How to Become a Market Research Analyst
Are you interested in analyzing data? How about leading focus groups? Learn how you can contribute to the growing marketing industry.
Are charts, graphs, and statistics like a second language to you? Then you might find a successful career as a market research analyst.
What is a market research analyst? Market research analysts find the data that help companies make important marketing decisions. This rapidly growing field offers plenty of job opportunities.
We have the details on how to become a market research analyst.
What Is a Market Research Analyst?
A market research analyst is a marketing professional who gathers, analyzes, and presents market data. This information helps companies make sales and marketing decisions, such as what products or services to focus on and how to market them. Many market research analysts work in-house for a corporation’s marketing department. You could also work for an agency that takes on marketing projects for clients, or at a university conducting academic research.
What Is Market Research?
Market research is research related to the marketplace, such as information on trends, consumer needs, consumer behaviors, and company competitors. A market research analyst is one type of marketing research analyst, focused on market research.
Marketing research analyst is a broader term that includes different types of marketing researchers that also focus on tracking the success of marketing campaigns, brand awareness, brand equity, pricing strategies, and more.
What Does a Market Research Analyst Do?
A market research analyst analyzes the current marketplace. Some also suggest business decisions based on their findings, such as potential new markets. These are some common tasks for market research analysts:
- conducting market research
- monitoring marketing and sales trends
- gathering marketing data through focus groups, interviews, polls, and other methods
- recording and analyzing data
- interpreting data to make recommendations and forecasts
- monitoring the performance of a competitor’s products or services
- preparing reports and presentations
- presenting data to clients and managers
- collaborating with sales and marketing teams
Learn more about typical responsibilities in Monster’s job description of marketing analysts.
How to Become a Market Research Analyst: Important Skills
Market research analysts spend a large amount of time behind the computer, but they also frequently work with people. You’ll need strong communication skills to collaborate with colleagues, deliver presentations, and interview consumers. It’s also essential to be detail-oriented, organized, and goal-oriented.
These are some examples of common hard skills you’ll need in this field:
- PowerPoint and other presentation software
- statistical software such as SPSS, WinCross, and SAS
- basic understanding of statistics and other math
- Microsoft Office for writing reports and tracking data
- CRM (customer relationship management) programs such as Salesforce
- SEO and web analytics
- quantitative and qualitative data collection
How to Become a Market Research Analyst: Education
You’ll need at least a bachelor’s degree to become a market research analyst. Some market research analysts have a master’s degree. For many jobs it’s ideal to get a degree in market research, but because this job combines several different areas of expertise, you could also get a degree in:
- marketing
- statistics
- business administration
- communications
- math
When choosing your major, consider what you want to focus on at work. If you want to have a job heavily focused on gathering and analyzing data, consider statistics. If you want to spend a large amount of time recommending marketing strategies, consider pursuing a marketing degree.
If you’re planning to climb the career ladder to a senior-level position, consider obtaining an MBA degree. This can signal to employers that you possess both analytical and leadership skills. If you want to focus on academic research, you’ll likely need a Ph. D.
How to Become a Market Research Analyst: Certifications That Can Help
You can also increase your value on the job market by getting a certification in market research or a related field. These are some common options:
- Certified Product Manager (CPM) from the Association of International Product Marketing and Management (AIPMM)
- Certified Market Analyst from the Academy of American Project Management (AAPM)
- Certified ANA Marketing Professional (CAMP) from the Association of National Advertisers (ANA)
How Much Does a Market Research Analyst Make?
A median market research analyst salary is $67,814. Use Monster’s Salary Tools to find out how much you could make in your area.
How to Become a Market Research Analyst: Finding Jobs
Wondering how to get into market research? A good starting point is an internship or volunteer position where you can conduct research such as leading a focus group for a nonprofit. An entry-level corporate position such as a marketing assistant can also help you gain experience and make connections.
Put Together Your Application for a Market Research Analyst Role
On your marketing resume, present yourself clearly and show how your education and skills make you a good match for a market or marketing research role. Showing you have some level of both quantitative and qualitative skills is helpful, as is your ability to communicate and easily translate data. If expressed clearly, these qualities could help you land an interview.
Researching the company is even more essential for this job than for other interviews since research is literarily part of the job title. Make sure to read about the current market conditions, common competitors, challenges the prospective employer faces, and more.
Interview for a Market Research Analyst Job
For junior-level interviews, potential employers will likely test your honesty and ethics. Make sure you’re authentic at the interview. Senior-level candidates should be prepared for case-study questions. The ability to quickly analyze studies will be a requirement.
Find Market Research Analyst Jobs
When you have a strong job application, search for market research analyst jobs on Monster.
These are the top states with the highest demand, according to the BLS:
The top cities for market research analysts include:
Find Job Market Insights on Monster
Learning how to become a market research analyst is only the first step on your career path. Before you land a job, you’ll need to research the job market itself. Find the latest information on new job openings when you create a profile on Monster. For even more up-to-date information, sign up for our job alerts.