Market Research Analyst Salary
For Market Research Analysts, yearly average wages total $51K annually. Total incomes of Market Research Analysts incorporate potential for, in a few cases, more than $9K from bonuses and close to $10K from profit sharing; these performance components cause packages to range between $35K and $75K. Compensation for this group is mainly affected by experience level, but the specific employer and geography are influential factors as well. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to more than half. Women make up a slight majority of Market Research Analysts (52 percent) survey respondents. For the most part, Market Research Analysts enjoy their work and report high levels of job satisfaction. This report is based on answers to 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
Market Research Analysts might see a strong upturn in salary after transitioning into upper-level roles such as Market Research Manager, a seemingly popular career choice. People currently working in the latter position report a noticeably higher median income of $75K per year. Market Research Analysts typically move into roles as Senior Market Research Analysts or Marketing Managers, and those positions pay $17K more and $10K more, respectively.
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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 30 percent, 8 percent, and 6 percent, respectively. Skills that pay less than market rate include Powerpoint, Technical Writing, and Microsoft Excel. For most people, competency in Data Analysis indicates knowledge of 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 bring in $70K after working for 10 to 20 years. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $60K by contrast.
Pay Difference by Location
Home to some of the best pay for Market Research Analysts, Washington offers exceptional salaries, 10 percent above the national average. Market Research Analysts can also look forward to large paychecks in cities like New York (+10 percent), Portland (+9 percent), Atlanta (+8 percent), and San Francisco (+6 percent). In Detroit, salaries are 11 percent below the national average and represent the lowest-paying market. Denver and Milwaukee are a couple other places where companies are known to pay below the median — salaries are 8 percent lower and 5 percent lower, respectively.
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