How to Become a Market Research Analyst

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Featured Course: Support Your Marketing Decisions

The course is intended as a practical step by step guide to market research, to provide a structure for those who plan to undertake a research project or may wish to commission an agency to conduct research on their behalf.

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Interested in a career as a market research analyst? You can fuse core marketing and statistical concepts while helping companies decide which products and services have the most potential. 

This guide provides step-by-step instructions on how to become a market research analyst. 

Market Research Analyst Overview

Wondering what employers expect from market research analysts? How much can you expect to be compensated? What are the future job prospects? Is a college degree required to land a role in the field? 

These are all viable questions to ponder as you evaluate whether a market research analyst role is right for you.  

Job Description

Market research analysts help companies identify the anticipated demand for potential products or services. They monitor sales trends and market conditions, evaluate competitors' offerings and communicate critical findings with management. In this role, you can leverage software and statistical techniques to formulate suggestions regarding marketing tactics and pricing for future offerings. 

Expect to work 40 hours per week in this role, with the occasional demand for extended hours to meet pressing deadlines. 

These industries employ the largest number of market research analysts:

• Company and enterprise management 
• Finance and insurance
• Management, technical and scientific services
• Publishing
• Wholesale trade

Salary Information

In 2019, the median pay for market analysts was $63,790, notes the U.S. Bureau of Labor Statistics. Here are the averages for top employers by industry: 

• Company and enterprise management: $74,510 
• Finance and insurance: $71,50
• Management, technical and scientific services: $61,520
• Publishing: $75,720
• Wholesale trade: $61,780

Education Requirements

The minimum education requirement for most market research analyst positions is a bachelor’s degree. Candidates with degrees in marketing, business administration, statistics or math are preferred. It’s also helpful if you take economics courses. 

If you’re pursuing a market research analyst role that requires extensive research, the employer may prefer candidates with a master’s degree. Consider a Master of Business Administration degree program. You can also pursue a master’s degree in statistics or marketing. 

Job Outlook

The job outlook for market research analysts is projected to increase by 20% through 2028, notes BLS.gov. This is 15% faster than the average expected growth rate for all occupations. 

Tips for Becoming a Market Research Analyst 

Keep these tips in mind as you start your journey towards becoming a market research analyst. 

When evaluating bachelor’s degree programs, be mindful of the institution's reputation. The institution should be accredited and offer majors that closely align with your career goal of becoming a market research analyst. Also, evaluate the cost of attendance for your top options to ensure they are comparable. Eliminate colleges or universities from your list that charge excessive tuition and fees. 

Obtain a Professional Certification 

Consider obtaining a Professional Researcher Certification through the Marketing Research Association (MRA). To get this designation, you must pass an exam, complete 12 hours of continuing education courses related to the industry and work for 3 years in the opinion and marketing research industry. The MRA also mandates that you earn 20 hours of continuing education credits every 24 months. 

Expand Your Knowledge 

Online courses are an ideal way to boost your marketing knowledge and sharpen your research skills. Options are available for all skill levels at varying price points. Plus, they can be completed when it’s convenient for you. 

Best Universities for Becoming a Market Research Analyst

Consider these online marketing degree programs to prepare for a career as a market research analyst.

Consider an online bachelor’s degree in marketing from the University of Massachusetts – Amherst. It’s offered through the AACSB-accredited Charlton School of Business and prepares you for market research analyst opportunities or graduate school. The curriculum covers the phases of global product and service distribution, effective decision-making and customer analysis as it relates to marketing. 

2. University of Minnesota Crookston 

The University of Minnesota Crookston offers an online Bachelor of Science in marketing. It features a curriculum that incorporates a hands-on approach to convey skills and knowledge you’ll need to excel in the field. Students complete experiential projects while learning how to identify the needs and wants of specific target markets, rise above common workplace challenges and implement relevant techniques and technology to work more efficiently. 

Courses Related to Becoming a Market Research Analyst 

These online courses shed light on alternative ways to master market research. 

1. Marketing Research: Support Your Marketing Decisions

Source: Udemy

Offered by Oxford Learning Lab, this Udemy bestseller unveils a 10-step process for effectively conducting market research. Market Research: Support Your Marketing Decisions includes the following modules: 

• What is Marketing Information and Research?
• The Marketing Research Process
• Questionnaires and Research Methodologies 
• Data Analysis 
• Presenting Findings and Conclusions 
• Digital Marketing Research

When you enroll for $59.99, you will unlock 5.5 hours of on-demand video lectures and 2 downloadable resources. You will also receive a certificate of completion when you finish the course. 

Enroll now. 

2. Niche Market Research Mastery: Find Profitable Niches Online 

Source: Udemy

This highly-rated Udemy course will show you how to conduct targeted market research on niche markets in just 30 days. Led by experienced digital marketing strategist Sasha Miller, Niche Market Research Mastery: Find Profitable Niches Online is divided into 6 core segments:

• Niche Research As a Service? 
• Niche Questionnaire Checklist
• Is Your Niche Profitable? 
• Other Sites for Niche Ideas 
• Evaluating and Testing Your Niche 
• Niches to Riches 

A seat in this course is only $59.99 and includes full lifetime access to 5.5 of hours on-demand video and 3 downloadable resources. 

Enroll now. 

Prepare for a Rewarding Career as a Market Research Analyst 

When you’re ready to get started, consider our top recommendations for degree programs and online courses. Evaluate your options to find the best fit and take the first step towards pursuing a career as a market research analyst. You will be glad you did when you accomplish your career goal of landing a rewarding role in the field.