A Market Analyst is a marketing expert who collects and analyses data concerning market conditions and trends, competitors, suppliers, and consumer behavior, with the intent of using the results to create viable marketing strategies meant to promote the company and avoid risky situations altogether.
They act as advisors to marketing and sales heads and managers and should be able to use their insightful skills to understand the current market and predict future market trends. A good Analyst has a vast knowledge of modern marketing and sales but also of statistics and mathematics and should always try to keep abreast with the advancements and research within the industries they work in.
A candidate for this position generally needs to have a Bachelor's degree in a subject such as Statistics, Data or Social Sciences, or Marketing, and past experience in a marketing position. They should also have proficiency with certain analytical platforms and software and general computer and social media literacy. A Market Analyst, on average, earns $27.16 an hour, amounting to $56,495 a year.
There is more than meets the eye when it comes to being a Market Analyst. For example, did you know that they make an average of $27.34 an hour? That's $56,868 a year!
Between 2018 and 2028, the career is expected to grow 20% and produce 139,200 job opportunities across the U.S.
There are certain skills that many Market Analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Analytical skills, Communication skills and Detail oriented.
If you're interested in becoming a Market Analyst, one of the first things to consider is how much education you need. We've determined that 76.6% of Market Analysts have a bachelor's degree. In terms of higher education levels, we found that 16.5% of Market Analysts have master's degrees. Even though most Market Analysts have a college degree, it's impossible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a Market Analyst. When we researched the most common majors for a Market Analyst, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Market Analyst resumes include Associate Degree degrees or Doctoral Degree degrees.
You may find that experience in other jobs will help you become a Market Analyst. In fact, many Market Analyst jobs require experience in a role such as Internship. Meanwhile, many Market Analysts also have previous career experience in roles such as Research Assistant or Finance Analyst.