What Is a Marketing Analyst?
Marketing analysts, who are often referred to as data scientists, spend their time helping their employers pinpoint which products and services they can make the most money off of. They also help identify which segment(s) of consumers they should target with their advertising efforts. More so, they help determine which price points to sell their products and services at. There is a lot of research that goes into the job of being a marketing analyst, with much of this research focusing on conditions of the markets in which the employer operates, consumer behaviors, and activities being performed by competitors.
As a marketing analyst, you will conduct research that pulls information and data from a variety of sources. You will need to have a mastered set of skills, especially those relating to analytics, statistics, and Big Data. As you are conducting research, you will have to decide which pieces of collected information are relevant to the objectives that you are responsible for reaching.
Knowing How to Become a Marketing Analyst
There are several educational paths that you can follow to become a market analyst. No matter the path you choose to take, however, you will need to make sure you are acquiring a formal education through an institution that is recognized by the Higher Education Department. The United States Department of Labor released a study that states 71 percent of professionals working in the role of marketing analyst possess a bachelor’s degree, while approximately 25 percent have a master’s credential. Only four percent have an advanced degree, such as a doctoral degree.
The exact type of degree that you will want to pursue to become a marketing analyst will depend on your preferences. Common areas of study for those seeking this position include:
- Business administration
- Social sciences
- Qualitative research
- Liberal arts
- Computer science
There are also some schools that offer even more educational program paths for you to choose from that can lead to the career of a marketing analyst. Such paths include programs that focus on the following:
- Data analysis
- Survey statistics
- Survey design
- Predictive analytics
- Survey methodology
- Survey research
The higher the level of degree that you earn, the more of a competitive edge you will have in regard to gaining employment after graduation. As you go about choosing a school to enroll in, it is important to look for programs that offer internship opportunities. The sooner you can get your foot in the door with companies that employ marketing analyst, the stronger your network will be once you graduate. Having an expansive network will help you secure employment as quickly as possible once you graduate. In fact, an internship opportunity may turn into a full-time job.
After you have graduated with a degree to become a marketing analyst, another way to maintain a competitive edge is by acquiring certification. The most valuable certification to have in this field of work is the Professional Researcher Certification (PRC), which can be obtained by taking and passing the Marketing Research Association exam. The amount of schooling and the level of degree that you earn will determine which type of certification you can earn; there are three different levels of the PRC certification.
What Skills Are Needed to be a Marketing Analyst?
To be successful as a marketing analyst, you will need to refine and sharpen the following skills on a regular basis; this is why taking part in ongoing educational efforts for marketing analysts is an excellent career move to make:
- Data entry skills
- Enhanced listening skills
- Strong interest in consumer behaviors
- Refined written/oral communication skills
- Advanced analytical skills
- Proper time management
- Enriched organizational skills
Salary Expectations for a Marketing Analyst
Generally, the highest paying jobs for marketing analyst are found on the West Coast, and according to PayScale, Seattle is the most lucrative city for those wanting to enter this line of work. The median pay for a marketing analyst here was nearly $63,000 in 2015. Salary.com states that the median salary for those working as a marketing analyst is close to $60,000. Entry-level positions tend to start out around $50,000, while senior-level positions are upward of $70,000 a year.
Marketing Analyst: Best Schools to Earn a Degree
The University of Georgia
Once you have finished your undergraduate degree, you should consider the Masters of Marketing Research program offered at the University of Georgia. This is a 12-month program that gives you a unique opportunity to interact with the Coca-Cola Center for Marketing Studies as well as with 40 other industry-leading companies.
University of Connecticut
At the University of Connecticut, you will be provided with the chance to complete a program that focuses heavily on market research as well as real-world experiences. In fact, the program is conducted in a real-world setting. Much of your time will be spent solving problems with predictive modeling and various forms of business intelligence.
Michigan State University
Centered on analysis and research statistics, this Master of Science in Business Analytics program is especially ideal for those of you who need a flexible class schedule. Courses are available during day and night as well as on the weekends. For those of you who are extremely busy with family responsibilities or existing job responsibilities, you can even take advantage of the program’s online option.