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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

  • $65,070

    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 Videos

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Forecasting Analyst Jobs

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Forecasting Analyst Career Paths

Forecasting Analyst
Supply Chain Manager Management Consultant Senior Business Analyst
Analytical Manager
9 Yearsyrs
Senior Finance Analyst Senior Business Analyst Product Manager
Brand Manager
5 Yearsyrs
Supply Chain Analyst Business Analyst Marketing Manager
Brand Marketing Manager
7 Yearsyrs
Demand Planning Manager Senior Manager Director Of Human Resources
Business Partner
8 Yearsyrs
Demand Planning Manager Supply Chain Manager
Category Manager
8 Yearsyrs
Planning Manager Inventory Manager Planner
Demand Planning Manager
10 Yearsyrs
Demand Planner Supply Chain Manager Senior Manager
Director Of Analytics
13 Yearsyrs
Project Manager General Manager Account Manager
Key Account Manager
7 Yearsyrs
Senior Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Senior Business Analyst Senior Technical Analyst Senior Analyst
Manager, Strategy
8 Yearsyrs
Reporting Analyst Senior Analyst Research Manager
Market Research Manager
7 Yearsyrs
Supply Chain Manager Senior Project Manager Marketing Consultant
Marketing Lead
6 Yearsyrs
Project Manager Product Manager District Sales Manager
Merchandising Manager
5 Yearsyrs
Senior Business Analyst Senior Management Consultant Senior Finance Analyst
Planning Manager
8 Yearsyrs
Planning Manager Finance Manager
Pricing Manager
7 Yearsyrs
Senior Analyst Program Manager Marketing Manager
Regional Marketing Manager
7 Yearsyrs
Senior Finance Analyst Finance Manager Sales Manager
Sales And Operations Manager
7 Yearsyrs
Supply Chain Analyst Purchasing Manager Marketing Manager
Senior Brand Manager
9 Yearsyrs
Demand Planner Demand Planning Manager
Supply Chain Manager
10 Yearsyrs
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Forecasting Analyst Demographics

Gender

Male

54.3%

Female

42.6%

Unknown

3.1%
Ethnicity

White

61.8%

Hispanic or Latino

13.6%

Asian

11.1%

Black or African American

10.1%

Unknown

3.3%
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Foreign Languages Spoken

Spanish

32.8%

French

15.6%

German

10.9%

Mandarin

9.4%

Chinese

7.8%

Portuguese

4.7%

Russian

4.7%

Cantonese

4.7%

Japanese

3.1%

Greek

1.6%

Belarusian

1.6%

Dutch

1.6%

Korean

1.6%
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Forecasting Analyst Education

Schools

University of Phoenix

8.6%

Pennsylvania State University

7.8%

University of Delaware

7.8%

Appalachian State University

7.0%

University of North Carolina at Greensboro

7.0%

Ohio State University

5.5%

University of Texas at Dallas

5.5%

University of Texas at Austin

5.5%

Purdue University

4.7%

University of North Carolina at Chapel Hill

4.7%

University of Wisconsin - Whitewater

3.9%

Auburn University

3.9%

University of California - Davis

3.9%

Northern Illinois University

3.9%

Central Michigan University

3.9%

University of Arizona

3.9%

Brigham Young University

3.1%

University of Cincinnati

3.1%

Virginia Commonwealth University

3.1%

University of Utah

3.1%
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Majors

Business

35.4%

Finance

13.2%

Marketing

7.7%

Accounting

7.7%

Economics

7.4%

Supply Chain Management

4.3%

Management

3.5%

Mathematics

2.7%

Psychology

2.1%

Computer Information Systems

2.1%

Statistics

1.8%

Project Management

1.6%

Political Science

1.6%

International Business

1.4%

Computer Science

1.3%

Industrial Engineering

1.3%

Operations Management

1.3%

Management Science

1.1%

Business Economics

1.1%

Communication

1.1%
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Degrees

Bachelors

46.8%

Masters

35.8%

Other

10.4%

Associate

3.4%

Certificate

2.5%

Doctorate

0.7%

Diploma

0.2%

License

0.1%
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Forecasting Analyst Videos

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

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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 & 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

  1. Sales Forecasts
  2. Financial Statements
  3. SKU
You can check out examples of real life uses of top skills on resumes here:
  • Utilized statistical and price elasticity analysis to develop sales forecasts for new items and determine promotional lifts.
  • Maintained complex Excel-based reporting tools for SKU-level and program-level analytic review.
  • Recommended forecast updates to sourcing and supply chain managers to reflect new data for manually controlled inventory areas.
  • Monitored inventory levels, and maintained control and management systems within assigned facilities in accordance with the companies policies and procedures.
  • Assisted with preparing/analyzing $11 million dollar yearly operating budget for Customer Service Operations, and performed monthly budget variance analysis.

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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

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Jobs From Top Forecasting Analyst Employers

Forecasting Analyst Videos

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

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