Market Research Analysts

Summary

Market research analysts prepare reports on their findings.

Quick Facts: Market Research Analysts
2010 Median Pay	$60,570 per year $29.12 per hour
Entry-Level Education	Bachelor’s degree
Work Experience in a Related Occupation	None
On-the-job Training	None
Number of Jobs, 2010	282,700
Job Outlook, 2010-20	41% (Much faster than average)
Employment Change, 2010-20	116,600

What Market Research Analysts Do

Market research analysts study market conditions in local, regional, or national areas 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.

Work Environment

Market research analysts work in nearly every industry. They may work with the public to gather information and data, but they generally work at a computer, collecting and analyzing marketing data and preparing reports. Although most work full time during regular business hours, some may work long hours to meet deadlines.

How to Become a Market Research Analyst

Market research analysts need strong math and analytical skills. Most need at least a bachelor’s degree, and top research positions often require a master’s degree.

Pay

The median annual wage of market research analysts was $60,570 in May 2010.

Job Outlook

Employment of market research analysts is expected to grow 41 percent from 2010 to 2020, much faster than the average for all occupations. Job prospects should be best for those with a master’s degree.

Similar Occupations

Compare the job duties, education, job growth, and pay of market research analysts with similar occupations.

O*NET

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Contacts for More Information

Learn more about market research analysts by contacting these additional resources.

What Market Research Analysts Do About this section

Market research analysts gather and analyze data on consumers and competitors.

Market research analysts study market conditions in local, regional, or national areas 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

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, or opinion polls
• Gather data about 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 or management

Market research analysts perform 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 means for their client, and they may forecast future trends. They often make charts, graphs, or other visual aids to present the results of their research. 

Workers who design and conduct surveys are known as survey researchers. For more information, see the profile on survey researchers.

Some market research analysts may become professors or teachers. For more information, see the profile on postsecondary teachers. As an instructor in a junior or community college, a market research analyst may need only a master's degree, but a Ph.D. is usually required to teach in a college or university.

Work Environment About this section

Market research analysts may give presentations to clients.

Market research analysts held about 282,700 jobs in 2010. Because most industries use market research, these analysts are employed throughout the economy. 

The following industries employed the most market research analysts in 2010:

Some market research analysts work for the company that hires them to do research. Some work for consulting firms that do market research for many clients. A small percentage—about 5 percent—were self-employed in 2010. Those who hold full-time jobs in government, business, or teaching also may consult on a part-time basis.

Market research analysts generally work alone at a computer, collecting and analyzing marketing data and preparing reports. Some, however, work directly with the public to collect information and data. 

Work Schedules

Market research analysts generally work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require longer hours.

How to Become a Market Research Analyst About this section

Market research analysts measure the effectiveness of marketing strategies.

Market research analysts need strong math and analytical skills. Most market research analysts need at least a bachelor’s degree, and top research positions often require a master’s degree. 

Education

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 a background in business administration, one of 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, psychology, and sociology—are also important.

Many 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, marketing, or a Master of Business Administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.   

Work Experience

Most market research analysts benefit from internships or work experience in business, marketing, or sales. Experience in other positions that require analyzing data, writing reports, or surveying or collecting data can also be helpful in finding a market research position. 

Certification

The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. Candidates qualify based on experience and knowledge; they must pass an exam, be a member of a professional organization, and have at least 3 years working in opinion and marketing research. To keep their certification valid, market research analysts must take continuing education courses and apply for renewal every 2 years. 

Important Qualities

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 and interpreting and presenting results to clients. 

Critical-thinking skills. Market research analysts must assess all available information and use it to determine what marketing strategy would work best for a company.

Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.

Pay About this section

The median annual wage of market research analysts was $60,570 in May 2010. 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 $33,350, and the top 10 percent earned more than $111,440. 

Median annual wages in the industries employing the largest numbers of market research analysts in May 2010 were:

Market research analysts generally work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require longer hours.

Job Outlook About this section

Employment of market research analysts is expected to grow 41 percent from 2010 to 2020, much faster than the average for all occupations. Employment growth will be driven by an increased use of data and market research across all industries in order to understand the needs and wants of customers and measure the effectiveness of marketing and business strategies.

Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population. In addition, market research provides companies and organizations with an opportunity to cut costs. 

Market research also lets companies monitor customer satisfaction and gather feedback about how to improve products or services, allowing them to build an advantage over their competitors. They may use research to decide the location of stores, placement of products, and services offered. As more companies use research to develop marketing strategies, competing companies will need to engage in similar market research. 

Organizations such as research firms, social and civic organizations, colleges and universities, and government agencies will also increasingly use market research to ensure that program resources are being used effectively. For example, they may use research to show whether a particular social program reaches its target population or whether a transportation system meets the population’s needs. 

Job Prospects

Overall job prospects for market research analysts are expected to be good. Rapid employment growth in most industries means good job opportunities should be available throughout the economy. 

Because many positions require a master’s degree, those with a bachelor’s degree are expected to face strong competition for jobs. Those with a strong background in statistical and data analysis or related work experience will have better job opportunities. 

Prospects should be best for jobseekers with a master’s degree in market research, marketing, statistics, or business administration. Analysts may find more opportunities in consulting and market research firms, as companies without established marketing or research departments often find it easier to hire a person outside the organization to perform market research services.

Contacts for More Information About this section

For more information about market research analysts, visit

Council of American Survey Research Organizations

Marketing Research Association