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The differences between market analysts and business analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a market analyst, becoming a business analyst takes usually requires 2-4 years. Additionally, a business analyst has an average salary of $74,431, which is higher than the $61,606 average annual salary of a market analyst.
The top three skills for a market analyst include analytics, market research and provide management. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Market Analyst | Business Analyst | |
| Yearly salary | $61,606 | $74,431 |
| Hourly rate | $29.62 | $35.78 |
| Growth rate | 19% | 9% |
| Number of jobs | 35,278 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 71% |
| Average age | 37 | 44 |
| Years of experience | 6 | 4 |
A market analyst is responsible for examining relevant information that will aid the organization to make informed decisions on market strategy. You will be responsible for assessing consumer preferences that will help the company decide how to advertise and market their products. Other typical duties that you will perform may include devising and evaluating methods for gathering data such as opinion polls, surveys, and questionnaires, interpreting the data and organizing this into statistical reports and tables, and creating visuals of industry trends.
Business analysts are employees who are responsible for interpreting business data and coming up with business solutions. They are well-versed in whatever business the company is in, and they have strong business acumen. They collect data related to the business and then interpret and analyze the data. Business analysts should be able to conduct different levels of analyses and must also be able to create a sound study. Once the analysis is done, they provide recommendations or strategic direction to decision-makers that will help the business become sustainable and grow.
Market analysts and business analysts have different pay scales, as shown below.
| Market Analyst | Business Analyst | |
| Average salary | $61,606 | $74,431 |
| Salary range | Between $41,000 And $90,000 | Between $53,000 And $103,000 |
| Highest paying City | Seattle, WA | Mountain View, CA |
| Highest paying state | Delaware | Washington |
| Best paying company | Intuitive Surgical | The Citadel |
| Best paying industry | Finance | Finance |
There are a few differences between a market analyst and a business analyst in terms of educational background:
| Market Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Stanford University |
Here are the differences between market analysts' and business analysts' demographics:
| Market Analyst | Business Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 53.9% Female, 46.1% |
| Race ratio | Black or African American, 4.8% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.4% White, 64.5% American Indian and Alaska Native, 0.1% | Black or African American, 6.2% Unknown, 4.7% Hispanic or Latino, 8.8% Asian, 12.0% White, 67.7% American Indian and Alaska Native, 0.5% |
| LGBT Percentage | 10% | 11% |