How to Become a Market Analyst: With Step-Guide and Salary
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Market analysts are instrumental to a business and help companies improve and understand how to market their products and services. Candidates who want a fast-paced career that has a real-life impact on overall business development may be interested in this opportunity. Understanding how to become a market analyst can help you make more informed decisions about your career and help you make the right choices regarding your education and certifications. In this article, we discuss how to become a market analyst with a step-by-step guide and explain the salary expectations, various skills, responsibilities and valuable certifications required in this field.
What is a market analyst?
Market analysts perform vital research into consumer behaviour to best inform the production of new products or services. Market analysts work to specifically target their customer's buying desires and attempt to increase revenue by tracking trends, noticing patterns in data and conducting studies into human buying behaviour. These professionals have comprehensive knowledge of their speciality and understand the best methods to target customers and promote loyalty. Market analysts typically work on multiple projects with different departments every day and may also work as part of a marketing team, designing campaigns and advertising products.
As a market analyst, it's your job to understand complex mathematical techniques to determine the correct price for products based on market research and interpret graphs, formulas and data to best inform the senior leadership team.
How to become a market analyst
Here's a step-by-step guide on how to become a market analyst through education and experience:
1. Gain an education
A bachelor's degree in marketing, communications or a related speciality is the typical minimum requirement for market analyst candidates. These courses equip candidates with the analytical skills required to notice trends, use research skills to identify consumer habits and understand key marketing theories. These tools allow market analysts to design effective strategies that encourage further business development. A marketing course also offers vital economics knowledge which help can help you develop key analytical skills and use business strategies to inform your work.
A formal degree may demonstrate expertise to an employer and reassure them that you can effectively research and understand the importance of marketing trends.
2. Study a postgraduate degree
Some marketing companies may require candidates to have a postgraduate degree in marketing or business. This is especially important for candidates seeking managerial positions. Master's degrees provide students with comprehensive expert knowledge which can help them devise critical business strategies that develop their future employer's business. A postgraduate degree may also provide you with a competitive advantage, as hiring managers may trust a candidate's expertise gained through postgraduate study.
Postgraduate degrees may also go more in-depth about economics or marketing mathematics, which may further develop your research and analytical skills. During your postgraduate degree, you may gain first-hand experience developing your own marketing strategies during assignments. This is an important element to include in your market analyst resume, as it may improve your chances of employment.
3. Gain experience
During your studies, you can partake in a marketing internship or part-time employment. These are excellent opportunities to gain first-hand experience and fully understand the culture of marketing companies. You may supervise a fully qualified marketing analyst who can offer you guidance and advice about becoming a full-time analyst. This experience is valuable to understand the key processes and expectations within a marketing environment.
Taking part in an internship or part-time employment may substantially increase your chances of securing a market analyst role, as experience may be valuable to an employer. They may appreciate that you understand the structure within a marketing business and understand how to approach key projects.
4. Apply for an entry-level role
Once equipped with the relevant experience and you have built your resume, you can apply for entry-level marketing analyst jobs. Starting in an entry-level position is a good opportunity to get used to team working environments. Junior marketing analysts may assist more senior figures with key projects and help them work with senior leadership on new product or service campaigns. Getting involved with projects develops crucial leaderships skills that may help you gain a more senior position in the future.
Understanding how to work as part of a team full time is also crucial to becoming a successful market analyst, as this ensures that you meet deadlines and can communicate effectively with your colleagues.
Related: How to Become a Market Researcher
5. Consider a certificate
Market analysts may benefit from formal certification from establishments, such as the Australian Marketing Institute. In addition to the required qualifications, an extra certification assures employers that you possess competitive expertise and can effectively utilise financial analyst tools to advise on new products and identify key gaps in the market. This may also help you secure a more senior market analyst role, as your study can nurture key leadership competencies.
Other certificates in financial analysis, business development or statistics may be beneficial to your application process and help you develop your resume even further.
Market analyst skills
Market analysts use a combination of hard and soft skills to complete their daily tasks. Hard skills, such as computer literacy or mathematics, refer to specific industry-based skills that enable them to deliver through projects, whereas soft skills like communication refer to general employment skills that help them work effectively in a team and maintain healthy relationships at work. Here are some skills that marketing analysts use every day:
Computer skills: Computer skills are key to entering data and using software management systems. Market analysts may streamline their research process by utilising data management systems to observe consumer trends.
Noticing marketing trends: Identifying changes in consumer habits requires intense attention to detail. Market analysts may look at lots of graphs to identify minor changes in trends to best inform their strategies.
Organisation: Market analysts can work on multiple projects at the same time, which requires good organisation skills. Organisation skills allow market analysts to effective delegate workloads and devote the correct amount of attention to each task without becoming overwhelmed.
Communication: Communication is a vital skill for working in a project management environment to receive instructions and work effectively with others. Communication also promotes healthier working relationships and helps develop leadership skills.
Time management: Good time management means that analysts can meet deadlines efficiently with high-quality work, especially when working on multiple projects at once.
The average salary of a market analyst
The national average salary of a market analyst is $90,800 per year. A market analyst salary may vary depending on the size of the company they work for. For example, a large company that is already well-established may pay more than that of a small start-up company. A market analyst's salary also depends on the type of market they specialise in. This means that a digital marketing analyst's salary may differ from a sales and marketing analyst, for example.
A marketing analyst's salary may also depend on whether they work on a contract basis for a specific project, or full-time at one company. Contract market analysts may have multiple streams of income for different projects and can set their own rates, whereas a full-time analyst is typically on a fixed-base salary determined by the company.
Market analyst responsibilities
Marketing analysts carry out many responsibilities in a single day, either when working as part of a team on a project, or independently. The number of responsibilities also varies depending on whether their employer is designing a new product or service. Taking part in a project may significantly increase their task amount. Here are some market analyst responsibilities:
observing new consumer trend reports
compiling trend reports for their employer
identifying patterns in newly released data
advising senior leadership on the best market to target
taking feedback from customers on new products or services
working in a team and delegating task loads
conducting market research
developing marketing strategies
interpreting and navigating algorithms
entering consumer data into systems
working with software dedicated to customer or statistical management
preparing campaign briefs
Salary figures reflect data listed on Indeed Salaries at time of writing. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location. Please note that none of the companies mentioned in this article are affiliated with Indeed.
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