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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

  • $72,000

    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 Career Paths

Forecasting Analyst
Finance Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Finance Analyst Consultant Marketing Manager
Senior Manager Of Marketing
9 Yearsyrs
Finance Analyst Consultant Account Manager
Key Account Manager
7 Yearsyrs
Business Analyst Project Manager Product Manager
Senior Product Manager
9 Yearsyrs
Business Analyst Consultant Product Manager
Product Marketing Manager
7 Yearsyrs
Business Analyst Project Manager Purchasing Manager
Supply Chain Manager
10 Yearsyrs
Demand Planner Demand Planning Manager Supply Chain Manager
Category Manager
8 Yearsyrs
Analyst Manager District Sales Manager
Regional Sales Director
11 Yearsyrs
Analyst Manager Sales Manager
Sales And Operations Manager
7 Yearsyrs
Analyst Manager Account Manager
Strategic Accounts Manager
9 Yearsyrs
Demand Planner Supply Chain Manager Senior Manager
Director Of Strategy
11 Yearsyrs
Senior Finance Analyst Project Manager Product Manager
Brand Manager
5 Yearsyrs
Senior Finance Analyst Senior Pricing Analyst
Pricing Manager
7 Yearsyrs
Demand Planner Supply Chain Planner Senior Buyer
Planning Manager
8 Yearsyrs
Inventory Analyst Operations Manager Senior Manager
Director Of Analytics
12 Yearsyrs
Inventory Analyst Supply Chain Analyst Senior Business Analyst
Analytical Manager
8 Yearsyrs
Inventory Analyst Operations Analyst Senior Analyst
Manager, Strategy
8 Yearsyrs
Supply Chain Analyst Program Manager Senior Product Manager
Marketing Lead
5 Yearsyrs
Senior Analyst Senior Data Analyst-
Data Manager
6 Yearsyrs
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Do you work as a Forecasting Analyst?

Forecasting Analyst Demographics

Gender

Male

50.0%

Female

40.8%

Unknown

9.2%
Ethnicity

White

61.7%

Hispanic or Latino

13.7%

Asian

10.8%

Black or African American

10.2%

Unknown

3.6%
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Foreign Languages Spoken

Spanish

36.8%

French

15.8%

German

10.5%

Mandarin

7.9%

Chinese

6.6%

Portuguese

5.3%

Russian

3.9%

Cantonese

3.9%

Japanese

2.6%

Turkish

1.3%

Greek

1.3%

Belarusian

1.3%

Dutch

1.3%

Korean

1.3%
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Forecasting Analyst Education

Schools

University of Phoenix

13.7%

Pennsylvania State University

7.4%

Northern Illinois University

6.9%

Ohio State University

6.4%

University of Texas at Austin

5.9%

University of Delaware

5.4%

University of North Carolina at Greensboro

4.9%

Appalachian State University

4.4%

University of Tennessee - Knoxville

4.4%

University of Texas at Dallas

4.4%

Purdue University

4.4%

University of California - Davis

3.9%

Indiana Wesleyan University

3.9%

University of Akron

3.4%

University of Wisconsin - Whitewater

3.4%

Michigan State University

3.4%

University of North Texas

3.4%

Auburn University

3.4%

North Carolina State University

3.4%

University of Washington

3.4%
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Majors

Business

34.5%

Finance

14.2%

Accounting

8.4%

Economics

8.3%

Marketing

7.5%

Supply Chain Management

3.9%

Management

3.4%

Mathematics

2.8%

Psychology

1.9%

Statistics

1.8%

Political Science

1.8%

Computer Information Systems

1.6%

International Business

1.5%

Project Management

1.4%

Communication

1.4%

Industrial Engineering

1.4%

Management Information Systems

1.2%

Operations Management

1.2%

English

1.1%

Computer Science

1.0%
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Degrees

Bachelors

46.9%

Masters

34.6%

Other

10.4%

Associate

3.8%

Certificate

2.5%

Doctorate

1.4%

Diploma

0.3%

License

0.2%
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Job type you want
Full Time
Part Time
Internship
Temporary
Average Yearly Salary
$72,000
View Detailed Salary Report
$50,000
Min 10%
$72,000
Median 50%
$72,000
Median 50%
$72,000
Median 50%
$72,000
Median 50%
$72,000
Median 50%
$72,000
Median 50%
$72,000
Median 50%
$105,000
Max 90%
Best Paying Company
Google
Highest Paying City
San Francisco, CA
Highest Paying State
Alaska
Avg Experience Level
2.9 years
How much does a Forecasting Analyst make at top companies?
The national average salary for a Forecasting Analyst in the United States is $72,887 per year or $35 per hour. Those in the bottom 10 percent make under $50,000 a year, and the top 10 percent make over $106,000.

Real Forecasting Analyst Salaries

Job Title Company Location Start Date Salary
Associate, Card Loss Forecasting Analyst Jpmorgan Chase & Co. Wilmington, DE Apr 01, 2016 $115,000
Sales Forecasting Analyst Apple Inc. Cupertino, CA Jun 08, 2015 $115,000 -
$135,000
Associate Loss Forecasting Analyst Jpmorgan Chase & 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
Forecast Optimization Analyst Nlight Photonics Corporation Vancouver, WA Sep 09, 2015 $90,000 -
$100,000
Senior Forecast Analyst Classmates, Inc. Seattle, WA Apr 29, 2016 $90,000
Travel Demand Forecasting Analyst/Consultant Aecom Technical Services, Inc. Arlington, VA Dec 21, 2016 $77,106 -
$81,203
Travel Demand Forecasting Analyst/Consultant II, C 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, Consulting 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 Mar 13, 2015 $74,880
Forecasting Analyst Compcontech, Inc. Irving, TX Sep 16, 2014 $74,880
Healthcare Utilization Forecast Analyst The Charlotte-Mecklenburg Hospital Authority D/B/A Charlotte, NC Nov 19, 2014 $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
Material Forecast Analyst Quanta Manufacturing Nashville, LLC La Vergne, TN May 18, 2016 $67,000 -
$75,000
Analyst-Forecasting Abercrombie & Fitch Trading Co. New Albany, OH Sep 10, 2013 $67,000
Forecast Analyst Belk Merchandising LLC Charlotte, NC Sep 12, 2013 $65,000

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Top Skills for A Forecasting Analyst

  1. Financial Statements
  2. SKU
  3. Supply Chain
You can check out examples of real life uses of top skills on resumes here:
  • Analyzed financial statements, prepared forecast of income statements, balance sheet.
  • Developed SKU-level demand for 6-month forecast for consumer goods products forecasts utilizing both quantitative and qualitative analysis.
  • Recommended forecast updates to sourcing and supply chain managers to reflect new data for manually controlled inventory areas.
  • Reviewed monthly location-based customer service productivity, quality, sales performance goals, reported and tracked performance against goals.
  • Analyze inventory levels, production rate and product demands to determine reorder levels to ensure product availability and minimize inventory costs.

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Top 10 Best States for Forecasting Analysts

  1. Delaware
  2. Rhode Island
  3. New Jersey
  4. Massachusetts
  5. Minnesota
  6. Virginia
  7. Connecticut
  8. District of Columbia
  9. Texas
  10. California
  • (65 jobs)
  • (62 jobs)
  • (465 jobs)
  • (610 jobs)
  • (393 jobs)
  • (962 jobs)
  • (224 jobs)
  • (340 jobs)
  • (1,193 jobs)
  • (2,244 jobs)

Top Forecasting Analyst Employers

Jobs From Top Forecasting Analyst Employers

Forecasting Analyst Videos

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