How to Become A Market Research Analyst

Should I Become a Market Research Analyst?

Market Research Analysts have a crucial role to play in helping companies understand the needs and demands of their customers. This is also how they can assess the strategies of competitors and figure out what needs to be done for improvement in different areas. As a market research analyst, you will be studying your target market, customer segments and competitors closely in order to give your employers/clients the right advice on various business decisions.



To work in this field, you will need to be a strong communicator and highly adept at data analysis. This is because gathering information and presenting it to your employers will be a major part of your job. So, your communication and data gathering ability must be second to none. This guide will tell you what else you need to do to become a successful market research analyst.  

Education

Bachelor’s degree

 

Major Requirement

Completing a Bachelor’s degree is the basic requirement for aspiring market research analysts. However, getting a Master’s degree is mandatory for some jobs.

License/Certification

Offered by different institutions/bodies (optional).

 

 

 

Key Skills

Complex problem solving, critical thinking, reading comprehension, inductive and deductive reasoning, communication, active listening, writing, data analysis, using different analytical tools (Minitab, IMB SPSS Statistics, etc.), customer relationship management software (CRM), search and information retrieval software (LexisNexis, Factiva, etc.), photo imaging and graphic designing software, database user interface and query software.               

Annual Mean Wage

$70,960 (May, 2018) (Market Research Analysts and Marketing Specialists)

Job Outlook

20% projected increase in jobs between 2018 and 2028

 

Sources: O*Net Online and US Bureau of Labor Statistics

Critical thinking, complex problem solving and inductive/deductive reasoning are some of the things that a market research analyst must be good at. They must also be excellent communicators and top of prevalent data analysis/management practices in their industry.

Career Requirements

To become a market research analyst, you will have to finish high school and then complete your Bachelor’s degree. Once that is done, you can then apply for different employment opportunities within your preferred industry. Some jobs also require higher education but an undergraduate degree should get started in your preferred industry/sector most of the time.

Steps to Become a Market Research Analyst

Follow the process described in this section to become a Market Research Analyst.

1)    Complete Your Undergraduate Degree

Students aspiring to become market research analysts tend to go for a Bachelor’s degree in marketing, statistics, mathematics, market research, computer science, business administration, social sciences, communication, etc.

2)    Enroll Into a Master’s Program

In most cases, a Bachelor’s degree should be enough to get your foot in the door. However, there are jobs that may make it mandatory for applicants to have a Master’s degree. Even if your position doesn’t require further qualifications, it might be a good idea to complete a Master’s degree and ultimately enhance your career prospects. In this regard, going for an MBA (Master of Business Administration) is a common practice among young market research analysts. 

3)    Get a Certification (Optional)

Doing so is not mandatory but can certainly enhance your employability by demonstrating professional competency. The following certifications are offered by the International Institute for Procurement & Market Research (IIPMR).

4)    Begin Your Career As a Market Research Analyst

Once you have acquired the necessary education, you can then start your career as a market research analyst.

  • Certified Research Analyst (CRA)
  • Certified Research Expert (CRE)
  • Certified Research Professional (CRP)

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