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Summary

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Video transcript available at https://www.youtube.com/watch?v=XXaw9K33lsU.
Quick Facts: Market Research Analysts
2023 Median Pay $74,680 per year
$35.90 per hour
Typical Entry-Level Education Bachelor's degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs, 2023 903,400
Job Outlook, 2023-33 8% (Faster than average)
Employment Change, 2023-33 74,900

What Market Research Analysts Do

Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service.

Work Environment

Because most industries use market research, these analysts are employed throughout the economy. Most analysts work full time during regular business hours.

How to Become a Market Research Analyst

Market research analysts typically need a bachelor’s degree. Some employers require or prefer that job candidates have a master’s degree.

Pay

The median annual wage for market research analysts was $74,680 in May 2023.

Job Outlook

Employment of market research analysts is projected to grow 8 percent from 2023 to 2033, faster than the average for all occupations.

About 88,500 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

State & Area Data

Explore resources for employment and wages by state and area for market research analysts.

Similar Occupations

Compare the job duties, education, job growth, and pay of market research analysts with similar occupations.

More Information, Including Links to O*NET

Learn more about market research analysts by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.

What Market Research Analysts Do About this section

Market research analysts
Market research analysts gather and analyze data on consumers and competitors.

Market research analysts study consumer preferences, business conditions, and other factors to assess potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

Duties

Market research analysts typically do the following:

  • Monitor and forecast marketing and sales trends
  • Measure the effectiveness of marketing programs and strategies
  • Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
  • Gather data on consumers, competitors, and market conditions
  • Analyze data using statistical software
  • Convert data and findings into tables, graphs, and written reports
  • Prepare reports and present results to clients and management

Market research analysts gather data and study other information to help a company promote its products or services. They gather data on consumer buying habits, demographics, needs, and preferences. They collect data and information using a variety of methods, such as focus groups, interviews, literature reviews, market analysis surveys, public opinion polls, and questionnaires.

Analysts help determine a company’s position in the marketplace by researching their competitors and studying their marketing methods, prices, and sales. Using this information, analysts may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables analysts to develop advertising brochures and commercials, product promotions, and sales plans.

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.

Workers who design and conduct surveys that market research analysts use are survey researchers.

Work Environment About this section

Market research analysts
Market research analysts may give presentations to clients.

Market research analysts held about 903,400 jobs in 2023. The largest employers of market research analysts were as follows:

Management, scientific, and technical consulting services 10%
Finance and insurance 9
Information 9
Wholesale trade 8
Management of companies and enterprises 7

Because most industries use market research, these analysts are employed throughout the economy.

Market research analysts work individually or as part of a team, collecting, analyzing, and presenting data. For example, some analysts work with graphic designers and artists to create charts, graphs, and infographics summarizing their research and findings.

Work Schedules

Most market research analysts work full time during regular business hours.

How to Become a Market Research Analyst About this section

Market research analysts
Market research analysts measure the effectiveness of marketing strategies.

Market research analysts typically need a bachelor’s degree. Some employers require or prefer that job candidates have a master’s degree. Strong research and analytical skills are essential.

Education

Market research analysts typically need a bachelor's degree in market research or a related business, communications, or social science field.

Courses in statistics, research methods, and marketing are important for prospective analysts. Courses in communications and social sciences, such as economics or consumer behavior, are also helpful.

Some employers of market research analysts require or prefer a master’s degree. Several schools offer graduate programs in marketing research, but analysts may choose to complete a bachelor’s degree in another field, such as statistics and marketing, and earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.

Licenses, Certifications, and Registrations

Analysts may pursue certification, which is voluntary, to demonstrate a level of professional competency. The Insights Association offers several certifications for market research analysts, including the IPC Principal and the IPC Masters. Candidates qualify based on industry experience and passing an exam.

Other Experience

Completing an internship while in school may be helpful. Prospective analysts also may gain experience by volunteering for an organization and helping with market research or related projects.

Employers may prefer to hire candidates who have experience in other positions that require collecting and analyzing data or writing reports to summarize research. 

Important Qualities

Analytical skills. Market research analysts must evaluate large amounts of data and information related to market conditions.

Communication skills. Market research analysts must be able to clearly convey information when gathering material, interpreting data, and presenting results to clients.

Critical-thinking skills. To determine which marketing strategies would work best for a company, market research analysts must assess all available information.

Detail oriented. Market research analysts must pay attention to minutiae to evaluate data.

Pay About this section

Market Research Analysts

Median annual wages, May 2023

Business operations specialists

$78,500

Market research analysts and marketing specialists

$74,680

Total, all occupations

$48,060

 

The median annual wage for market research analysts was $74,680 in May 2023. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $40,040, and the highest 10 percent earned more than $137,040.

In May 2023, the median annual wages for market research analysts in the top industries in which they worked were as follows:

Management of companies and enterprises $94,130
Information 93,650
Finance and insurance 81,870
Wholesale trade 76,530
Management, scientific, and technical consulting services 68,150

Most market research analysts work full time during regular business hours.

Job Outlook About this section

Market Research Analysts

Percent change in employment, projected 2023-33

Market research analysts and marketing specialists

8%

Business operations specialists

7%

Total, all occupations

4%

 

Employment of market research analysts is projected to grow 8 percent from 2023 to 2033, faster than the average for all occupations.

About 88,500 openings for market research analysts are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.

