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The differences between economic research analysts and market research analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both an economic research analyst and a market research analyst. Additionally, an economic research analyst has an average salary of $78,261, which is higher than the $51,688 average annual salary of a market research analyst.
The top three skills for an economic research analyst include data analysis, stata and SAS. The most important skills for a market research analyst are powerpoint, data analysis, and SPSS.
| Economic Research Analyst | Market Research Analyst | |
| Yearly salary | $78,261 | $51,688 |
| Hourly rate | $37.63 | $24.85 |
| Growth rate | 19% | 19% |
| Number of jobs | 84,230 | 71,240 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 72% |
| Average age | 37 | 37 |
| Years of experience | 6 | 6 |
An economic research analyst uses modeling, qualitative analysis, and quantitative methods to gather and evaluate statistical data and economic data. They forecast patterns/trends and discuss economic phenomena by compiling data, analyzing data, reporting data, and applying statistical techniques and models. Besides formulating plans, policies, and recommendations to resolve economic issues, economic research analysts also work hand-in-hand with economists on matters relating to country strategy papers and policy-based loans. They provide research and background material needed in making effective policies.
A market research analyst is an individual who studies the market conditions so that he/she or she can examine the potential sales of an organization's product or service. Market research analysts are required to devise and evaluate methods for collecting data such as surveys, focus groups, and opinion polls. They must interpret the data they have collected and presented their findings to executives and clients to help them make better-informed decisions. Market research analysts are also required to create visuals of industry trends and competitors so the company can predict how it fares in the marketplace.
Economic research analysts and market research analysts have different pay scales, as shown below.
| Economic Research Analyst | Market Research Analyst | |
| Average salary | $78,261 | $51,688 |
| Salary range | Between $53,000 And $114,000 | Between $36,000 And $73,000 |
| Highest paying City | Washington, DC | Seattle, WA |
| Highest paying state | New Jersey | Delaware |
| Best paying company | Ariad Pharmaceuticals | Imply |
| Best paying industry | Manufacturing | Technology |
There are a few differences between an economic research analyst and a market research analyst in terms of educational background:
| Economic Research Analyst | Market Research Analyst | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 72% |
| Most common major | Economics | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between economic research analysts' and market research analysts' demographics:
| Economic Research Analyst | Market Research Analyst | |
| Average age | 37 | 37 |
| Gender ratio | Male, 56.6% Female, 43.4% | Male, 51.2% Female, 48.8% |
| Race ratio | Black or African American, 4.8% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.3% White, 64.5% American Indian and Alaska Native, 0.1% | Black or African American, 4.7% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.3% White, 64.7% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 10% | 10% |