Research Analyst Roles and Responsibilities

Data analysis can take different forms, depending on the question you’re trying to answer. Below, we’ll explore the differences between a financial analyst and a research analyst as well as the potential employment opportunities and salaries. They almost all work with numbers as much as with words, so Excel skills are important. The ability to write well is a plus, but accuracy and attention to detail is more important than a talent for creating achingly beautiful prose. Unlike journalism, where facts, figures and comments have to be attributable to specific sources, anything the research analyst presents will be their own work and their own take on the market. This makes for a more cautious outlook on committing words to paper, and a working culture which values precision and nuance as much as productivity.

The average base salary for a data analyst in the US is $69,517 in December 2021, according to Glassdoor. This can vary depending on your seniority, where in the US you’re located, and other factors. Research analysts can take on a variety of roles working for corporations, investment banks, hedge funds, insurance companies, and brokerages.

Chartered Alternative Investment Analyst (CAIA)

It’s worth bearing in mind that the market for sell-side analysts has slightly dried up in recent years. This is primarily due to an increase in the number of regulations that have been put in place, such as MiFID II. While there are still opportunities available, a growing number of candidates tend to be more focused upon buy-side positions. Often working on the behalf of a company, their main goal is to provide opportunities for capital growth that is in accordance with the aims (and the portfolio) of the firm itself. Opportunities often involve asset classes such as mutual funds, private equity schemes and pensions.

Primary and secondary customer research—everything from demographics to opinions—helps a company develop more targeted marketing and align its products and services with customers’ differing needs. Market research analysts may also identify how companies find, acquire, and retain customers while avoiding churn—or customer loss. Market research analysts pore over trending keywords, survey responses, social media mentions, and more to understand markets, customers, and competitors. As a Data Analyst, you will be responsible for scanning through the data, finding valuable information and providing reports or visualisations.

What Tools and Technologies Are Used by Market Research Analysts?

Research analysts exist in just about every industry but are more commonly found in some industries – such as the financial services industry – than in others. Within a company, they might be found in a number of departments, with a number of different job titles. Businesses want to understand who their customers are, what they need and their preferred method of buying. Market research analysts help them get a better picture of their customers through data. Market research analysts work for various types of organizations, examining market conditions and helping determine opportunities to grow sales of products or services.

Despite experienced research analysts having a significant amount of knowledge, this field is reasonably easy to get into, at an entry level at least, in comparison to some other financial careers. Therefore it can be a good option for those who are keen to get their career underway right out of university or college and who possess a degree in the right subject. In the field of market research, the top 10% of earners saw pay rates of at least $122,630 whereas the lowest 10% earned less than $34,350. Market research analysts working in publishing, corporate management, finance, and insurance made more than $71,000 on average, making these some of the most lucrative niches for experienced professionals.

Research Analysts

Analyst interns really shine in the professional industry with an average salary of $41,723. Whereas research analysts tend to make the most money in the finance industry with an average salary of $101,433. Some of the skills we found on research analyst resumes included “data analysis,” “data collection,” and “research projects.” We have detailed the most important research analyst responsibilities below. These jobs aren’t as demanding (and don’t pay as much) as private equity jobs or investment banking jobs. It’s standard for an analyst to receive 20 or more days a year in paid time off, at least one day off on weekends, and time out of the office on holidays. If a financial analyst is involved in corporate finance for a company, or in the banking industry, there may be additional training.

• Whether you’re just graduating from school or looking to switch careers, the first step is often assessing what transferable skills you have and building the new skills you’ll need in this new role.
• At a food and beverage manufacturer, an analyst might investigate whether the materials or processes used in the production of goods indicate patterns of waste.
• From 2020 to 2030, operations research analyst positions are expected to grow by 25 percent, market research analysts by 22 percent, and mathematicians and statisticians by 33 percent.
• Entry-level candidates typically have a bachelor’s degree in business, math or engineering.

The good news is that those who have recently entered into the field of research analytics always have the opportunity to gain experience and to progress to higher professional levels. This is particularly the case for anyone who is a CFA charterholder or a similar certification. An MBA is also an excellent way to increase one’s existing salary; some studies finding that annual pay rate may rise by up to 50%.

Market research analyst job description

Research analysts tend to focus more on mathematical models to produce objective answers about historical data. A research analyst can take a series of inputs, and calculate the most efficient way to maximize output. Research analysts are used to help improve a company’s operations through advanced mathematical and analytical methods. These analysts help businesses investigate and solve complex problems, and allow the companies to make better business decisions. Financial analysts tend to be a more specialized role than research analysts, but that doesn’t mean there isn’t a huge variety of them as well. Almost all financial analysts start out with at least a bachelor’s degree in finance, economics, mathematics, or accounting.

Once you have decided on your programming language based on your area of interest, the next step is to become proficient in it. Again, this may be due to the recruiter/employee having a lack of knowledge on the distinction between the different roles, to catch interest or be able roles of research analyst to hire someone who can kill two birds with one stone. Finding a proper work-life balance can be difficult in any industry, but the financial industry has had a reputation of making employees work late and miss family time, particularly for those who work on Wall Street.

Learn a programming language at a proficient level before you move on to the next or learn a new skill. It’s better to take one step at a time than be overwhelmed with trying to learn 10 skills at a time. This blog aims to give you a quick and simple understanding of what programming languages are required or essential for specific data roles. The average resume of market analyst interns showed that they earn similar levels of education to research analysts. Now, we’ll look at market analyst interns, who generally average a lower pay when compared to research analysts annual salary.