The Role of the Research Analyst
A research analyst must:
- Study past statistics and figures to predict future sales.
- Gather data on competitors and use this information to advise on the design, promotion, distribution, and price of products or services.
- Conduct market research to determine consumer preferences, tastes, and the ongoing trends in the market. Surveys can be conducted through mail, telephone, or by personal interviews. Analysis of public opinion and attitude towards a particular product or notion is also part of the work of a research analyst.
- Maintain databases and regularly update them with relevant information garnered from interviewees. Interviewees can be high-profile businessmen or laymen, depending on the type of audience the survey demands.
- Create presentations, slides, and graphs to explain his or her research to senior research analysts or the company heads.
Those interested in becoming research analysts must have:
- Good analytical skills, decent knowledge of search engines, and a keen eye for detail.
- Loads of patience combined with a calm and composed demeanor. This is essential to endure long hours of work researching facts and figures.
- Skill at crafting questions and handling all manner of interviews to conduct critical surveys of different organizations, and the expertise to apply these skills to all types of business organizations.
A bachelor’s degree in the field of marketing or business management is the minimum requirement for being a research analyst. This would be suitable for entry-level research jobs such as research associate, trainee, or even salesperson.
Those holding a master’s degree pertaining to research, or who have written a thesis in a relevant field, are best suited for the job. A post-graduate degree in economics is valuable as well. Any graduate who is good with statistics, sampling theory, and preparation of survey questionnaires can also become a research analyst.
Job Outlook for the Year
The job outlook for research analysts is bright compared to all other occupations. According to the Department of Labor’s Bureau of Labor Statistics, employment trends for operations analysts will see a rise of 11% between 2006 and 2016, while opportunities for market researchers will be abundant, as an excellent growth of over 20% is predicted over the same period for them.
Due to the weak economy, more research analysts will be needed by large firms and companies to boost their market prospects. Marketing research analysts in particular will see their field flooded with opportunities.
Research analysts have to work in different market conditions in local, regional, and national areas to determine potential sales of their company’s product or service. Their statistical data is vital for the company, and the graphic illustrations of their findings serve as the basis for new projects to be initiated by the company. To sum it up, the job of the research analyst is exciting, vital, and lucrative.
