Market analysis is an attractive field for those who are good with numbers and know how to use those numbers to create marketing policies, and the degree needed to become a market research analyst reflects those two skills. Today’s aspiring market analysts don’t need to get just one degree in order to make themselves marketable in this field, with options that range from marketing to economics, research to management, considered acceptable by hiring managers at today’s largest firms. Before settling on a specific college major and degree program, however, keep in mind that unique pros and cons to each choice that will become relevant during an initial job search.
This is perhaps the most common degree pursued by aspiring market analysts, since it covers the fundamentals of management, marketing, market research, and policy analysis. Students typically only require a bachelor’s degree in marketing, though they’re certainly encouraged to get a master’s degree in the field if thy wish to advance into more managerial roles as their career matures. Because all marketing majors will have to choose an area of concentration during their time in the undergraduate program, those who are looking to break into market research analysis should focus on classes that emphasize scholarly research, business and management consultation, and marketing consultation.
A very select group of schools do offer a bachelor’s degree in market research, which teaches students everything they need to know about getting into this industry. An even larger collection of schools offer market research as its own concentration, which can be taken alongside majors in marketing, economics, or business, to bolster a students’ chances of landing a job in this industry after graduation. There’s one important thing to keep in mind, however. This degree is highly specialized, and it often doesn’t include the broader skills needed for success in marketing and business outside of research and analysis jobs. This could leave students with a very narrow job search, and might pose problems in the future.
Market research involves a significant amount of economic research and knowledge. Students need to know how the economy works in order to determine a business’ competitive position, their competitive advantage, the role of new or existing products in their success, and the potential for increases in market share if certain changes are made to company policy. Economics majors are a top target of market research firms, since they can work with both macro and micro factors in order to create a more comprehensive strategy to outpace competitors, drive up company market share, and create a better rate of return for the company’s products.
Business Administration or Business Management
Business students often find themselves working in market research jobs, since they’ve received a broad education inclusive of management, marketing, research, economics, and accounting skills. Some students might pursue graduate work in marketing or market research after landing a job in this area, largely to fill in the gaps left behind by a more general business degree program.
Related Resource: Become an Advertising Director
A Great Field for the Data-Minded and Economically Informed
Market research requires an in-depth knowledge of business, economics, and impact of inventory on a company’s bottom line. The four majors listed here are the best ways for prospective analysts to get into the industry and start gaining valuable experience. According to CNN Money, because of the way this industry works, the degree needed to become a market research analyst largely depends on a student’s interests, long-term career prospects, and their desire for versatility when looking for jobs.