports and present results to clients and management
Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.
Analysts help determine a company's position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.
Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.
Workers who design and conduct surveys are known as survey researchers.
Work Environment for Market Research Analysts[About this section] [To Top]
Market research analysts hold about 792,500 jobs. The largest employers of market research analysts are as follows:
| Management, scientific, and technical consulting services | 11% |
| Finance and insurance | 10% |
| Management of companies and enterprises | 7% |
| Wholesale trade | 7% |
| Publishing industries (except Internet) | 4% |
Because most industries use market research, these analysts are employed throughout the economy.
Market research analysts can work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings.
Market Research Analyst Work Schedules
Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.
How to Become a Market Research Analyst[About this section] [To Top]
Get the education you need: Find schools for Market Research Analysts near you!
Most market research analysts need at least a bachelor's degree. Some research positions may require a master's degree. Strong math and analytical skills are essential.
Education for Market Research Analysts
Market research analysts typically need a bachelor's degree in market research or a related field. Many have degrees in fields such as statistics, math, or computer science. Others have backgrounds in business administration, the social sciences, or communications.
Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.
Some market research analyst jobs require a master's degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master's degree in business administration (MBA). A master's degree is often required for leadership positions or positions that perform more technical research.
Licenses, Certifications, and Registrations for Market Research Analysts
Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify on the basis of experience and knowledge; they must pass an exam, have at least 3 years working in opinion and marketing research, and complete 12 hours of industry-related education courses. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.
Important Qualities for Market Research Analysts
Analytical skills. Market research analysts must be able to understand large amounts of data and information.
Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients.
Critical-thinking skills. To determine what marketing strategy would work best for a company, market research analysts must assess all available information.
Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.
Market Research Analyst Salaries[About this section] [More salary/earnings info] [To Top]
The median annual wage for market research analysts is $63,920. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $37,570, and the highest 10 percent earned more than $128,320.
The median annual wages for market research analysts in the top industries in which they work are as follows:
| Management of companies and enterprises | $79,640 |
| Publishing industries (except Internet) | $79,450 |
| Finance and insurance | $76,650 |
| Wholesale trade | $64,090 |
| Management, scientific, and technical consulting services | $62,650 |
Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.
Job Outlook for Market Research Analysts[About this section] [To Top]
Employment of market research analysts is projected to grow 19 percent over the next ten years, much faster than the average for all occupations.
About 99,800 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Employment of Market Research Analysts
Employment growth will be driven by an increasing use of data and market research across many industries. They will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand.
The increase in the collection and analyses of big data—extremely large sets of information, such as social media comments or online product reviews—can provide insight on consumer behaviors and preferences. Businesses will need market research analysts to conduct analyses of the data and information.
| Occupational Title | Employment, 2021 | Projected Employment, 2031 | Change, 2021-31 | |
|---|---|---|---|---|
| Percent | Numeric | |||
| Market research analysts and marketing specialists | 792,500 | 942,800 | 19 | 150,300 |
More Market Research Analyst Information[About this section] [To Top]
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A portion of the information on this page is used by permission of the U.S. Department of Labor.