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Become A Forecasting Analyst

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Working As A Forecasting 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

  • $69,780

    Average Salary

What Does A Forecasting 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 A Forecasting 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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Forecasting Analyst jobs

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Forecasting Analyst Career Paths

Forecasting Analyst
Marketing Manager Writer And Editor Marketing Specialist
Associate Marketing Manager
5 Yearsyrs
Supply Chain Analyst Business Analyst Product Manager
Brand Manager
5 Yearsyrs
Supply Chain Analyst Supply Chain Specialist Purchasing Manager
Category Manager
8 Yearsyrs
Operations Manager Analyst Planner
Demand Planning Manager
10 Yearsyrs
Demand Planning Manager Supply Chain Manager Senior Manager
Director Of Sales And Operations
10 Yearsyrs
Planning Manager Project Manager Product Manager
District Sales Manager
7 Yearsyrs
Supply Chain Manager Operations Director Sales Consultant
Key Account Manager
7 Yearsyrs
Demand Planning Manager Senior Manager Internal Auditor
Manager Finance Planning And Analysis
8 Yearsyrs
Senior Manager Technical Director Production Manager
Material Manager
9 Yearsyrs
Senior Analyst Senior Consultant Program Manager
Operations Director
9 Yearsyrs
Senior Finance Analyst Finance Manager Sales Manager
Operations Manager
7 Yearsyrs
Marketing Manager Business Consultant Senior Business Analyst
Planning Manager
8 Yearsyrs
Senior Finance Analyst Controller General Manager
President Of Operations
11 Yearsyrs
Demand Planner Supply Chain Manager
Program Manager
8 Yearsyrs
Project Manager Construction Manager Operations Manager
Purchasing Manager
9 Yearsyrs
Supply Chain Manager Category Manager Sales Manager
Sales And Operations Manager
7 Yearsyrs
Senior Analyst Project Manager Program Manager
Senior Manager
10 Yearsyrs
Demand Planner Demand Planning Manager
Supply Chain Manager
10 Yearsyrs
Project Manager Program Manager General Manager
Territory Manager
7 Yearsyrs
Planning Manager Program Manager Sales Consultant
Territory Sales Manager
7 Yearsyrs
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Forecasting Analyst Demographics

Gender

Male

54.3%

Female

42.7%

Unknown

3.0%
Ethnicity

White

77.5%

Asian

11.0%

Hispanic or Latino

9.3%

Unknown

1.5%

Black or African American

0.6%
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Languages Spoken

Spanish

34.9%

French

15.9%

German

11.1%

Chinese

7.9%

Mandarin

7.9%

Portuguese

4.8%

Russian

4.8%

Japanese

3.2%

Cantonese

3.2%

Greek

1.6%

Belarusian

1.6%

Dutch

1.6%

Korean

1.6%
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Forecasting Analyst Education

Schools

University of Phoenix

8.5%

Pennsylvania State University

7.7%

University of Delaware

7.7%

Appalachian State University

6.9%

University of North Carolina at Greensboro

6.9%

University of Texas at Dallas

5.4%

University of Texas at Austin

5.4%

Ohio State University

4.6%

Purdue University

4.6%

Northern Illinois University

4.6%

University of North Carolina at Chapel Hill

4.6%

University of Wisconsin - Whitewater

3.8%

Auburn University

3.8%

University of California - Davis

3.8%

Marquette University

3.8%

Central Michigan University

3.8%

Utah State University

3.8%

University of Arizona

3.8%

Brigham Young University

3.1%

University of Cincinnati

3.1%
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Majors

Business

35.4%

Finance

13.1%

Accounting

8.1%

Economics

7.5%

Marketing

7.5%

Supply Chain Management

3.8%

Management

3.5%

Mathematics

2.9%

Computer Information Systems

2.2%

Psychology

2.1%

Statistics

1.9%

Project Management

1.8%

International Business

1.4%

Computer Science

1.4%

Industrial Engineering

1.4%

Political Science

1.4%

Operations Management

1.3%

Management Science

1.1%

Human Resources Management

1.1%

Management Information Systems

1.0%
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Degrees

Bachelors

46.8%

Masters

36.1%

Other

10.3%

Associate

3.2%

Certificate

2.5%

Doctorate

0.7%

Diploma

0.2%

License

0.1%
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Job type you want
Full Time
Part Time
Internship
Temporary

