Market Research Analyst
Introduction
Market research analysts explain the results of surveys such as questionnaires and opinion polls. They process, analyse and present
information in statistical and report form. They also make recommendations, based on their findings, to colleagues or clients.
Also known as
Analyst, Market Research
Work Activities
Market research analysts examine and explain data to help companies and organisations judge people's opinions about particular products, services or issues. They also advise on the type of collection method and questionnaire design.
The data is collected by market research interviewers and then coded and entered on to computers by data entry staff. The analyst then interprets this data and presents it in a form that can be readily understood by the customer. Their reports could include tables, graphs and charts.
Analysts often use special statistical computer software packages to help them handle, and make sense of, large amounts of information.
The research analyst must give reasons for the final recommendations. The conclusions reached by the analyst are used to help make decisions on issues like product design and advertising policy.
Market research analysts liaise closely with colleagues, such as market research executives, to find out the type of data that is required.
In consumer market research, the analyst often researches the preferences of a specific sample of customers. Sample customers could be selected according to factors like age and income, where they shop or what products they buy.
A common technique for collecting information is by using a specially-designed questionnaire. Answers can be obtained in a number of ways:
face-to-face interviews telephone interviews
continuous surveys of the same sample of customers over a set time postal or online self-completion questionnaires.
In some cases, this quantitative data is supplemented by qualitative research into customer attitudes. These can be obtained by techniques such as unstructured in-depth interviewing or group discussions (focus groups).
This type of information is more difficult to express in numbers, but the research analyst can assess it logically using a set number of factors.
In industrial market research, there are often fewer companies to be surveyed, so there is less emphasis on questionnaires and more use of personal contacts. Desk research is more important here.
The analyst collates and studies published information such as company sales figures, statistics in trade journals and government publications. More emphasis is placed on future market trends; the research analyst uses forecasting techniques to predict several years ahead.
Another type of market research is social research; this includes the analysis of opinion polls; they cover a range of subjects, from views on political/economic issues and likely voting behaviour, to level of support for the royal family.
Organisations such as central and local government sometimes use market research to find out what people think about subjects such as environmental policies or planning proposals.
Being able to read, write and speak Welsh may be an advantage when you’re looking for work in Wales.
Personal Qualities and Skills
As a market research analyst, you will need to be: Logical and methodical.
Good at solving problems.
Able to analyse and interpret large amounts of data. Accurate and able to pay attention to detail.
Adaptable. Confident.
Able to liaise with others. You should have:
Excellent research and forecasting skills. A good knowledge of statistical methods. IT skills, including knowledge of spreadsheets. Good communication skills, both written and verbal. Teamwork skills.
Pay and Opportunities
Pay
The pay rates given below are approximate.
Market research analysts earn in the range of £18,000 - £22,000 a year, rising to £27,000 - £33,000. Higher earners can make over £50,000 a year.
Hours of work
Market research analysts usually work a 39-hour week, Monday to Friday. Where could I work?
Employers are market research agencies that are, in turn, commissioned to do research by a wide variety of organisations, such as manufacturers, large retailers and political organisations.
Some of these organisations have their own market research departments. There might also be opportunities in local and central government departments.
Opportunities for market research analysts occur in some towns and cities throughout the UK. However, most opportunities are found in London and the South East where there is a larger concentration of research agencies. Where are vacancies advertised?
Vacancies are advertised in local/national newspapers, on job boards and employers' websites, on Universal and at . Vacancies for market research analysts with some experience are advertised on the Jobmatch Jobcentre Plus
Market Research Society (MRS) jobs website (researchjobfinder).
Entry Routes and Training
Entry routes
Most entrants are graduates with good numerical and analytical skills. Relevant degree subjects include social sciences, business studies, economics, marketing, psychology, statistics and mathematics. Other numerate degrees might be accepted.
research. See the MRS website for further details.
For posts in industrial research, a science or engineering degree might be useful. An Intermediate or Advanced Level Apprenticeship is also a great place to start. Training
Initial training is usually provided on-the-job by experienced analysts. Some companies expect trainees to work towards professional qualifications.
