A business cannot succeed if it does not understand industry trends, consumer insights, brand awareness, and how to sell its products. Market research analysts perform this service by studying market trends and presenting the findings of their research to company management. Market research analysts typically possess sharp analytical minds and have the ability to see patterns that may not be readily apparent to everyone. Firms rely on access to industry and proprietary data and surveys, with many analysts utilizing statistical modeling software to reveal important insights. The best market research analysts incorporate skills from a wide variety disciplines to construct logical and compelling presentations and studies.
As data-driven decision making becomes the norm, a massive proliferation in market research analysis is expected to occur. The Bureau of Labor Statistics predicts the field will grow 41% over the next seven years. Market research analysts generally have at least a bachelor's degree, typically in a related course of study such as marketing, business, or math, while master's degrees are common in higher-level positions. The average salary is around $60,000, though top-level analysts can make around $110,000.
Successful analysts can clearly and concisely articulate complex trends so that marketing departments can make wise decisions. Advanced critical thinking skills, as well as math abilities and statistical fluency, are important for marketing analysts. Because of this, cognitive aptitude tests that measure problem-solving skills, quantitative abilities, and pattern recognition are very effective methods for evaluating prospective employees in this field. Criteria Corp's most popular test for screening candidates for analyst positions is the Criteria Cognitive Aptitude Test (CCAT), which assesses the aforementioned skills and abilities. Many employers will elect to pair this with a personality test, particularly the Employee Personality Profile (EPP), which has a benchmark specifically designed for analysts to measure job fit and evaluate traits that are statistically linked to job performance for analysts.
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Rank in HireSelect:
36 out of 1,100
Median wage in U.S.:
$68,700/year or $33.03/hr
Expected growth rate 2012-2022:
Number employed (2014): 468,160
Education level of Analysts (Market Research):