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The differences between market analysts and senior 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 senior research analyst. Additionally, a senior research analyst has an average salary of $75,056, 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 senior research analyst are analytics, data analysis, and data collection.
| Market Analyst | Senior Research Analyst | |
| Yearly salary | $61,606 | $75,056 |
| Hourly rate | $29.62 | $36.08 |
| Growth rate | 19% | 19% |
| Number of jobs | 35,278 | 71,891 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 68% |
| 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.
The duties of a senior research analyst depend on one's line of work or industry of employment. Typically, their responsibilities revolve around coordinating with different departments to gather necessary data, performing research and analysis to identify consumer and market needs, finding new business opportunities, and devising strategies to optimize workflow and workforce processes. Furthermore, as a senior research analyst, it is essential to lead and encourage the team members and serve as a mentor to junior analysts, all while implementing the company's policies and regulations.
Market analysts and senior research analysts have different pay scales, as shown below.
| Market Analyst | Senior Research Analyst | |
| Average salary | $61,606 | $75,056 |
| Salary range | Between $41,000 And $90,000 | Between $57,000 And $98,000 |
| Highest paying City | Seattle, WA | Olympia, WA |
| Highest paying state | Delaware | Washington |
| Best paying company | Intuitive Surgical | JPMorgan Chase & Co. |
| Best paying industry | Finance | Finance |
There are a few differences between a market analyst and a senior research analyst in terms of educational background:
| Market Analyst | Senior Research Analyst | |
| Most common degree | Bachelor's Degree, 77% | Bachelor's Degree, 68% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between market analysts' and senior research analysts' demographics:
| Market Analyst | Senior Research Analyst | |
| Average age | 37 | 37 |
| Gender ratio | Male, 61.0% Female, 39.0% | Male, 54.1% Female, 45.9% |
| 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, 11.2% Asian, 14.1% White, 65.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 10% | 10% |