You recently earned a bachelor’s degree in business, statistics, marketing, or another relevant field and are now looking for an entry level market research analyst position. Many questions are probably presenting themselves right now, including what is the earnings potential, where to look for a job, and what duties are typically included in an entry level job description for this position. There is plenty of good news on all fronts, so breathe a sigh of relief.
Market research analysts are currently enjoying faster than average employment growth, something that cannot be said for many other careers. An entry level candidate can expect to earn a median annual salary of $50,079, which is very good considering that only a bachelor’s degree is required. Those at the lower end of the earnings scale will receive salaries between $38,564 and $44,052, which is still relatively decent.
Many industries have the need for individuals in this role, which is great news for job seekers. Most market research analysts work in the technical, management, and scientific consulting industry. However, other technical, professional, and scientific services industries, as well as companies involved in the management of other businesses and enterprises are also top-employing industries. In all, about 227,000 people worked in this field in various U.S. industries as of May 2010. Between 2008 and 2018, 800,000 jobs are expected to be added.
Individuals seeking entry level positions can select from the most desirable metropolitan areas during their job search. New York, Seattle, San Francisco, Philadelphia, Boston, Los Angeles, Washington D.C., and Chicago are several of the areas with the highest employment level for market research analysts. The Seattle and San Francisco metropolitan areas are among the top-paying regions for this occupation.
In terms of job duties, an entry level research analyst typically collects and analyzes data from consumers to evaluate existing products and services. This information is helpful in determining what new products and services should prove most successful. Workers also identify and collect data on competitors and research industry changes or market conditions that could affect sales.
Someone with up to two years of experience in the field is considered an entry level market research analyst. This person possesses knowledge of the most commonly used terms, methods, and procedures and works under immediate supervision. Independent judgment may not play a major role until the incumbent moves into a position that requires providing relevant advice to the employer or client.