Career Path Guide
If you want to become a market research analyst, the first step is to determine if this occupation is a good fit for you.
If you're interested in a well-paying career within an office setting, that offers you the ability to work independently towards an overall team goal, and you're interested in analyzing data and preparing reports based on your findings, then a career as a market research analyst is probably right up your alley!
Below we've outlined what you'll need to succeed in a career as a market research analyst. We've also included helpful occupational information, such as a general job description, a list of typical job duties, an overview of salary expectations, a list of possible employers and much more!
Education Needed to Become a Market Research Analyst
Although educational requirements to become a market research analyst vary by employer, market research analysts typically need a bachelor’s degree in marketing, market research, economics or a related field.
Alternatively, having a degree in a field such as statistics, mathematics, or computer science can also help you get a job as a market research analyst, and provide you with the foundations to succeed in that job.
Coursework in fields such as business administration, sociology, political science and psychology can also be quite helpful in this career.
A master’s degree in a field such as economics, business administration (MBA) marketing or statistics is often required for leadership positions or positions that perform more technical research.
General Job Description
Market research analysts are responsible for researching local, regional or national market conditions to determine the sales potential of a product or service. Market research analysts may also gather information regarding the prices, sales figures and marketing methods of the competition.
Typical Job Duties
• Monitor industry statistics and trends
• Develop strategies for obtaining research data, such as surveys, opinion polls, interviews or questionnaires
• Measure the effectiveness of current marketing, advertising, and communications programs and strategies
• Oversee the work of market surveyors
• Analyze the sales, marketing and distribution methods of competitors
• Conduct research on consumer opinions and marketing strategies
• Collaborate with marketing professionals, statisticians, pollsters, and other professionals
• Collect and analyze data on customer demographics, preferences, needs, and buying habits to identify potential markets and factors affecting product demand
Who Employs Market Research Analysts?
There are many organizations interested in applying the skills, competencies and knowledge of market research analysts.
• Manufacturing and processing corporations
• Market research firms
• Management consulting firms
• Government agencies
• Advertising and marketing agencies
• Business associations
Typical Salary Level
The salary level for market research analysts can vary depending on a multitude of factors, including the type and size of organization that employs them, the region in which they work, their level of education and experience, and many other factors.
Market Researcher Salary in Alberta: According to the 2019 Alberta Wage and Salary Survey, the average salary level of Albertans working in the “Biologist” occupational group is $91,736 per year.
Salary - British Columbia: According to WorkBC (Province of British Columbia), those working in the “Biologists and related scientists” occupational group earn an annual provincial median salary of $66,664.
Salary - United States: According to the U.S. Bureau of Labor Statistics, the median salary level of Americans working in the “Survey Researchers” occupational group is $57,700 per year.
Characteristics Needed to Become a Market Research Analyst
To be successful in this line of work, you'll need more than a degree and a job opportunity; you will need certain personality traits that will help you get through the ups and downs of this career. Such traits include:
• Attention to detail
• A keen interest in analyzing data
• The ability to think critically
• The ability to work alone, with a team goal in mind
• Must enjoy coordinating information and consulting with others
• Must have excellent communication abilities and presentation skills
• Must enjoy a sedentary work environment
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Careers Similar to This One
Listed below are jobs that are similar in nature to that of a market research analyst, as they may involve many of the same skills, competencies and responsibilities.
• Business Development Officer
References
Please use the references below to find more information on the various aspects of this profession:
Occupations in Alberta: “Market Research Analyst.” (February 1, 2009). ALIS website - Alberta Learning Information Service. Retrieved March 2, 2020.
Life, Physical, and Social Science: “Survey Researchers.” (September 4, 2019). United States Bureau of Labor Statistics website. Retrieved March 2, 2020.
Explore Careers: “Business development officers and marketing researchers and consultants.” (July 15, 2018). WorkBC website - Province of British Columbia. Retrieved March 2, 2020.
Best Jobs in America: “Market Research Analyst.” (October 29, 2012). CNN website. Retrieved January 1, 2020.
Scholarships for Becoming a Market Research Analyst
Scholarships listed for majors that are relevant for becoming a market research analyst can be found on our All Scholarships by Major page.
Success Tip: Be sure to apply for any scholarships that you even barely qualify for, as there are millions of dollars of scholarships that go unused every year due to a lack of applicants!
Relevant University Majors
Studying one of the university majors listed below is an excellent starting point for getting into this line of work. Click on the links to find out what else you can do with these majors!
