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The differences between market analysts and data 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 data analyst takes usually requires 2-4 years. Additionally, a data analyst has an average salary of $74,342, 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 data analyst are data analysis, python, and power bi.
| Market Analyst | Data Analyst | |
| Yearly salary | $61,606 | $74,342 |
| Hourly rate | $29.62 | $35.74 |
| Growth rate | 19% | 11% |
| Number of jobs | 35,278 | 167,520 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 65% |
| 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.
Data analysts are responsible for interpreting the company's statistics and providing sound recommendations to the organization. They manage the organization's data sets, usually related to market performance, finance, or human resources. They are in charge of studying the available data, spotting trends, interpreting what the data and the trends mean, and recommending suggestions that will help the organization perform better. Their recommendations should also be relevant and backed up with strong analyses. Data analysts are expected to have a good grasp of the current market trends in the industry.
Market analysts and data analysts have different pay scales, as shown below.
| Market Analyst | Data Analyst | |
| Average salary | $61,606 | $74,342 |
| Salary range | Between $41,000 And $90,000 | Between $53,000 And $103,000 |
| Highest paying City | Seattle, WA | Richmond, CA |
| Highest paying state | Delaware | New Jersey |
| Best paying company | Intuitive Surgical | The Citadel |
| Best paying industry | Finance | Finance |
There are a few differences between a market analyst and a data analyst in terms of educational background:
| Market Analyst | Data Analyst | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Northwestern University |
Here are the differences between market analysts' and data analysts' demographics:
| Market Analyst | Data Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 50.2% Female, 49.8% |
| 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, 7.5% Unknown, 4.4% Hispanic or Latino, 8.5% Asian, 14.5% White, 64.9% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |