As more businesses are increasingly using research on consumer develop to develop improved marketing strategies for competing in today’s cutthroat global marketplace, the salary of a market research analyst is rising along with the availability of jobs in the field. Since companies across all industries are hungry for market data to better market to their targeted consumer base, employment of market research analysts is expected to skyrocket at the rapid rate of 32% before 2022, thus creating 131,500 new jobs, according to the Bureau of Labor Statistics. Market research analysts are one of the most in-demand business professionals for their expertise in studying market conditions to help companies understand what products consumers want, who will purchase them, and the right price. In addition to booming job prospects, read on to learn more about the salary potential for market research analysts within today’s growing field.
Average Annual Salary for Market Research Analysts
In exchange for their inside scoop on market trends to help organizations examine potential sales of products or services, market research analysts earn an average annual salary of $67,780, which is equivalent to a mean hourly wage of $32.59. While the median yearly wage is $60,800, the bottom 10% earn an average of $33,490 and the top 10% of market research analysts with the most experience bring home a mean $114,250 each year. With the potential to work up to a sizeable six-figure salary, market research analysts are banking nice salaries that rival many of the other top-paying business jobs. In fact, market research analysts make significantly more than customer service representatives, retail salespeople, and sales representatives, but less than marketing managers.
Market Research Analyst Salaries by Industry
According to the Bureau of Labor Statistics, there were 430,350 market research analysts and other marketing specialists employed throughout the United States as of May 2012 in a wide variety of industries. The highest percentage of market research analysts were employed in management, scientific, and technical consulting services, where they earned an annual mean wage of $65,340. Market research analysts who worked for computer systems design companies earned significantly more than average at $76,630 annually and those employed for software publishers made even more at $88,450. However, the highest paid industries for market research analysts are motor vehicle and aerospace product manufacturing, where they can expect to earn an average of $96,470 and $95,900 respectively.
Top-Paying Locations for Market Research Analysts
As with any other profession, market research analysts can expect to bring home a larger paycheck in different areas of the country. Currently, the top-paying states for market research analysts are Washington at $78,920, Delaware at $78,470 and California at $77,420 each year. If you live in California, you are especially in luck, because four of the five top-paying metropolitan areas in the United States are also located in your state. The best-paid market research analysts live in San Jose with an average annual salary of $103,200!
Related Resource: Web Marketing Jobs
According to US News and World Report, market research analysts are trained business strategists who perform essential research to gather in-demand data that helps companies market their products or services in a way that will boost profitability in the competitive business world. If you have strong analytical skills and are interested in making the salary of a market research analyst, it is recommended that you start by earning at least a bachelor’s degree in statistics, mathematics, computer science, business administration, or economics with a concentration in market research.
