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Become An Economic Research Analyst

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Working As An Economic Research 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

  • $73,000

    Average Salary

What Does An Economic Research 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 Research 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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Do you work as an Economic Research Analyst?

Average Yearly Salary
$73,000
View Detailed Salary Report
$43,000
Min 10%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$73,000
Median 50%
$122,000
Max 90%
Best Paying Company
ARIAD Pharmaceuticals
Highest Paying City
Portland, OR
Highest Paying State
Alaska
Avg Experience Level
2.2 years
How much does an Economic Research Analyst make at top companies?
The national average salary for an Economic Research Analyst in the United States is $73,391 per year or $35 per hour. Those in the bottom 10 percent make under $43,000 a year, and the top 10 percent make over $122,000.

Real Economic Research Analyst Salaries

Job Title Company Location Start Date Salary
Economic Research Analyst Economic Cycle Research Institute, Inc. New York, NY Jan 06, 2016 $132,642
Economic Research Analyst Sac Capital Advisors, LP Boston, MA Jul 01, 2010 $115,000
Economic Research Analyst S.A.C. Capital Advisors L.P. New York, NY Sep 30, 2012 $90,000
Economic Research Analyst T.A.McKay & Co., Inc. New York, NY Nov 01, 2016 $75,000
Economic Research Analyst T.A.McKay & Co., Inc. New York, NY Oct 16, 2014 $75,000
Research Analyst-Macro Economics Marketfield Asset Management LLC New York, NY Sep 01, 2015 $75,000 -
$100,000
Economic & Research Analyst Taylor-Dejongh, Inc. Washington, DC Oct 26, 2009 $74,000 -
$79,000
Economic Research Analyst Economic Cycle Research Institute Inc. New York, NY Oct 01, 2013 $72,000
Economic Research Analyst Lightstone Real Estate Partners LLC New York, NY Apr 07, 2016 $71,000
Economic Research Analyst Lightstone Real Estate Partners LLC New York, NY Jul 15, 2016 $71,000
Economic Research Analyst GDS Publishing Inc. New York, NY Jan 15, 2015 $70,500
Economic Research Analyst Eric Krupnik CPA, PLLC New York, NY Mar 25, 2015 $70,325
Economic Research Analyst Eric Krupnik CPA, PLLC New York, NY Apr 01, 2015 $70,325
Economic Research Analyst (Automotive Industry) Jpmorgan Chase & Co. New York, NY Oct 12, 2009 $70,000
Economic Research Analyst Financial Industry Regulatory Authority, Inc. Washington, DC Apr 09, 2016 $69,493 -
$89,003
Economic Research Analyst MacRoeconomic Consultants, Inc. Saint Louis, MO Apr 14, 2014 $67,723
Economic Research Analyst MacRoeconomic Consultants, Inc. Saint Louis, MO Mar 24, 2014 $67,500
Economic Research Analyst MacRoeconomic Consultants, Inc. Saint Louis, MO Sep 17, 2014 $67,500
Economic Research Analyst MacRoeconomic Consultants, Inc. Saint Louis, MO Sep 09, 2014 $67,500
Economic Research Analyst Claremont McKenna College Claremont, CA Nov 15, 2012 $62,610
Economics Researcher/Data Analyst Rothey, Bell & Taub, Inc. Cleveland, OH Aug 02, 2010 $62,610
Economic Research Analyst (Global Trade) Thermaltake (U.S.A.) Inc. Industry, CA Sep 16, 2014 $60,126
Economic Research Analyst 2M Research Services Arlington, TX Sep 13, 2016 $60,000
Economic Research Analyst Integra Microsystem 1988 Inc. New York, NY Oct 01, 2012 $58,531
Economic Research Analyst Integra Microsystem 1988 Inc. New York, NY Oct 01, 2009 $58,000
Economic Research Analyst Integra Microsystem 1988 Inc. New York, NY Oct 07, 2009 $58,000

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Top Skills for An Economic Research Analyst

  1. Financial Statements
  2. Data Analysis
  3. Economics
You can check out examples of real life uses of top skills on resumes here:
  • Reviewed financial statements and SEC filings to calculate damage costs to support case analysis.
  • Settle on the methodologies and procedures for carrying out effectual data analysis.
  • Created Paradox Databases for Country Risk Analysis Reporting and Economics Department mailing lists.
  • Conducted efficient data management, statistical analysis using SAS for studies, and implemented advanced statistical methodologies.
  • Analyzed for research projects, maintained documentations, and ensured quality control conducted on all analyses.

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Top 10 Best States for Economic Research Analysts

  1. Virginia
  2. District of Columbia
  3. Maryland
  4. Massachusetts
  5. Colorado
  6. California
  7. Missouri
  8. Ohio
  9. Illinois
  10. Louisiana
  • (269 jobs)
  • (77 jobs)
  • (160 jobs)
  • (139 jobs)
  • (127 jobs)
  • (310 jobs)
  • (106 jobs)
  • (61 jobs)
  • (106 jobs)
  • (33 jobs)

Economic Research Analyst Demographics

Gender

Male

51.4%

Female

37.8%

Unknown

10.8%
Ethnicity

White

53.9%

Asian

15.1%

Hispanic or Latino

14.7%

Black or African American

12.2%

Unknown

4.1%
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Foreign Languages Spoken

Spanish

36.4%

Arabic

9.1%

Portuguese

4.5%

Filipino

4.5%

Albanian

4.5%

French

4.5%

Amharic

4.5%

Urdu

4.5%

Yoruba

4.5%

Bengali

4.5%

Russian

4.5%

Italian

4.5%

Assamese

4.5%

Hindi

4.5%
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Economic Research Analyst Education

Schools

New York University

8.2%

Georgetown University

8.2%

University of Maryland - College Park

8.2%

University of Missouri - Columbia

6.1%

Columbia University

6.1%

University of Texas at Austin

6.1%

University of Connecticut

4.1%

Washington State University

4.1%

Brown University

4.1%

University of Washington

4.1%

State University of New York Albany

4.1%

University of Michigan - Ann Arbor

4.1%

University of California - San Diego

4.1%

Tulane University

4.1%

Brandeis University

4.1%

University of North Florida

4.1%

Johns Hopkins University

4.1%

University of Louisiana at Lafayette

4.1%

Carnegie Mellon University

4.1%

University of Pennsylvania

4.1%
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Majors

Economics

33.5%

Finance

17.4%

Business

16.1%

Political Science

4.5%

Law

3.9%

Public Administration

3.2%

Mathematics

2.6%

Psychology

1.9%

Management Science

1.9%

Computer Science

1.9%

Statistics

1.3%

Writing

1.3%

Management

1.3%

Business Economics

1.3%

Urban Planning

1.3%

International Relations

1.3%

Supply Chain Management

1.3%

Chemistry

1.3%

Family And Consumer Economics

1.3%

Public Policy Analysis

1.3%
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Degrees

Masters

46.0%

Bachelors

38.1%

Doctorate

8.5%

Other

4.5%

Certificate

1.7%

Associate

0.6%

Diploma

0.6%
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