Real Forecasting Analyst Salaries

Job Title Company Location Start Date Salary
Sales Forecasting Analyst Apple Inc. Cupertino, CA Jun 08, 2015 $115,000 -
$135,000
Associate, Card Loss Forecasting Analyst Jpmorgan Chase & Co. Wilmington, DE Apr 01, 2016 $115,000
Associate Loss Forecasting Analyst Jpmorgan Chase &Amp; Co. Columbus, OH Nov 01, 2016 $110,000
Senior Forecast Analyst Appdynamics, Inc. San Francisco, CA Feb 22, 2016 $102,500
Associate Forecasting Analyst Genentech USA, Inc. South San Francisco, CA Sep 15, 2016 $101,525 -
$133,900
Budget and Forecast Analyst Bank of The West San Ramon, CA Sep 02, 2015 $95,000
Senior Forecast Analyst Reckitt Benckiser LLC Parsippany-Troy Hills, NJ Oct 01, 2013 $90,203
Forecast Analyst Joerns Healthcare LLC Arlington, TX Dec 16, 2015 $90,043
Forecast Analyst Senior Cypress Semiconductor Corporation San Jose, CA Aug 07, 2015 $90,001
Senior Forecast Analyst Classmates, Inc. Seattle, WA Apr 29, 2016 $90,000
Senior Forecast Analyst Classmates, Inc. Seattle, WA Apr 29, 2016 $90,000
Forecast Optimization Analyst Nlight Photonics Corporation Vancouver, WA Sep 09, 2015 $90,000 -
$100,000
Travel Demand Forecasting Analyst/Consultant Aecom Technical Services, Inc. Arlington, VA Dec 21, 2016 $77,106 -
$81,203
Travel Demand Forecasting Analyst/Consultant II, Consulting Aecom Technical Services, Inc. Arlington, VA Feb 07, 2015 $76,502
Travel Demand Forecasting Analyst/Consultant II, C Aecom Technical Services, Inc. Arlington, VA Oct 01, 2014 $76,502
Travel Demand Forecasting Analyst/Consultant II, C Aecom Technical Services, Inc. Arlington, VA Feb 07, 2015 $76,502
Senior Forecast Analyst Harbor Freight Tools USA, Inc. Calabasas, CA Jun 21, 2016 $75,670
Forecasting Analyst Compcontech, Inc. Irving, TX Sep 16, 2014 $74,880
Forecasting Analyst Compcontech Inc. Irving, TX Mar 13, 2015 $74,880
Healthcare Utilization Forecast Analyst The Charlotte-Mecklenburg Hospital Authority D/B/A Charlotte, NC May 05, 2015 $74,319 -
$77,126
Travel Demand Forecastinga Analyst Aecom Technical Services, Inc. Orlando, FL Aug 09, 2015 $68,016 -
$94,000
Travel Demand Forecastinga Analyst Aecom Technical Services, Inc. Orlando, FL Sep 08, 2015 $68,016 -
$94,000
Forecast Analyst/Demand Planner Frederick Goldman, Inc. New York, NY Mar 16, 2015 $68,000
Forecast Analyst Belk Inc. Charlotte, NC Aug 11, 2016 $68,000
Analyst-Forecasting Abercrombie & Fitch Trading Co. New Albany, OH Sep 10, 2013 $67,000
Material Forecast Analyst Quanta Manufacturing Nashville, LLC La Vergne, TN May 18, 2016 $67,000 -
$75,000
Forecast Analyst Belk Merchandising LLC Charlotte, NC Sep 12, 2013 $65,000

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Top Skills for A Forecasting Analyst

FinancialAnalysisSKUInventoryLevelsCustomerServiceServiceLevelsDemandPlanningProductLinesConsensusOPLogisticsPOSSalesForecastsERPWorkforceProductCategoriesProcessImprovementHistoricalDataSASMonthlySalesSalesData

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Top Forecasting Analyst Skills

  1. Financial Analysis
  2. SKU
  3. Inventory Levels
You can check out examples of real life uses of top skills on resumes here:
  • Managed forecasting and daily ad hoc financial analysis.
  • Prepare weekly and quarterly product forecast at the SKU level for 10 International Countries.
  • Examine inventory levels, speed of production and demand for product to ascertain an optimal production levels and potential future sales.
  • Collaborated with Marketing, Sales and Customer Service to interpret market intelligence and adjust the forecast accordingly.
  • Full responsibility for keeping service levels high and obsolescence low in the assigned market.

Top Forecasting Analyst Employers

Forecasting Analyst Videos

Career Advice on becoming an Operations Manager by Andrew L (Full Version)

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