Market Research Analyst

Your Fit

Income

$89K

Preparation

Considerable

Growth

13.4%

Definition
Your fit with this career
How much they earn
What they do
Job satisfaction
How to become

What is a Market Research Analyst?

A Market Research Analyst gathers and analyzes data on consumer demographics, preferences, needs, and buying habits to help companies understand what products people want, who will buy them, and at what price. They use this information to help companies make informed marketing and business decisions.

Sample job titles:

Market Analyst, Market Research Analyst, Market Research Consultant, Market Research Specialist

Your test results

Why this fit score?

The fit report shows your areas of fit and misfit with Market Research Analyst.

Fit report

Test scores

The scores report summarizes what we learned about you. It shows your results on everything measured in the career test.

Scores report

How much does a Market Research Analyst earn

Income data is from Employment and Social Development Canada's 2024 wage tables. The closest match for this career in Canada’s occupational classification system is Market Research Analyst.

Bottom 10%	Bottom 25%	Median (average)	Top 25%	Top 10%
$52K per year	$68K per year	$89K per year	$110K per year	$149K per year

Compared to other careers: Median is $24K above the national average.

See income by country/state/province

What does a Market Research Analyst do?

Work environment

Market Research Analysts typically work in office settings, either in marketing agencies or in-house marketing departments of various companies. Their work often involves collaborating with statisticians, marketing professionals, and other analysts. The role may require occasional travel for field research and client meetings.

Quick task list

Designs or assists in the development of questionnaires and moderator guides to ensure the necessary data is captured.
Conducts primary and secondary research on market trends and consumer behavior.
Analyzes data using statistical software and interprets results.
Prepares reports and presents findings to clients or management.
Monitors and forecasts marketing and sales trends, and evaluates the effectiveness of marketing strategies.

See full list of tasks with expert relevance ratings

Areas of specialization

Consumer Behavior Analysis: Focusing on understanding how consumers make purchasing decisions.
Competitive Analysis: Analyzing competitors and market dynamics to inform strategic decisions.
Quantitative Research: Specializing in statistical analysis and modeling of market data.
Qualitative Research: Specializing in understanding consumer attitudes and opinions through methods like focus groups.
Digital Market Research: Focusing on digital marketing trends and online consumer behavior.

Description

Market Research Analysts play a critical role in the strategic planning of a business. They collect and analyze data on consumer preferences and market trends to help companies tailor their products, marketing campaigns, and business strategies. This requires a blend of analytical skills, statistical knowledge, and an understanding of market dynamics.

The job involves staying current with the latest market trends and consumer behaviors. Analysts must be proficient in various data analysis tools and methodologies, including both qualitative and quantitative research techniques.

Communication skills are also crucial, as analysts need to present complex data in an understandable and actionable manner to decision-makers. They often work under tight deadlines and may handle multiple projects simultaneously, requiring good organizational and project management skills.

Job Satisfaction

Sources of satisfaction

Contributing significantly to the strategic decision-making process of an organization.
Constantly learning about new market trends and consumer behaviors.
The intellectual challenge of analyzing complex data sets and transforming them into actionable insights.

You might make a good Market Research Analyst if you are...

Analytical and detail-oriented, with a strong interest in understanding market trends.
Proficient in statistical analysis and comfortable handling large data sets.
Curious about consumer behavior and marketing strategies.
A clear communicator, capable of presenting complex information in a simple manner.
Able to work under pressure and meet tight deadlines.

Pros:

High demand for skills in a variety of industries.
Opportunities for creative and analytical thinking.
Constantly evolving field with opportunities for continuous learning.

Cons:

Can involve high pressure and tight deadlines.
Requires constant updating of skills and knowledge to stay relevant.
May involve repetitive and meticulous data analysis.

How to become a Market Research Analyst

Typical education

Most positions require a bachelor's degree in market research, marketing, statistics, or a related field, which amounts to about 4 years of post-secondary education.

High school preparation

Courses:

Mathematics and statistics for foundational analytical skills.
Economics and business studies to understand market dynamics.
Computer science, particularly focusing on data analysis and programming.

Extra-Curricular Activities:

Joining business or economics clubs to gain early exposure to market concepts.
Participating in math or science fairs to develop analytical thinking.
Engaging in debate or public speaking to enhance communication skills.

Preparation after high school

Pursuing a bachelor's degree in market research, marketing, statistics, or a related field.
Seeking internships in marketing or market research for practical experience.
Considering certifications in market research or analytics for specialized skills.

More resources

American Marketing Association (AMA) - Provides resources and networking opportunities in marketing.
Marketing Research Association (MRA) - Offers industry news, education, and certification programs.
Data & Marketing Association (DMA) - A resource for data-driven marketing strategies and practices.
ESOMAR - An organization for encouraging, advancing, and elevating market research globally.

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