Market analysts use what they learn to get you to buy more.
Market research analyst findings influence nearly every commercial and advertisement you see. Market analysts find what appeals to consumers and businesses to make them buy their employer's or clients' products. Market analysts starting in the field typically have a bachelor's degree in business or marketing, although employers prefer master's degrees for advancement to the more technical senior positions.
Starting Salary Range
According to the Bureau of Labor Statistics, or BLS, the 10th to 50th percentiles of market research anaylsts made between $33,350 and $60,570 per year as of May 2010. While the BLS does not specifically categorize job salaries by experience, it stands to reason that starting market analysts will start at the lower end of the spectrum with salaries varying by individual experience, industry and the size of the company employing a new analyst.
Average and Top Salaries
The BLS states the average salary for a market analyst in 2010 was $66,850 per year or $32.14 hourly. However, the top 10 percent of market analysts were making nearly double that at $111,440 per year. This information is promising for market analysts starting out in the field with big salaries a real possibility later in their career.
Location Salary Differences
Where you work is often as important to your salary as who you work for. For example, the top paying state for market analysts in 2010 was Oregon with an average salary of $82,290 per year. The District of Columbia had the highest concentration of market analysts per capita with a mean salary of $75,020 per year. On the other hand, Illinois ranked the fifth highest employer of market analysts and paid a mean $60,680 per year to their market analysts.
Industry Salary Differences
Industry also plays a big role in the wages of market analysts. The Management, Scientific, and Technical Consulting Services was the largest employing industry for market research analysts and paid them a mean $66,420 per year. Advertising, Public Relations and Related Services is probably the most recognizable industry for market analysts, paying them an average $65,090 per year. However, it was the Personal Care Services industry that paid market analyst the most at an average salary of $113,920 per year.
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