Employment

Employment growth will be driven by an increasing use of data and market research across many industries. These workers will be needed to help understand the needs and wants of customers, measure the effectiveness of marketing and business strategies, and identify the factors affecting product demand.

The increase in the collection and analyses of big data—extremely large sets of information, such as social media comments or online product reviews—can provide insight on consumer behaviors and preferences. Businesses will need market research analysts to conduct analyses of the data and information.

Employment projections data for market research analysts, 2023-33
Occupational Title SOC Code Employment, 2023 Projected Employment, 2033 Change, 2023-33 Employment by Industry
Percent Numeric

SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program

Market research analysts and marketing specialists

13-1161 903,400 978,300 8 74,900 Get data

State & Area Data About this section

Occupational Employment and Wage Statistics (OEWS)

The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OEWS data maps for employment and wages by state and area.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.org. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.

CareerOneStop

CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

Similar Occupations About this section

This table shows a list of occupations with job duties that are similar to those of market research analysts.

Occupation Job Duties ENTRY-LEVEL EDUCATION Help on Entry-Level Education 2023 MEDIAN PAY Help on Median Pay
Advertising, promotions, and marketing managers Advertising, Promotions, and Marketing Managers

Advertising, promotions, and marketing managers plan programs to generate interest in products or services.

Bachelor's degree $156,580
Cost estimators Cost Estimators

Cost estimators collect and analyze data in order to assess the time, money, materials, and labor required to make a product or provide a service.

Bachelor's degree $74,740
data-scientists Data Scientists

Data scientists use analytical tools and techniques to extract meaningful insights from data.

Bachelor's degree $108,020
Economists Economists

Economists conduct research, prepare reports, and evaluate issues related to monetary and fiscal policy. They also may collect and analyze statistical data.

Master's degree $115,730
Management analysts Management Analysts

Management analysts recommend ways to improve an organization’s efficiency.

Bachelor's degree $99,410
Mathematicians Mathematicians and Statisticians

Mathematicians and statisticians analyze data and apply computational techniques to solve problems.

Master's degree $104,860
Operations research analysts Operations Research Analysts

Operations research analysts use mathematics and logic to help solve complex issues.

Bachelor's degree $83,640
public relations specialists image Public Relations Specialists

Public relations specialists create and maintain a positive public image for the clients they represent.

Bachelor's degree $66,750
Survey researchers Survey Researchers

Survey researchers design and conduct surveys and analyze data.

Master's degree $60,960
Suggested citation:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Market Research Analysts,
at https://www.bls.gov/ooh/business-and-financial/market-research-analysts.htm (visited October 22, 2024).

Last Modified Date: Thursday, August 29, 2024

What They Do

The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised. This tab also covers different types of occupational specialties.

Work Environment

The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. It may also discuss the major industries that employed the occupation. This tab may also describe opportunities for part-time work, the amount and type of travel required, any safety equipment that is used, and the risk of injury that workers may face.

How to Become One

The How to Become One tab describes how to prepare for a job in the occupation. This tab can include information on education, training, work experience, licensing and certification, and important qualities that are required or helpful for entering or working in the occupation.

Pay

The Pay tab describes typical earnings and how workers in the occupation are compensated—annual salaries, hourly wages, commissions, tips, or bonuses. Within every occupation, earnings vary by experience, responsibility, performance, tenure, and geographic area. For most profiles, this tab has a table with wages in the major industries employing the occupation. It does not include pay for self-employed workers, agriculture workers, or workers in private households because these data are not collected by the Occupational Employment and Wage Statistics (OEWS) survey, the source of BLS wage data in the OOH.

State & Area Data

The State and Area Data tab provides links to state and area occupational data from the Occupational Employment and Wage Statistics (OEWS) program, state projections data from Projections Central, and occupational information from the Department of Labor's CareerOneStop.

Job Outlook

The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings.

Similar Occupations

The Similar Occupations tab describes occupations that share similar duties, skills, interests, education, or training with the occupation covered in the profile.

Contacts for More Information

The More Information tab provides the Internet addresses of associations, government agencies, unions, and other organizations that can provide additional information on the occupation. This tab also includes links to relevant occupational information from the Occupational Information Network (O*NET).

2023 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment and Wage Statistics survey. In May 2023, the median annual wage for all workers was $48,060.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

Work experience in a related occupation

Work experience that is commonly considered necessary by employers, or is a commonly accepted substitute for more formal types of training or education.

Number of Jobs, 2023

The employment, or size, of this occupation in 2023, which is the base year of the 2023-33 employment projections.

Job Outlook, 2023-33

The projected percent change in employment from 2023 to 2033. The average growth rate for all occupations is 4 percent.

Employment Change, 2023-33

The projected numeric change in employment from 2023 to 2033.

Entry-level Education

Typical level of education that most workers need to enter this occupation.

On-the-job Training

Additional training needed (postemployment) to attain competency in the skills needed in this occupation.

Employment Change, projected 2023-33

The projected numeric change in employment from 2023 to 2033.

Growth Rate (Projected)

The percent change of employment for each occupation from 2023 to 2033.

Projected Number of New Jobs

The projected numeric change in employment from 2023 to 2033.

Projected Growth Rate

The projected percent change in employment from 2023 to 2033.

2023 Median Pay

The wage at which half of the workers in the occupation earned more than that amount and half earned less. Median wage data are from the BLS Occupational Employment and Wage Statistics survey. In May 2023, the median annual wage for all workers was $48,060.