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Become An Economic Analyst

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Working As An Economic Analyst

  • Analyzing Data or Information
  • Getting Information
  • Interacting With Computers
  • Interpreting the Meaning of Information for Others
  • Communicating with Supervisors, Peers, or Subordinates
  • Mostly Sitting

  • Make Decisions

  • $67,987

    Average Salary

What Does An Economic Analyst Do

Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

Duties

Market research analysts typically do the following:

  • Monitor and forecast marketing and sales trends
  • Measure the effectiveness of marketing programs and strategies
  • Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
  • Gather data on consumers, competitors, and market conditions
  • Analyze data using statistical software
  • Convert complex data and findings into understandable tables, graphs, and written reports
  • Prepare reports and present results to clients and management

Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.

Analysts help determine a company’s position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions. 

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research. 

Workers who design and conduct surveys are known as survey researchers.

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How To Become An Economic Analyst

Most market research analysts need at least a bachelor’s degree. Top research positions may require a master’s degree. Strong math and analytical skills are essential. 

Education

Market research analysts typically need a bachelor’s degree in market research or a related field. Many have degrees in fields such as statistics, math, and computer science. Others have backgrounds in business administration, the social sciences, or communications.

Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.

Some market research analyst jobs require a master’s degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research. 

Licenses, Certifications, and Registrations

Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify based on experience and knowledge; they must pass an exam, be a member of a professional organization, and have at least 3 years working in opinion and marketing research. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.

Important Qualities

Analytical skills. Market research analysts must be able to understand large amounts of data and information. 

Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients. 

Critical-thinking skills. To determine what marketing strategy would work best for a company, market research analysts must assess all available information.

Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.

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Economic Analyst jobs

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Economic Analyst Demographics

Gender

Male

61.0%

Female

33.3%

Unknown

5.8%
Ethnicity

White

66.3%

Asian

18.3%

Hispanic or Latino

11.4%

Unknown

3.2%

Black or African American

0.8%
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Languages Spoken

Spanish

33.7%

French

14.6%

Mandarin

6.7%

Russian

6.7%

Chinese

6.7%

Italian

4.5%

Portuguese

4.5%

Arabic

4.5%

Korean

2.2%

German

2.2%

Japanese

2.2%

Persian

2.2%

Vietnamese

1.1%

Hindi

1.1%

Dutch

1.1%

Danish

1.1%

Ukrainian

1.1%

Malay

1.1%

Uyghur

1.1%

Carrier

1.1%
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Economic Analyst Education

Schools

University of Chicago

8.8%

Florida State University

7.8%

Texas A&M University

6.9%

University of Texas at Austin

6.9%

University of Connecticut

4.9%

University of Arkansas, Fayetteville

4.9%

Columbia University

4.9%

Georgetown University

4.9%

New York University

4.9%

University of Massachusetts Amherst

4.9%

George Washington University

4.9%

State University of New York Albany

3.9%

Harvard University

3.9%

Brigham Young University

3.9%

Georgia State University

3.9%

Johns Hopkins University

3.9%

University of Southern California

3.9%

Northeastern University

3.9%

George Mason University

3.9%

University of Denver

3.9%
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Majors

Economics

34.1%

Business

17.1%

Finance

14.2%

Accounting

5.5%

Statistics

3.5%

Political Science

3.5%

Management

2.9%

Management Science

2.0%

Agricultural Business

2.0%

Social Sciences

1.7%

International Relations

1.7%

Business Economics

1.4%

Industrial Engineering

1.4%

Mechanical Engineering

1.4%

Mathematics

1.4%

Marketing

1.4%

Computer Science

1.2%

Public Policy Analysis

1.2%

Public Administration

1.2%

Health Care Administration

1.2%
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Degrees

Masters

48.1%

Bachelors

31.9%

Other

8.3%

Doctorate

7.2%

Certificate

2.8%

Associate

1.5%
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Real Economic Analyst Salaries

