Why We Love It
$70,030Potential Avg. Salary
18.6%Job Growth Rate
Growing DemandJob Outlook
Creativity FocusedCareer Attribute
Market Research analysts are individuals that research public market conditions by gathering the data from their research and using statistical techniques and software. They will also help companies conceive the potential sale of a specific sale and/or service. They will assist companies in knowing what products consumers will want and will purchase and at what price point.
What is a Market Research Analyst?
The following responsibilities are common for individuals in the Market Research field:
- Exploring different marketing strategies
- Forecasting sales trends
- Gathering and analyzing market research data
- Converting market research data into tables, charts, graphs and reports
- Presenting the market research findings to clients and companies
A Day in the Life
Market Research Analysts work by providing clients and companies with consumer and industry data analysis and information needed to identify new target consumer groups and adequately market their products and services.
Some companies and clients require tight deadlines and strict time frames so this could require a them to work long hours. And they can work independently or as a team.
They spend a lot of time on the computer preparing and producing tables, charts, graphs and reports with the data acquired from specific demographic audiences. They will need to keep up to date with the news, popular trends, and keep up with different market sectors.
Every day can be different. One day they will be designing a questionnaire or developing an online survey, to then consulting with various clients and/or companies to present the research findings. The findings and recommendations produced are vital for companies to make informed decisions based on the information they provide.
Typical Work Schedule
They will typically work an 8 or 9 hour day Monday through Friday, depending on the client and project being carried out and emerging projects and deadlines.
Typical Work Schedule
Most of the market research analysis work tends to be full-time and office-based jobs following the standard business hours of about 40 hours per week. However, sometimes Market Research Analysts’ schedule have to be flexible enough to consider the peak times where they have to work under pressure or to keep up with a tight schedule. This can happen on few occasions and the working hours can then extend to work on evenings and even weekends when there is new stock sharing or a major merge between large companies.
Projected Job Growth
According to the US bureau of labor statistics, the demand for market research analysts is expected to increase by about 18 % from 2019 to 2029 which is one of the highest job growth rates. This makes this job one of the most attracting choices for college graduates with the availability of work opportunities. Market research analysts mostly focus on Analyzing the data of the products and customers to reach an understanding about the needs of their customers. They have to figure out different ways to improve their perspective business and develop better marketing strategies. Currently, big data is a major tool essential to reach efficient and valid solutions in this field.
Therefore, you should develop analytical skills as well as decent background in statistical and data analysis to manage the job perfectly and advance your career.
Early Career – Obtain a bachelor’s degree in mathematics, statistics or sociology and pursue an entry-level position with a marketing research firm
Mid-Career – Obtain an MBA and achieve a management position in a company or start pursuing technical research analyst positions.
Late Career – Obtain a doctorates degree to teach Market Research in a university
Market research analysts can essentially to any company providing services or goods that needs to be marketed. However, they mainly work for consulting agencies that provide services to companies of different fields including management, technical and even scientific fields. They may also work for publishing companies and government agencies. Other employers include different finance and insurance companies as well as controlling the management of larger companies and enterprises. Most industries employ market research analysts to better manage its production. Some Market research analysts prefer to work independently and create their own teams which requires solid experience in collecting, analyzing, and presenting the data. This team may include graphic designers and artists to create charts, graphs, and infographics to better represent different research findings.
How To Become a Market Research Analyst
Becoming a Market Research Analyst generally requires a bachelor’s degree of some kind. They should have superb analytical skills along with an innate curiosity for all types of people. Students should pursue business management, mathematics and statistics, computer science and marketing are all great classes to take to prepare yourself for this role.
Having previous experience in business and marketing can prove extremely helpful for this job. Most of them are employed by consulting firms or work for many various different companies.
Having a Bachelor’s degree is great for entry – level positions. But ultimately they should acquire an MBA because more and more companies and clients are seeking out employees with this degree level. Graduate degrees are especially useful for management positions and individuals seeking out the technical market research. A doctorate degree would be required for the individual wanting to teach at the university level.
Market Research Analyst Salary Data
We’ve provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.
National Anual Salary
National Hourly Wage
How do Market Research Analyst salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Market Research Analyst's can make an average annual salary of $70,030, or $34 per hour. On the lower end, they can make $44,950 or $22 per hour, perhaps when just starting out or based on the state you live in.
Salary Rankings And Facts
#198 Nationally for All Careers
Above Average Salary Nationally
Programs and Degrees
Here are the most common degrees for becoming a Market Research Analyst. a is usually recommended and specifically a degree or coursework that prepares you for the particular field, see below.
Highest Education Among Market Research Analysts
- 3.1% Doctorate
- 23% Masters
- 53.9% Bachelors
- 4.9% Associates
- 10.6% College
- 3.9% High School
- 0.7% Less than High School
Job Growth Projections and Forecast
2014 Total Jobs495,500
2024 Est. Jobs587,800
Job Growth Rate18.6%
Est. New Jobs92,300
How does Market Research Analyst job growth stack up to other jobs across the country? By 2024, there will be a change of 92,300 jobs for a total of 587,800 people employed in the career nationwide. This is a 18.6% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.
Growth Rankings And Facts
#66 Nationally for All Careers
Above Avg. Growth Nationally
What Companies Employ The Most Market Research Analysts
|Industry||Current Jobs||New Jobs Needed||% Increase|
|Management, scientific, and technical consulting services||50,000||18,900||19%|
|Management of companies and enterprises||41,800||5,600||6%|
|Computer systems design and related services||26,200||8,100||8%|