Market Research Analyst

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Salary Range: $60,000 to $79,999

Average Hourly: $ 31.64

Education: Bachelor's degree

Number of Jobs: 740900

Jobs Added to 2029: 163600

Growth: Much faster than average



Go here to see salary and job data specific to the United Kingdom.

What Market Research Analysts Do

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

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

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.


Work Environment Details

Market research analysts held about 740,900 jobs in 2020. The largest employers of market research analysts were as follows:
Management, scientific, and technical consulting services 11%
Finance and insurance 10
Wholesale trade 8
Management of companies and enterprises 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 and to create charts, graphs, and infographics summarizing the research and findings.

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.


Job Outlook

Employment of market research analysts is projected to grow 22 percent from 2020 to 2030, much faster than the average for all occupations.

About 96,000 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.


How to Become a Market Research Analyst

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

Market research analysts typically need a bachelor's degree in market research or a related business, communications, or social science field. Others have a background in business administration or social science.

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

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

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.


United Kingdom Job Data

Source:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Market Research Analysts, at https://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm (visited ).