There are many different types of analyst positions in the business world. Risk analysts help companies find excess spending or weaknesses within processes to improve on them, while financial analysts help companies determine if something is a good investment. The most common type of analyst that people think of when they hear the name is the market research analyst. This person studies the industry and determines the probability of success for certain products and makes suggestions for price points.
Analysts are used by most businesses before they ever launch a new product or service. They work with sales and development teams to formulate launch plans, target markets, and pricing options. Companies want to make sure that their new offering will be profitable and will enlist analysts to offer their expertise.
Analyst Job Education Requirements
Basic entry-level analyst positions require at least a bachelor's degree, but the most advanced positions and opportunities at major companies require a master's. A strong background in business or economics is preferred.
People who succeed as analysts have strong math skills and are very analytically minded. They need to be able to calculate cost versus value for different processes or products and come to their own conclusions about whether or not something is a good decision for a company. Oftentimes they also need to be able to work under pressure on tight deadlines.
Analyst Job Market
The job market for analysts is expected to grow 32% by 2022, much faster than the national average. The reason behind these 131,000 new jobs is the increased need for information that businesses want to have before launching a product. Failing at a product launch can cost a company thousands or millions of dollars, and many businesses are seeking out analysts to learn about possible risks before setting off into uncharted territory.
Analyst Job Salary Information
The average annual salary for market research analysts is $60,000, but this can grow exponentially depending on the company, industry, and level. It's also possible to make more money consulting or working with a market analyst agency that tracks the prospects of multiple businesses. Similarly, Financial Analysts make an average of $76,000 a year, while Risk Management Analysts make close to $80,000.
People who enjoy problem-solving challenges will enjoy careers as analysts. Whether they're predicting the market outlook and growth for the new year or setting a price point for a new product launch, it's all about calculating the cost versus potential gain.