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The differences between market analysts and research analysts can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a market analyst and a research analyst. Additionally, a research analyst has an average salary of $70,232, 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 research analyst are data analysis, data collection, and research projects.
| Market Analyst | Research Analyst | |
| Yearly salary | $61,606 | $70,232 |
| Hourly rate | $29.62 | $33.77 |
| Growth rate | 19% | 19% |
| Number of jobs | 35,278 | 81,374 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 70% |
| Average age | 37 | 37 |
| Years of experience | 6 | 6 |
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 research analyst is responsible for providing a company with insights and advice concerning finance, investments, and expenditures. Utilizing their analytical skills and extensive expertise in marketing, they analyze the trends and significant factors to conclude which decision should be the best to make. They can also take part in conducting an in-depth analysis of a business and examine which areas require improvement or has potential. Furthermore, they may work with a company or independently as a freelance analyst.
Market analysts and research analysts have different pay scales, as shown below.
| Market Analyst | Research Analyst | |
| Average salary | $61,606 | $70,232 |
| Salary range | Between $41,000 And $90,000 | Between $45,000 And $107,000 |
| Highest paying City | Seattle, WA | Seattle, WA |
| 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 research analyst in terms of educational background:
| Market Analyst | Research Analyst | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 70% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between market analysts' and research analysts' demographics:
| Market Analyst | Research Analyst | |
| Average age | 37 | 37 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 50.8% Female, 49.2% |
| 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, 4.7% Unknown, 4.9% Hispanic or Latino, 11.3% Asian, 14.3% White, 64.7% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 10% | 10% |