Market research analysts held about 681,900 jobs in 2018. The largest employers of market research analysts were as follows:
| Management, scientific, and technical consulting services | 12% |
| Finance and insurance | 10 |
| Wholesale trade | 8 |
| Management of companies and enterprises | 8 |
| Publishing industries (except Internet) | 4 |
Because most industries use market research, these analysts are employed throughout the economy.
Market research analysts can work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings.
Work Schedules
Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.
Most market research analysts need at least a bachelor’s degree. Some research positions may require a master’s degree. Strong math and analytical skills are essential.
Education
Market research analysts typically need a bachelor’s degree in market research or a related field. Many have degrees in fields such as statistics, math, or computer science. Others have backgrounds in business administration, the social sciences, or communications.
Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.
Some market research analyst jobs require a master’s degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.
Licenses, Certifications, and Registrations
Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify on the basis of experience and knowledge; they must pass an exam, have at least 3 years working in opinion and marketing research, and complete 12 hours of industry-related education courses. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.
Market research analysts typically have an interest in the Thinking, Persuading and Organizing interest areas, according to the Holland Code framework. The Thinking interest area indicates a focus on researching, investigating, and increasing the understanding of natural laws. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Thinking or Persuading or Organizing interest which might fit with a career as a market research analyst, you can take a career test to measure your interests.
Market research analysts should also possess the following specific qualities:
Analytical skills. Market research analysts must be able to understand large amounts of data and information.
Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients.
Critical-thinking skills. Market research analysts must assess all available information to determine what marketing strategy would work best for a company.
Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.
The median annual wage for market research analysts was $63,790 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $34,350, and the highest 10 percent earned more than $122,630.
In May 2019, the median annual wages for market research analysts in the top industries in which they worked were as follows:
| Publishing industries (except Internet) | $75,720 |
| Management of companies and enterprises | 74,510 |
| Finance and insurance | 71,500 |
| Wholesale trade | 61,780 |
| Management, scientific, and technical consulting services | 61,520 |
Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.
Employment of market research analysts is projected to grow 20 percent from 2018 to 2028, much faster than the average for all occupations.
Employment growth will be driven by an increasing use of data and market research across many industries. They will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand.
Market research provides companies and organizations with an opportunity to increase sales and cut costs. Companies increasingly use research on consumer behavior to develop improved marketing strategies. By doing so, companies are better able to market directly to their target population.
Market research also lets companies monitor customer satisfaction and gather feedback about how to improve products or services, allowing companies to build an advantage over their competitors. They may use research to decide the location of stores, placement of products, and services offered.
The increase in the collection and analyses of “big data”—extremely large sets of information, such as social media comments or online product reviews—can provide insight on consumer behaviors and preferences. Businesses will need market research analysts to conduct analyses of the data and information.
Job Prospects
Job prospects should be best for those with a master’s degree in market research, marketing, statistics, or business administration.
Those with a strong quantitative background in statistical and data analysis or related work experience will have better job opportunities than those without it.
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