With the state of the economy being unstable, to put it mildly, many people are concerned about their careers. At this point, some are just thankful to have a job, though they hold out no hope of a pay increase or advancement opportunities in the near future. Those who occupy market research analyst jobs are in a much better position because they may find both.
The scientific, technical, and management consulting service industry is made up of companies that provide specialized advice to other companies. The U.S. Bureau of Labor Statistics predicts that employment within this industry will grow by an astounding 83 percent from 2008 through 2018. This is the largest anticipated growth rate and largest predicted job increase within any detailed industry.
Even the recent recession has been unable to put a damper on this industry. Nearly all industry jobs lost during the economic downturn have been recovered at this point. Businesses are seeking advice now more than ever before in order to remain competitive, leading to expectations of strong job growth within this sector. Outsourcing trends are shifting some roles from employee to consultant.
Market research analysts conduct research to determine how well products and services will be received by the public. This may involve creating, implementing, and analyzing surveys conducted with the public and focus groups. Information gained through this and other research is then analyzed and used to support recommendations made to the employer or client who contracted the service.
The U.S. Bureau of Labor Statistics reported nearly 262,000 people working as market research analysts or marketing specialists as of May 2010. These individuals earned a mean annual wage of $66,850, with the top ten percent of workers earning an average annual wage of $111,440. Most of them worked in the technical, management, and scientific consulting services industry. Company and enterprise management firms, insurance carriers, computer systems design and relevant services, and other technical, scientific, and professional services firms also had high employment levels for analysts.
The Bureau anticipates 28 percent growth of market research analyst jobs from 2008 through 2018. This is much faster than the average for all other U.S. occupations. Many companies are expanding their sales and reaching into new markets, resulting in increased competition. To be successful, these businesses need the advice provided by market research analysts. By adjusting their marketing strategies based on this information, companies increase their chances of future success.