What does a market research analyst do?
Market research analysts gather and analyze data on consumers and competitors. 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.
Is a market research analyst a good job?
Market research analysts brought in a median salary of $65,810 in 2020, according to the BLS. The outlook for this occupation is positive. The BLS projects employment of market research analysts to grow 18 percent through 2029—an increase of roughly 130,300 jobs.
What does a market research analyst do day to day?
A market research analyst will gather data using a variety of methods. They might lead focus groups to gather opinions on a new product, or analyze statistical data to better understand consumer behavior and the current market conditions.
Is it hard to get a job as a market research analyst?
In addition, the BLS projects 18% growth for this job between 2019 and 2029. This rate is significantly higher than the 4% average employment growth for all other occupations over the same 10-year period. By 2029, the BLS estimates that as many as 130,300 additional market research analyst jobs will be created.
How do you become a market research analyst?
How to become a market research analyst
- Pursue higher education in a related field. Many employers require market research analysts to have at least a bachelor’s degree in an area, such as marketing.
- Gain foundational work experience. Most market research analyst jobs are not entry-level positions.
- Pursue certifications.
What skills are needed for a market research analyst?
Key skills for market research analysts
- Ability to cope with fast-paced and pressured work.
- Accuracy.
- Strong attention to detail and a strong analytical mind.
- Ability to notice patterns within statistics.
- An interest in psychology and behaviour.
- Good organisational skills.
- Excellent (spoken and written) communication skills.
Is market research a stressful job?
Consider the market researcher who has committed to a project where the screening criteria are known to be hard. Sure enough, at some point, it gets stressful. Quotas aren’t being met, deadlines are looming, and the client (internal or external) is becoming unhappy. It is a brutal time, and stress levels soar.
What degree do you need to be a research analyst?
You should consider earning a Bachelor’s or Master’s Degree in Marketing, Math, Statistics, Business Administration, Data Science, or Market Research. Most research analyst positions require candidates to have a degree in one of these fields.
How many hours do market research analysts work?
40-hour week
Market Research Analysts may work alone, writing reports and preparing presentations. They may also work in groups as part of a research team. Most Market Research Analysts work a standard 40-hour week, but can expect occasional evening, weekend, and holiday work to meet deadlines.
How many hours do research analysts work?
Research associates arrive to the office at 7am and leave sometime between 7-9pm. Working on weekends is limited to special situations like an initiation report. This schedule is very favorable compared to investment banking hours. Analysts can work up to 100 hours per week.
How do I start a career in market research?
How to become a market research analyst
- Receive higher education in a related field. Many employers require market research analysts to have at least a bachelor’s degree in an area such as marketing.
- Gain foundational work experience. Most market research analyst jobs are not entry-level positions.
- Obtain certifications.
What degree do you need to be a marketing analyst?
bachelor’s degree
Generally, marketing analysts need at least a bachelor’s degree, the BLS reports. Statistics, math, computer science and market research are strong majors, but market analysts also have degrees in communications, business administration or social sciences.
What are the job duties of a market research analyst?
Analytical skills so they can understand significant amounts of information and data.
What are the different market research analyst jobs?
Market research analyst jobs involve gathering and analyzing key customer data to better help companies appeal to their audiences. Researchers who concentrate on uncovering trends in the market can be found across many different industries, including consumer products, healthcare, publishing and technology.
Would I make a good market research analyst?
Salary. According to LinkedIn,the average total compensation for a Market Research Analyst is$55,000 a year.
How much money does a market research analyst earn?
Market Research Analysts made a median salary of $63,790 in 2019. The best-paid 25 percent made $89,580 that year, while the lowest-paid 25 percent made $46,800. What is the best career fit for me? Take our assessment now. Finding your dream job starts with knowing what makes you the way you are.