The MRS offers qualifications at three progressive levels:
The MRS Level 2 Certificate in Market and Social Research for people with no experience of market research or marketing.
The MRS Level 5 Advanced Certificate in Market and Social Research Practice for holders of the Certificate or those with limited relevant experience (for example, around one to two years' research experience).
The MRS Level 7 Diploma in Market and Social Research Practice for holders of the Advanced Certificate, or practitioners with three or more years' research experience.
An online training programme (Market Research - An Introduction) from the MRS covers the syllabus of the Certificate. Another online course covers questionnaire design. The MRS also offers a number of specialist face-to-face short courses, such as Social Media in Market Research.
The MRS Level 5 Advanced Certificate in Market and Social Research Practice is available part-time at an accredited centre and by distance learning for people with two A levels (or equivalent), the Certificate and/or at least one year's relevant experience in market or social research. The MRS recommends that candidates also have GCSEs at grade C or above in English and Maths.
Completion of the Advanced Certificate enables students to take the MRS Level 7 Diploma in Market and Social Research Practice and to gain Associate Membership of the MRS. The Diploma, together with relevant experience, leads to Full Membership of the MRS.
There is also a Fast Track Scheme providing a route to Full Membership of the Society for people with at least seven years' experience at senior level.
A number of research agencies offer new researchers the opportunity to enrol on the MRS Professional Development Scheme. This scheme is open to organisations that offer an accredited programme of training and development. It enables new researchers to complete the MRS professional qualifications and to become Full Members of the Society.
Progression
Market research analysts can progress into senior analyst and market research management posts.
Qualifications
For entry to a degree course in a numerate or analytical subject, the usual minimum requirement is: 2/3 A levels
GCSEs at grade C or above in 2/3 other subjects English and Maths GCSEs at grade C or above.
For a degree in mathematics, statistics and some other numerate degrees, you will need A level Maths. (For many maths and statistics degrees, you will need a grade A.)
Alternatives to A levels include:
Edexcel (BTEC) Level 3 National qualifications the International Baccalaureate Diploma.
To get onto an Intermediate or Advanced Level Apprenticeship, you'll usually need 5 GCSEs at grade C or above, including English and Maths, or to have completed an Intermediate Level Apprenticeship.
Adult Opportunities
Age limits
It is illegal for any organisation to set age limits for entry to employment, education or training, unless they can show there is a real need to have these limits.
Skills/experience
Some entrants have developed relevant skills by working, for example, in marketing, advertising, statistics or economics.
Experience in market research might be, for example, as an assistant or interviewer. Other entrants might have experience of social/economic research work or handling statistical data.
Courses
The Market Research Society (MRS) offers relevant courses at Certificate, Advanced Certificate and Diploma level; an online learning course leads to the Certificate.
Access courses
If you don't have the qualifications needed to enter your chosen degree course, a college or university Access course (for example, Access to Business) could be the way in.
These courses are designed for people who have not followed the usual routes into higher education. No formal qualifications are usually needed, but you should check this with individual colleges.
Distance learning
There are degree and postgraduate courses in relevant subjects available by distance learning. Funding
Funding for postgraduate courses in marketing/market research is available through universities from the Economic and Social Research Council.
Statistics
25% of people in occupations such as market research analysis work part-time. 22% have flexible hours.
8% of employees work on a temporary basis.
Further Information
Professional institutionsProfessional institutions have the following roles: To support their members.
To protect the public by keeping standards high in their professions.
The Market Research Society is the main professional institution for this career.
Contacts
Market Research Society (MRS)
Address: The Old Trading House, 15 Northburgh Street, London EC1V 0JR Tel: 020 7490 4911
Email: [email protected] Website: www.mrs.org.uk
Economic and Social Research Council (ESRC)
Address: Polaris House, North Star Avenue, Swindon SN2 1UJ Tel: 01793 413000
Website: www.esrc.ac.uk
Careers Wales - Welsh Apprenticeships Tel: 0800 028 4844
Website: ams.careerswales.com/
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