Market research jobs require creative and analytical skills. While some companies divide their marketing departments, the best professionals understand how to use data to take creative approaches to marketing. Some common duties for those working in the market research industry include:
Studying market conditions
Meeting with clients to understand their needs
Conducting focus groups
Analyzing data with statistical software
Managing long-term projects
Keeping projects within budget constraints
Job candidates who like using data to develop new concepts should enjoy working in market research.
Market Research Job Education Requirements
Many market research positions require applicants to hold at least a bachelor's degree, preferably in marketing, business, communications, or a related subject. Those who plan to focus on research analysis may need to study subjects such as mathematics and statistics. While many positions only require a bachelor's degree, career advancement often means acquiring master's or doctoral degrees. Those with more education often get promoted to more challenging positions that earn more money. Applicants may make themselves more attractive to employers by earning a Professional Researcher Certification (PRC).
Those who excel at marketing jobs may want to pursue careers as product managers or marketing managers. Earning a master's degree in business or marketing can improve one's chances of getting promoted to these positions.
Market Research Job Market
There were 415,700 market research analyst jobs in the United States in 2012. Between then and 2022, the industry is expected to grow by 32 percent, adding about 131,500 positions. This 32 percent is much faster than the average job growth, which is close to 10 percent in the U.S. Candidates who succeed in their jobs will need to know how to use data to determine consumer and business trends. They may also need to focus on niche markets or expand their abilities to analyze diverse industries.
Qualified candidates who want to improve their employment prospective should consider applying in California, New York and Texas, the three states with the highest employment numbers for market research.
Market Research Job Salary Information
According to the Bureau of Labor Statistics, market research analysts had a 2012 median salary of $60,300. Analysts in the 90th percentile earned $114,250 per year. Those in the bottom 10th percentile, however, earned an annual $33,490. A professional's pay is often based on location as well as experience and job performance. For instance, the annual mean wage of a market research analyst in the San Jose area was $103,200 in 2013. Mean wages in San Francisco and Seattle are also among the nation's highest, while jobs in Michigan's Upper Peninsula pay some of the wages with a mean salary of $43,710.