Market Research Analyst Salary
Market Research Analysts in the United States take home approximately $51K annually on average. Overall cash earnings for Market Research Analysts stretch from $36K on the lower end to $75K near the top, and the heftiest packages can encompass around $8K from bonuses and $10K from profit sharing. Compensation for this group is mainly affected by career duration, but the specific employer and geography are influential factors as well. Women make up a slight majority of Market Research Analysts (52 percent) survey respondents. Work is enjoyable for Market Research Analysts, who typically claim high levels of job satisfaction. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to more than half. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Market Research Analyst
A marketing research analyst reviews a large amount of data, analyzing it to answer three major questions: What product does the market want? Who are the consumers that would purchase such a product? How much would consumers pay for the product? Their main goal is to help the company's profits grow over time by using available data. They analyze interviews, collect prospective consumer data via surveys, and include relevant statistics in a final report for their clients or management team. Most analysts work during regular business hours in an office setting, although overtime may be required on time-sensitive projects.Read More...
Market research analysts typically have a bachelor’s degree in marketing; however, some analysts may have a bachelor's degree in math, computer science, business, or another field. Research analysts can also receive certification from the Market Research Association in lieu of a bachelor's degree, depending on their education and work experience; this certification must be renewed every two years.
Market Research Analyst Tasks
- Assist in the development of marketing plans.
- Track and analyze marketing and sales trends, forecasts and prepare reports in order to measure the effectiveness of programs.
- Conduct research market conditions in specific areas, and analyze customer preferences to determine potential sales of a product or service.
- Gather data on competitors and past sales to analyze prices and methods of marketing and distribution.
Common Career Paths for Market Research Analyst
Many Market Research Analysts move into a Market Research Manager role, and folks who currently hold that position report a much higher median income of $75K per year. Typical career progression for a Market Research Analyst involves becoming a Senior Market Research Analyst or a Marketing Manager, roles that pay $17K more and $9K more on average.
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Popular Skills for Market Research Analyst
Market Research Analysts report using a deep pool of skills on the job. Most notably, facility with Presentations, Client Interaction, and SQL are correlated to pay that is significantly above average, leading to increases of 29 percent, 8 percent, and 5 percent, respectively. Skills that pay less than market rate include Powerpoint, Technical Writing, and Microsoft Excel. It is often found that people who know Data Analysis are also skilled in Market Analysis and Microsoft Excel.
Pay by Experience Level for Market Research Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $50K, but people who have been around for five to 10 years earn a noticeably bigger sum of $66K. Market Research Analysts who work for 10 to 20 years in their occupation tend to earn about $69K. Market Research Analysts who have racked up more than two decades of experience report lower incomes overall; the average sum for this crowd comes out to only $57K.
Pay Difference by Location
For Market Research Analysts, San Francisco provides a pay rate that is 16 percent greater than the national average. Market Research Analysts can also look forward to large paychecks in cities like Minneapolis (+11 percent), New York (+10 percent), Washington (+9 percent), and Atlanta (+5 percent). Detroit is the lowest-paying area, 12 percent south of the national average. Employers pay around 10 percent less in Indianapolis and 6 percent less in Milwaukee, below-median salaries for those in this field.
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