Market Research Analyst

What a Market Research Analyst Does

Market research analysts assist companies in determining what consumers want, how they're thinking, and how they interpret messages coming from the industry. Before a company develops a new product, service, or marketing campaign, they will work with market research analysts to discuss strategies for effectively and positively reaching their target audiences. Analysts create, administer and interpret surveys through focus groups, phone calls and e-mails, and interviews held in public places to collect this information. They aim to serve as mutually beneficial go-betweens for consumers and businesses: by asking consumers what they want, they can influence the actual product so that it's more efficient, and they can also help companies create more influential marketing and advertising campaigns that give them an edge over competitors.

How to Become a Market Research Analyst

To gain an entry-level position as a market research analyst, you will need a bachelor's degree. A master's degree is usually preferred for more highly technical positions and can improve your earning potential as you try to work your way up in the field. But as an undergraduate, consider majoring in business and taking classes in psychology, statistics, math and the social sciences. These courses will give you the technical skills you need to develop and analyze market research reports and surveys, as well as understand the psychology behind consumer behavior. You'll most likely start your career in an entry-level position working on projects under a manager, but after gaining more experience in the field and pursuing continuing education opportunities, you may wish to teach a class at a college or higher education institution, or become certified by the Marketing Research Association, which awards the the Professional Researcher Certification, or PRC. These certification must be renewed every two years.

Career Outlook for Market Research Analysts

Market research analysts can find jobs all over the country and in all kinds of industries, but most jobs are found in computer systems design, management of companies and enterprises, management, scientific, and technical consulting services, public opinion polling, and insurance carriers. Analysts can work full-time or as part-time consultants, too, either with a firm or as a self-employed professional, or combine consulting or survey work with a job as a professor or instructor at a higher education institution. While entry-level jobs only require bachelor's degrees, master's or even doctorate degrees will improve employment prospects, especially for those searching for more technical positions. The job increase rate is expected to be 28%, with about 77,000 more jobs being added to the field through 2018. This rate is much higher than the national average. The median annual wage for market research analysts in 2008 was $61,070. Computer systems design analysts earned the highest average salary, at $77,170, while those working for management, scientific, and technical consulting services earned the lowest, at $55,570.