Thinking to switch your career? Consider market analysts’ posts!
They are in high demand these days.
Because hiring market analysts can have a huge impact on the success of industries and organizations. This profession is now categorized as a “bright outlook occupation.”
You might have questions: What do they do? What is the required education and certification for this post? No worry, we’ve got you covered in this post!
Read on, how much do marketing analysts make?
The average salary of a marketing analyst is $56,473 per year in the US. It may vary with area, education, certification, and experience. In 2021, the average pay is much higher that is $79,701 per year. This shows the potential growth of employment in this field.
This salary package is enough to bear the cost of living in the US. You can filter the area-wise search to see the pay scale of marketing analyst posts in your area. Keep reading to know the salaries of entry to advanced level marketing analysts below.
Average Marketing Analyst Salary
The average salary of a marketing analyst depends on experience or the entry-level of employees. Depending on the level of expertise, the basic salary in USD is $56,473.
Entry-level employees with less than 1 year of experience get $50,592. This salary package may include tips, bonuses, and overtime pay.
While early-career marketing analysts with 1 to 4 years of workouts in the same field can expect to get $55,598. The mid-career market analyst with 5 to 9-year experience makes $66,447 per year.
Advanced late-career marketing analysts with 10 to 19 years of experience in the same field can hope to make $69,139 can expect to make. More experienced employees with 20 years in the same field will earn $77,570 per year. That’s a pretty ideal amount!
Table of Marketing Analyst Salaries
|Marketing Analyst Salary Levels||Salary In USD/yr||Experience Years|
|Entry Level||$50,592||Less than 1yr|
Average Marketing Analyst Salary In 3 years
According to statistics, the average salary of marketing analysts in the US in 2021 is $79,701. Different range of salaries for top marketing analyst positions ranges from $46,587 and $112,815.
However, this salary range may vary with experience, education, certification, skills, and experience in the same area. If we compare this to the salary of the marketing analyst in 2019, it is greater. Before one year in 2019, this salary was $63,790.
Table Of 3-yr History of Marketing Analyst Salaries
|Years 2021-2018||Marketing Analyst Salary USD|
What Does Market Analyst Do
To cope with rapidly changing market conditions, companies hire professionals called market analysts or research analysts. They help companies through authentic data to decide which product or services to sell, where to sell, and what should be the price.
They keep an eye on consumers, competitors, and market behaviors at the same time.
They study the customer’s behavior and organize data by getting information. In the meanwhile, they are eye-openers of what’s going on in competitor’s minds. They bring quantitative as well as qualitative data to analyses product and services plus their status in the market.
Below are the main responsibilities of market analysts:
- Collecting data on market analytics, customer’s demographics, and competitor’s tricks
- Finding customer’s opinions, preferences especially wants/needs
- Collecting data of competitor’s prices and analyzing it in company interest
- Highlighting entrepreneurs
- Collaborate with other workers to draw data for client satisfaction.
How to Become A Marketing Analyst
From the above details, it is evident that marketing analyst is a highly paid occupation. If you want to switch to this career position, here’s the step by step guide to being a successful marketing analyst below:
1-Purse bachelor’s degree in math, statistics, business administration, economics, and computer as a major subject.
2-Get required technical skills to develop analytical thinking. You may need expertise in the following technical grounds.
- Statistical analysis software
- SQL databases and database querying languages
- Programming skills (if possible)
- Survey/query software
- Business intelligence and reporting software
- Data mining
- Data visualization
3-Pursue business skills as given below:
- Analytic problem-solving skills
- Critical Thinking approach
- Business Communication
- Industry Knowledge
4-Purse additional certification as given below:
- Professional Research Certification (PRC)
- Certifies Market Research Analyst (CMRA)
Frequently Asked Questions
What is the marketing analyst salary for 2020
From the Bureau of labor statistics USA data, the salary of a marketing analyst in 2019 was $63,790. In the year 2020, this salary is $70,701. However, it varies with expertise, education, and certification. It also depends on US labor laws.
Is Marketing Analyst a Good Career
Of course, a marketing analyst is the best career choice. About 52% of them think that they are happy with their salaries in the United States.
They can enjoy weekends and do work during working hours. Moreover, this occupation is now classified as a bright outlook occupation.
According to the US Bureau of Labor Statistics, a record number of employees are taking interest in this profession from 2016 onwards. That’s why this employment opportunity will grow faster between 2016 to 2026.
Is market research analyst in demand
In the US the demand for market analysts will be 18 % higher than other occupations from 2019 onwards. That’s why more and more people are taking interest in this career.
The most demanding cities for this research analyst position in the United States are San Jose, San Francisco, Seattle, Bridgeport, Conn., and Houston. Moreover, the recent demand for research analysts is expected to grow 20% around 2028.
What is the largest paying job in Marketing
The largest paying jobs in marketing are Chief marketing Office with a salary range of $94,000 to $342,000, a channel development executive with a salary range of $49,000 to $114,000, global marketing manager with a salary range of $76,000 to $138,000.
In short, the post: how much do marketing analysts make will surprise you. If you are a person who is super into the scientific interpretation of mathematical data, this occupation is for you. In the future, the predictions of this position are higher.
Start thinking from now, if you seriously want this job. I would advise students to pursue additional courses in advanced statistics and information science along with course books. This way, they may develop analytical thinking approach faster.
Do you think you are the right candidate for this job? If yes, tell us how many challenges you are facing in your job hunting journey. We’d love to share your story with our readers.