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The differences between market research 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 research 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 $51,688 average annual salary of a market research analyst.
The top three skills for a market research analyst include powerpoint, data analysis and SPSS. The most important skills for a business analyst are project management, data analysis, and business analysis.
| Market Research Analyst | Business Analyst | |
| Yearly salary | $51,688 | $74,431 |
| Hourly rate | $24.85 | $35.78 |
| Growth rate | 19% | 9% |
| Number of jobs | 71,240 | 170,514 |
| Job satisfaction | - | 4 |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 71% |
| Average age | 37 | 44 |
| Years of experience | 6 | 4 |
A market research analyst is an individual who studies the market conditions so that he/she or she can examine the potential sales of an organization's product or service. Market research analysts are required to devise and evaluate methods for collecting data such as surveys, focus groups, and opinion polls. They must interpret the data they have collected and presented their findings to executives and clients to help them make better-informed decisions. Market research analysts are also required to create visuals of industry trends and competitors so the company can predict how it fares in the marketplace.
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 research analysts and business analysts have different pay scales, as shown below.
| Market Research Analyst | Business Analyst | |
| Average salary | $51,688 | $74,431 |
| Salary range | Between $36,000 And $73,000 | Between $53,000 And $103,000 |
| Highest paying City | Seattle, WA | Mountain View, CA |
| Highest paying state | Delaware | Washington |
| Best paying company | Imply | The Citadel |
| Best paying industry | Technology | Finance |
There are a few differences between a market research analyst and a business analyst in terms of educational background:
| Market Research Analyst | Business Analyst | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Georgia | Stanford University |
Here are the differences between market research analysts' and business analysts' demographics:
| Market Research Analyst | Business Analyst | |
| Average age | 37 | 44 |
| Gender ratio | Male, 51.2% Female, 48.8% | Male, 53.9% Female, 46.1% |
| Race ratio | 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% | 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% |