How to Become a Research Analyst?

To obtain a thriving career as a research analyst, individuals have to obtain the right education and experience. Research analysts offer companies the ability to think creatively about problems and analyze abstract financial systems. Before starting a career as a research analyst, individuals have to decide if the career is right for them.

Education Requirements

Most companies require research analysts to have specific education requirements. Although most analysts need to have an undergraduate degree, the specific degree can vary. Typically, research analysts need a degree in economics, statistics, market research or marketing. On occasion, degrees in computer science or mathematics may also be accepted. To get the job, applicants should expand their focus to include classes in psychology, business and political science. For more competitive fields, individuals may need to get a master’s degree. The most effective master’s degree programs are generally statistics, business administration and economics.

Where do Market Research Analysts Work?

A research analyst may work in a variety of fields. They are used by market research firms, the government and processing corporations. Often, research analysts are hired by business associations, manufacturing companies and management consulting firms. Analysts are also used by marketing agencies or advertising corporations. The amount of money that a research analyst earns depends on where they work and the analyst’s personal experience. In the United States, the Bureau of Labor and Statics lists a median salary of $60,570 in 2010. The median pay for this career field was listed as $97,700 by CNN Money.

What Does a Research Analyst do?

A research analyst has to work in local, regional or national markets. Their job is normally to look at the potential sales of a product or a specific service. Analysts may also collect data about prices, current sales and the marketing techniques of the competition. Throughout the year, it is the research analysts job to monitor statistics and changes in the industry. They have to continuously look at sales and distribution methods used by a competitor. To get reliable information, they may collect their own surveys and analyze information about a customer’s needs and preferences. In addition, they will consider the effectiveness of current strategies and marketing.

Personality Traits Required to be a Successful Analyst

Becoming a research analyst takes more than a degree and job opening. An individual’s personality can also make a huge difference in creating their success. To enjoy this career, individuals have to be able to work in a sedentary environment with a team goal in mind. Since they often work alone, analysts have to be able to pay attention to the details and use critical thinking. Successful analysts enjoy analyzing data, coordinating information and presenting their findings. To do this, they should also be skilled at consulting with other team members and communicating with a variety of different people.

In recent years, new techniques have been used to get a career as a research analyst. Creating a finance blog, writing books about the subject and designing a CV can help get the candidate noticed by top companies in the industry. Through utilizing education and on-line techniques, prospective research analysts can increase the chances that they will land their dream job.

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