How to Become a Market Research Analyst

About Market Research Analyst

A Market Research Analyst uses her/ his professional skills to analyse and interpret data to make recommendations and formulate resorts based on the research findings. Recommendations made by Market Research Analysts to companies play an important role in the production of a design, its delivery and promotion. she/ he examines potential sales of a service or product by helping companies comprehend the demographics. 

Eligibility to become Market Research Analyst

There are some criteria that one must meet to become a Market Research Analyst. 

Subject Requirements: There are no specific subject requirements to become a Market Research Analyst. But, proficiency in the following subjects helps move forward in the career: Finance/ Business Mathematics/ Business Statistics/ Mathematics/ Marketing/ Statistics.

Educational Qualification: 

• Most of the professionals in this field hold at least a Bachelor’s degree in the relevant subjects. 

• Candidates with a degree in BBA (Marketing & Finance), B.Sc. (Mathematics), B.Com (Business Statistics and Mathematics), B.Sc. (Statistics) have an advantage over others. 

• If one holds a master’s degree in these fields then the chances are increased even more. Some of the relevant degrees are MBA in Marketing Management, MBA in Business Analytics, M.Com in Marketing, etc.

• Candidates are also required to hold a licence, which they usually get after getting trained in the field. 

Experience: 

• Since the licence is acquired after getting trained in the field, it is always advisable to gain some experience. 

• Although, there are no specific requirements for work experience as the certification is voluntary. 

• But, if one wants to demonstrate a level of professional competency, the certification always helps. 

Key Skills:

• Critical thinking skills

• Analytical skills

• Expertise in mathematics, statistics and marketing

• Detail-oriented

• Communication skills

How to Become a Market Research Analyst?

For those who want to become a Market Research Analyst, the following are the steps that need to be followed. 

• The first step is to gain a bachelor’s degree that includes subjects that are mentioned above. 

• After gaining a bachelor’s degree, candidates can attain a master’s degree relevant to Market Research. Since there are no specific educational qualification requirements, pursuing a master’s degree is more of a voluntary option to demonstrate a level of professional competency and to gain more knowledge.

Types of Job Roles Market Research Analyst

Following are the job roles that a Market Research Analyst will have to play in her/ his career. 

Data Analyst: A Data Analyst processes and performs statistical analyses on the collected data to help companies and organisations in making better business decisions.

Business Analyst: A Business Analyst deals with gathering, documenting and analysing the needs and requirements of a business. They solve complex business-related problems by designing technical solutions. 

Project Manager: A Project Manager (PM) leads on an entire project via planning, executing, controlling and monitoring. Since a project manager always works in a team, it is important that aspirants possess team working skills. 

Financial Analyst: A professional in the field of financial analysis research microeconomic and macroeconomic conditions and gathers financial information to make recommendations to a company. They work to devise investment strategies to improve a company’s portfolio. 

Research Coordinator: A research coordinator has to oversee the work done by their research team. 

Employment Sector/Industry for Market Research Analyst

A Market Research Analyst the following duties. 

• Forecasting and Monitoring sales and marketing trends

• Measuring the effectiveness of marketing strategies

• Gathering data on competitors, consumers and market situations

• Devising and evaluating methods to collect data through questionnaires, surveys and opinion polls

• Analysing data thorough statistical software

• Preparing reports and presenting findings or results to the clients

• Converting complex data into understandable graphs, tables and written reports

• Gathering data on consumer preferences, demographics, buying habits and needs to clients market their products and services

Pay Scale/Salary of Market Research Analyst

Candidates wondering ‘How much do Market Research Analysts Earn?’ can check out the following table. 

Books & Study Material to Become Market Research Analyst

Here are some preparation books recommendations for candidates aspiring to become Market Research Analysts.

• Philip Kotler - 21st Century Marketing

• Hoffman and Bateson - Services Marketing

• Boyd and Westfall - Marketing Research

• Business Research Methods, 12th Edition, By Donald Cooper and Pamela Schindler

Pros of becoming a Market Research Analyst

• Handsome salary

• Opportunites in various industries 

• Perfect for people who like to work indoors

• High potential for job growth

Cons of becoming a Market Research Analyst

• Strong competition

• Sometimes, working overtime is required

• May have to deal with stressful deadlines