How to Become a Market Research Analyst
Are you interested in a marketing career that makes use of your analytical skills? Market research analysts play a crucial role in helping companies make informed business decisions. They collect and analyze data to identify market trends, consumer preferences, and competitive landscapes. Below, we guide you through the step-by-step process of pursuing a career as a market research analyst.
What Is a Market Research Analyst?
A market research analyst is a professional who gathers and interprets data to help organizations understand their target market, assess the demand for products or services, and make strategic business decisions. They employ various research methods, such as surveys, focus groups, and data analysis, to provide valuable insights and recommendations. Here are some typical job duties and responsibilities of a market research analyst:
- Designing research studies to gather relevant data
- Collecting data through surveys, interviews, and observations
- Analyzing quantitative and qualitative data using statistical techniques
- Interpreting research findings and identifying market trends
- Developing strategies and recommendations based on research insights
- Monitoring and evaluating the effectiveness of marketing campaigns
- Ensuring research methodologies comply with ethical and legal standards
Step 1: Complete a BBA Degree
Pursuing a 4-year degree, such as a Bachelor of Business Administration (BBA) degree, is a great starting point for those interested in market research analyst careers. A BBA degree in Marketing provides a strong foundation in business principles, marketing concepts, data analysis, and research methodologies. The coursework typically covers topics relevant to market research, such as consumer behavior, marketing research, statistics, and data analytics.
Online Options: Online BBA programs are widely available to those who value flexibility. Hybrid programs, which combine online coursework with some in-person attendance, are also often available. Ensure that any program you choose is accredited by recognized accrediting bodies such as the Association to Advance Collegiate Schools of Business (AACSB) or the Accreditation Council for Business Schools and Programs (ACBSP) to ensure the quality of education.
Internships & Experience: Internships, research projects, or part-time positions in market research firms or related industries can provide practical experience and industry exposure. Seek opportunities to work on research projects, analyze data, and gain familiarity with research tools and software. Networking with professionals in the market research field and joining relevant student organizations can also help you establish connections and gain insights into the industry.
EXPLORE: Find a BBA School Near You.
Step 2: Determine If You Need Any Certifications to Become a Market Research Analyst
Certifications, while not always required, can enhance your professional credentials as a market research analyst and strengthen your expertise in the subject matter. Some widely recognized certifications for market research professionals include:
- Professional Researcher Certification (PRC)
- Certified Market Research Professional (CMRP)
- Google Analytics Individual Qualification (GAIQ)
- Qualtrics Research Core Certification
Research the available certifications to evaluate their requirements, such as education, experience, and exams. Consider the areas of market research you are interested in and determine if there are relevant certifications that can enhance your skills and employability.
Step 3: Learn About Market Research Analyst Salaries
Market research analyst salaries will inevitably vary due to factors such as experience, geographic location, industry specialization, and the size of the employer. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for market research analysts was $63,920 in May 2021.
Salaries can also be influenced by factors such as the level of niche expertise, additional certifications, and the demand for market research professionals in specific industries or sectors. Research salary data specific to your desired location and industry to gain a better understanding of earning potential.
RELATED: Learn more about BBA Salaries.
Step 4: Find a Job as a Market Research Analyst
Market research analysts can find employment opportunities in various sectors, including market research firms, consulting firms, advertising agencies, consumer goods companies, financial institutions, and government agencies. Here are some typical workplaces and organizations that hire market research analysts:
- Market research firms and agencies
- Consulting firms specializing in market research or strategic consulting
- Advertising and marketing agencies
- Consumer goods and services companies
- Financial institutions and investment firms
- Technology companies
- Government agencies and departments
- Nonprofit organizations
To find job opportunities as a market research analyst, utilize online job boards, professional networking platforms, and industry-specific websites. Craft a compelling resume highlighting your educational background, relevant coursework, internships, and any certifications or specialized training you have obtained. Tailor your application materials to align with potential employers’ specific requirements and preferences.
Networking with professionals in the market research industry, attending industry conferences and events, and joining professional associations such as the Insights Association can provide valuable connections and opportunities. Additionally, consider developing a portfolio showcasing your research projects, data analysis skills, and the ability to translate research findings into actionable insights.
Interested in other career pathways with a BBA degree? Learn about alternative BBA Careers.
