Market Research Analyst Salaries
Market research analysts study sales and marketing data, as well as consumer likes and dislikes, to assist companies in developing marketing strategies, undercutting their competitors and projecting future sales. These analysts work in a variety of settings and often earn generous salaries, according to information from the U.S. Bureau of Labor Statistics.
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Average Salary
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The Bureau of Labor Statistics, an agency within the U.S. Department of Labor, studies salary and employment data for all types of occupations. The bureau reported in May 2008 that market research analysts earned a median annual salary of $61,070.
Salary Range
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The median salary received by market researchers ranges widely, with the top 10 percent of analysts earning more than $112,000 a year and the lowest 10 percent earning less than $33,770 a year, the Bureau of Labor Statistics reported in 2008. The middle 50 percent of analysts earned between $43,990 and $85,510 a year.
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Types of Industries
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A market research analyst's salary varies by type of employer, with market analysts in some industries earning salaries well above the median. According to the Bureau of Labor Statistics, market research analysts employed by computer systems design firms and related services earned an average salary of $77,170 a year. Meanwhile, analysts involved in business management earned a median of $65,880.
Potential
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The Bureau of Labor Statistics projects faster-than-average growth in market research analyst jobs, with the best opportunities existing in consulting firms and marketing and public relations firms. The bureau reported that market research analysts employed by management and technical consulting firms earned a median annual salary of $55,570. Analysts employed by advertising, public relations and marketing firms earned slightly more, with their annual salaries averaging $56,730.
Considerations
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Many companies find it more profitable to contract out their market research needs to a consulting or advertising firm rather than to operate their own marketing departments, the Bureau of Labor Statistics reports. This may explain the expected growth in job opportunities for analysts in consulting and marketing services. Although average salaries in these areas are lower than in other industries, such as computer systems and related companies, analysts with graduate-level degrees and strong quantitative skills may have greater job opportunities, including the potential for higher salaries.
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References
Resources
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