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The differences between market research consultants 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 research consultant and a research analyst. Additionally, a market research consultant has an average salary of $85,073, which is higher than the $70,232 average annual salary of a research analyst.
The top three skills for a market research consultant include client facing, risk management and powerpoint. The most important skills for a research analyst are data analysis, data collection, and research projects.
| Market Research Consultant | Research Analyst | |
| Yearly salary | $85,073 | $70,232 |
| Hourly rate | $40.90 | $33.77 |
| Growth rate | 19% | 19% |
| Number of jobs | 76,424 | 81,374 |
| Job satisfaction | - | 4.5 |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 70% |
| Average age | 37 | 37 |
| Years of experience | 6 | 6 |
A market research consultant specializes in developing and recommending strategies to optimize a company's marketing operations. They perform extensive market research and analysis, gather and analyze client feedback, spearhead surveys and studies to determine how the current marketing projects affect the consumers, and develop social media techniques to raise brand awareness and public interest. Using their research findings, a market research consultant develops conclusions and recommendations that adhere to the company's goals. Moreover, there are instances when a market research consultant participates in planning and creating marketing programs and materials.
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 research consultants and research analysts have different pay scales, as shown below.
| Market Research Consultant | Research Analyst | |
| Average salary | $85,073 | $70,232 |
| Salary range | Between $54,000 And $132,000 | Between $45,000 And $107,000 |
| Highest paying City | Renton, WA | Seattle, WA |
| Highest paying state | Washington | Washington |
| Best paying company | Invesco | The Citadel |
| Best paying industry | - | Finance |
There are a few differences between a market research consultant and a research analyst in terms of educational background:
| Market Research Consultant | Research Analyst | |
| Most common degree | Bachelor's Degree, 68% | Bachelor's Degree, 70% |
| Most common major | Business | Business |
| Most common college | University of Georgia | University of Georgia |
Here are the differences between market research consultants' and research analysts' demographics:
| Market Research Consultant | Research Analyst | |
| Average age | 37 | 37 |
| Gender ratio | Male, 53.1% Female, 46.9% | Male, 50.8% Female, 49.2% |
| Race ratio | Black or African American, 4.8% Unknown, 4.9% Hispanic or Latino, 11.4% Asian, 14.5% White, 64.2% 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% |