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The differences between market research analysts and pricing 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 research analyst and a pricing analyst. Additionally, a pricing analyst has an average salary of $64,168, 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 pricing analyst are pricing strategy, strong analytical, and customer service.
| Market Research Analyst | Pricing Analyst | |
| Yearly salary | $51,688 | $64,168 |
| Hourly rate | $24.85 | $30.85 |
| Growth rate | 19% | 19% |
| Number of jobs | 71,240 | 73,462 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 75% |
| Average age | 37 | 37 |
| Years of experience | 6 | 6 |
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.
Pricing analysts are responsible for examining competitors' pricing strategies and industry standards to aid businesses in determining and setting competitive pricing. These professionals study consumer habits and behavior to gauge their willingness to pay for products and examine consumer spending. They conduct impact and mathematical analyses, and large-scale research to come up with their conclusions. Other duties and responsibilities include developing revenue forecasts and statistical models, monitoring industry trends, and developing pricing tools that can quickly respond to the rapidly changing market trends and needs.
Market research analysts and pricing analysts have different pay scales, as shown below.
| Market Research Analyst | Pricing Analyst | |
| Average salary | $51,688 | $64,168 |
| Salary range | Between $36,000 And $73,000 | Between $46,000 And $89,000 |
| Highest paying City | Seattle, WA | Seattle, WA |
| Highest paying state | Delaware | Washington |
| Best paying company | Imply | Apple |
| Best paying industry | Technology | Finance |
There are a few differences between a market research analyst and a pricing analyst in terms of educational background:
| Market Research Analyst | Pricing Analyst | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Pennsylvania |
Here are the differences between market research analysts' and pricing analysts' demographics:
| Market Research Analyst | Pricing Analyst | |
| Average age | 37 | 37 |
| Gender ratio | Male, 51.2% Female, 48.8% | Male, 53.3% Female, 46.7% |
| 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, 5.0% Unknown, 5.0% Hispanic or Latino, 12.0% Asian, 13.0% White, 64.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 10% | 10% |