Market Research Analyst

Become a Market Research Analyst

Marketing involves finding innovative ways to reach interested audiences, whether it’s to sell them products or offer services. A market research analyst is key to understanding what a target audience wants and how to effectively resonate with that group. They analyze data and other information to gain insights into specific markets and help form strategies for success. Learn how you can become a market research analyst with a degree from the School of Business at Fairfax University of America in Virginia.

Beginning Your Career as a Market Research Analyst

While market research analyst is an entry-level position, employers usually require at least a bachelor’s degree in business administration or a related field, such as psychology or communications. It’s good to choose a program that offers internships, as these are an important way to gain real-world experience working with a marketing team. Internships also are excellent opportunities for networking within the field.

A firm grounding in statistics is also necessary for this career, as well as an understanding of business basics, such as accounting, business law, and economics. Market research analysts must also communicate their findings to the marketing or leadership team, being able to do the following:

  • Write reports
  • Create figures with data
  • Speak well in public

Not only are data analysis skills required, but essential information needs to be presented visually, through story-telling methods, or both. This helps ensure that everyone involved in forming marketing plans can understand the information. Modern professionals often put their computer skills to use, having the capability to navigate data analytics and presentation software.

After obtaining a bachelor’s or master’s degree, performing well in internships, and networking with marketing professionals, the new marketing research analyst is ready to find employment. Almost every organization, company, nonprofit, government agency, or educational institution uses marketing strategies to reach its target audiences. As market research analysts begin their careers, they can typically choose between fields or sectors that appeal to them the most to start gaining experience and practical knowledge.

Market Research Analyst Duties and Responsibilities

In addition to working in corporations and organizations throughout the economy, these professionals also work for marketing companies, advertising agencies, and other consultancy firms that offer services to private businesses. Here are some of the common duties and responsibilities performed by market research analysts:

  • Collect data and evaluate competitors and competitor markets
  • Analyze market trends and conditions, consumer buying behaviors, and other pertinent patterns
  • Access sales metrics, focus groups, and other consumer data sources for analyses
  • Create graphs, tables, reports, and other items for presentations
  • Identify groups of consumers for products and services
  • Help develop marketing strategies
  • Evaluate current marketing plans for effectiveness and suggest improvements
  • Advise the marketing team on which channels to use for specific campaigns
  • Assist in setting prices for goods and services

Opportunities for Advancement in Market Research

According to the U.S. Bureau of Labor Statistics (BLS) employment of market research analysts is projected to grow through the year 2030. This makes sense, as data analysis and collection are driving many business practices. And with advancements in computer technology, there is an increasing amount of data available. Marketing practices rely on sales insights, and the rise of digital marketing has introduced many more nuances to this data, as well as opportunities for more complex marketing plans. By measuring clicks, the amount of time potential consumers spend with ads, and providing an avenue for a variety of follow-up strategies, market research analysts can determine the effectiveness of their efforts and help guide strategies forward.

The median annual salary for market research analysts was $63,920 in May 2021. As these professionals gain experience, they become more valuable to employers. They may eventually move into management and team leadership roles, sometimes becoming directors of marketing. They may even share their talents as consultants or by working for third-party agencies

Prepare for a Market Research Analyst Career at Fairfax University of America

At Fairfax University of America in Virginia, students interested in market research can enroll in two business administration degree programs, the Bachelor of Science in Business Administration and the Master of Business Administration. Discover an exciting career as a market research analyst – request information or submit your application online today.

Attain the Proper Skills

To become a Market Research Analyst, you need theoretical knowledge and practical ability with the various skills associated with the job, including programming, software development, data science, and machine learning. You also must have a firm understanding of different techniques used in testing, and how agile processes function within technology businesses. You will need around five to 10 years of experience in Market Research Analyst jobs to gain this level of proficiency.

As with any other job, you will need transferrable skills to solve problems and interact with co-workers, including effective communication, critical thinking, and creativity.

Seek Certification

Technological developments are expanding job opportunities in Market Research Analyst, but they also are increasing competitiveness. Having extra Marketing Research Analyst credentials can distinguish you from other candidates. Numerous organizations offer Market Research Analyst certification programs, including universities and big tech companies such as IBM.

Earn a Degree

Without a bachelor’s degree in a related field, it is difficult to gain the skills needed to become a Market Research Analyst. You can acquire multiple degrees in mathematics, statistics, engineering, or physics to pursue this career path, but a computer science degree typically is the easier route to a Market Research Analyst position. To access more advanced opportunities and higher-paying salaries, consider earning a master’s degree in computer science or a similar area.

Why Study at Fairfax University of America?

The School of Computer and Information Systems at Fairfax University of America offers several programs for people looking to become Market Research Analyst. You can enroll in the Bachelor of Science in Computer Science program to explore different opportunities within the field, or you can concentrate your studies by participating in the Master of Science in Artificial Intelligence and Machine Learning program. Both programs enable students to become transformative leaders and experience personal and professional growth in Market Research Analyst positions and other fields.

Located in the Washington, D.C., metropolitan area in Virginia, Fairfax University of America is a non-profit academic institution dedicated to setting a new standard in higher education. You can complete an application or request information today to learn more about our computer and information systems programs.