Market analysts monitor specialized markets to assess the possibility of selling a good or service. They work with large and small businesses to understand the needs and wants of their customers. They also determine the prices that potential customers will pay for goods and services.
Market analysts are responsible for monitoring sales trends, developing methods for collecting data, and analyzing data with statistical software. They must also communicate and present findings to colleagues, supervisors, and clients using reports and tables to convey complex information in accessible formats.
Market Analyst Job Education Requirements
Most market analysts have a bachelor's degree in market research or a related field like mathematics, statistics, or computer science. Some professionals in this field also have a background in marketing or communications, which offers them a different perspective on the industry. Candidates aren't required to hold licensure or certification to work in the field, but some opt to pursue a Professional Researcher Certification from the Marketing Research Association to demonstrate skills and competence.
Market Analyst Job Market
This field shows all signs of continuing to grow significantly for the foreseeable future. As many industries turn their focus to big data and market research, market analysts can help businesses understand their markets and how best to sell their products. Market analyst candidates who hold a master's degree and have experience with statistics, economics, marketing, and business administration will have the most competitive edge as they seek employment.
Market Analyst Job Salary Information
The average pay for a market analyst is about $60,000 a year. Entry-level market analysts and those on the lowest end of the spectrum earn around $34,000 a year, while market analyst managers and executives earn closer to $114,000 a year. Professionals who work in finance, manufacturing, and insurance tend to earn more than colleagues in other fields.