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The differences between market analysts and product 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 product analyst takes usually requires 2-4 years. Additionally, a product analyst has an average salary of $79,316, 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 product analyst are tableau, data analysis, and product management.
| Market Analyst | Product Analyst | |
| Yearly salary | $61,606 | $79,316 |
| Hourly rate | $29.62 | $38.13 |
| Growth rate | 19% | 11% |
| Number of jobs | 35,278 | 176,369 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 73% |
| 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.
A product analyst job utilizes data analysis software and notates trends in market research. Primarily, analysts project the costs of product development and marketing. They think of the possibilities for profit and sales and monitor the performance of products on the market to come up with a better product. Their responsibilities include company product evaluation, product understanding, and product rating reviews. Familiarity with Microsoft Office Suite, strong communication skills, and proficiency in database software is necessary for this job.
Market analysts and product analysts have different pay scales, as shown below.
| Market Analyst | Product Analyst | |
| Average salary | $61,606 | $79,316 |
| Salary range | Between $41,000 And $90,000 | Between $56,000 And $111,000 |
| Highest paying City | Seattle, WA | Seattle, WA |
| Highest paying state | Delaware | Washington |
| Best paying company | Intuitive Surgical | Meta |
| Best paying industry | Finance | Technology |
There are a few differences between a market analyst and a product analyst in terms of educational background:
| Market Analyst | Product Analyst | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between market analysts' and product analysts' demographics:
| Market Analyst | Product Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 53.2% Female, 46.8% |
| 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, 7.6% Unknown, 4.5% Hispanic or Latino, 8.5% Asian, 14.6% White, 64.6% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 10% | 12% |