Job Title Company Location Start Date Salary
Senior Economic Analyst (Product Manager) Monsanto Company San Francisco, CA Sep 01, 2015 $190,000
Senior Economic Analyst Public Company Accounting Oversight Board Washington, DC Dec 17, 2015 $185,000
Senior Economic Analyst Public Company Accounting Oversight Board Washington, DC Sep 27, 2014 $175,330
Senior Economic Analyst Public Company Accounting Oversight Board Washington, DC Dec 10, 2014 $175,330
SR. Economic Analyst (Product Manager) The Climate Corporation San Francisco, CA Sep 10, 2014 $170,000
SR. Economic Analyst (Product Manager) The Climate Corporation San Francisco, CA Apr 01, 2014 $170,000
Economic Analyst Balyasny Asset Management, L.P. New York, NY Sep 29, 2015 $150,000
Principal Economic Analyst Greatest Good LLC Chicago, IL Sep 16, 2015 $150,000
Economic Analyst Centerview Partners LLC New York, NY Feb 19, 2016 $125,000
Economic Analyst Balyasny Asset Management New York, NY Sep 11, 2015 $120,000
Flight Crew Economic Analyst The Boeing Company Renton, WA Jun 30, 2016 $114,000 -
$190,000
Flight Crew Economic Analyst The Boeing Company Renton, WA Jun 30, 2014 $112,000 -
$187,000
Economic Analyst LLJ, Inc. New York, NY Aug 25, 2016 $110,000
Economic Analyst Air Zone Systems Inc. Montville, NJ Feb 24, 2016 $80,018
Economics Analyst Guggenheim Credit Services, LLC Santa Monica, CA May 01, 2014 $80,000
Senior Economic Analyst Natural Resuorce Governance Institute New York, NY Mar 09, 2016 $79,000 -
$96,000
Economic Analyst Natuzzi Florida, LLC Fort Lauderdale, FL Jan 11, 2016 $77,000
Economic Analyst Sunstar USA Inc. Duluth, GA Sep 29, 2014 $76,238
Economic Analyst Natuzzi Fort Lauderdale, LLC Fort Lauderdale, FL Apr 27, 2016 $76,155
Economic Analyst Alexander Reus P.A. Miami, FL Feb 09, 2016 $75,000
Economic Analyst Alexander Reus P.A. Miami, FL Apr 09, 2016 $75,000
Economics Analyst Guggenheim Partners Investment Management, LLC New York, NY Nov 10, 2013 $67,206 -
$80,000
Economic Analyst Electric Entertainment Los Angeles, CA Sep 02, 2015 $67,100
Economic Analyst Electric Entertainment Los Angeles, CA Feb 22, 2016 $67,100
Economic Analyst Sunstar USA Inc. Duluth, GA Jan 28, 2013 $66,888
Economic Analyst Ainsley Shea Communications Saint Paul, MN Aug 27, 2015 $66,414
Economic Analyst Handybook, Inc. New York, NY Aug 17, 2014 $66,165
Economic Analyst Jackson Labs Technologies, Inc. Las Vegas, NV Jan 01, 2015 $64,780
Economic Analyst David Hirson & Partners, LLP Newport Beach, CA Aug 25, 2015 $64,600

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Top Skills for An Economic Analyst

FinancialAnalysisPolicyAnalysisEconomicAnalysisEconomicModelsSASInterestRatesSQLServerStatisticalAnalysisActivityDataAnalysisEconomicResearchFinancialDataMarketResearchClaimsDataAssistanceRealEstateEconomicTrendsEconomicIndicatorsDataCollectionEconomicData

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Top Economic Analyst Skills

  1. Financial Analysis
  2. Policy Analysis
  3. Economic Analysis
You can check out examples of real life uses of top skills on resumes here:
  • Provide economic and financial analysis to support business decisions regarding mergers and acquisitions and operational strategy.
  • Conducted economic research and policy analysis.
  • Performed project management, data gathering, data management, economic analysis, and report writing for policy research projects.
  • Created and analyzed strategic economic models for inpatient utilization and shared risk data.
  • Develop statistics models to forecast freight traffic using SAS.

Top Economic Analyst Employers

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Economic Analyst Videos

CAREERS IN BA ECONOMICS WITH CA – Graduates, Econometrics,CPT,ICAI,Job Opportunities,Salary Package

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