research analyst job description

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How to Become a Research Analyst

Market research and statistical data are important tools for companies today. This is because they help businesses make informed decisions. Research analysts are professionals employed to derive actionable data from market research. These experts have become indispensable in many organizations.

There are many reasons why you should explore how to become a research analyst. For instance, these professionals are paid well above the national average. The demand for professionals offering related services is also expected to increase over the next decade. Read on to find out how you can become a research analyst.

What Is a Research Analyst?

A research analyst is responsible for preparing market reports from data collection and analysis to allow stakeholders to make informed decisions. These reports are compiled from research, analysis, and interpretation of data involving markets, economies, customers, and finance.

The main role of a research analyst is to study previous and existing market conditions to derive actionable insights to be used in formulating strategies for the future. Most of these professionals work in management, finance, insurance, and wholesale trade companies.

Research Analyst Job Description

A research analyst’s job involves transforming raw data into actionable insights on behalf of a company or organization. They conduct research and examine historical data from various sources. They also validate data to ensure its accuracy.

Using mathematical and statistical models, these professionals analyze data to find patterns that might reveal business opportunities. After the analytical process, they compile their findings in reports and presentations to facilitate decision-making by stakeholders. Because the job pays well and requires little interaction with clients, we consider the research analyst position to be one of the best non-customer-facing jobs .

Research Analyst Salary and Job Outlook

The job outlook for research analysts is fairly promising. The US Bureau of Labor Statistics (BLS) estimates that the job prospects for market research analysts will improve by 22 percent over the next decade as demand for related services increases. This means that you are likely to enjoy many employment opportunities in this role.

These opportunities also come with respectable salaries. According to BLS, the median salary for market research analysts is $65,810 per year. This figure is high considering the national average salary for all occupations is about $56,310 .

Top Reasons to Become a Research Analyst in 2021

There are plenty of reasons why you should consider pursuing a career as a research analyst. Apart from increased demand, pursuing a career in this field means you can enjoy reasonably high salaries, better than the national average. Here are more reasons why you should consider a career as a research analyst.

A research career can be rewarding. There is a lot of job satisfaction that comes with using analytics to help businesses take advantage of market opportunities.
Research analysis is a diverse field with numerous opportunities. Research is a broad field that cuts across several disciplines including arts, humanities, engineering, and life sciences. This means that you will have many employment opportunities.
This field has many talented workers to help expand your network. These professionals have many opportunities to expand their professional networks and improve their overall career development.
Little experience is required for entry-level positions. According to a recent survey on Glassdoor, about 48 percent of research analyst jobs require less than a year of job experience . It is possible to complete your training and land a full-time job with little to no work experience.

Research Analyst Job Requirements

A research analyst’s job requirements vary across different industries and organizations. However, you need strong math and statistical skills to work in related positions. Below are a few standard job requirements for research analysts.

Bachelor’s or master’s degree in a related discipline. Most employers prefer hiring candidates with a Bachelor’s Degree in Statistics , Math, or a related discipline. Senior positions may require a master’s degree.
Experience. Most entry-level positions do not require candidates to have experience. However, mid-level or senior positions may require a minimum of two to four years of experience in conducting research.
Strong analytical and critical thinking skills. The ability to conduct financial analysis and build predictive models is essential. Additionally, critical thinking comes in handy when evaluating and interpreting data from various sources.
Excellent presentation skills. These skills are important because an effective analyst is someone who can present their findings in a way that effectively communicates the message to stakeholders.

Types of Research Analyst Careers

The versatility of this field means that there are several types of research analyst careers. These professionals can work in many sectors, including healthcare, technology, marketing, finance, government, and management, among others. Consider the following research analyst job titles.

Market Research Analyst

Market research analyst jobs involve studying market conditions to determine potential sales of a product or service. These analysts conduct market research and gather information on past and present market conditions. This data is used to create marketing strategies for the future.

Financial Analyst

Financial analysts often work for banks or insurance companies. As an important cog in the investment industry, they draw insights from financial data and send their reports to investment firms. They examine bonds, stocks, securities, and other financial instruments to help businesses make informed decisions about spending money to make a profit.

The best way to be successful in this finance career is by passing the three-part Chartered Financial Analyst (CFA) exam from the CFA Institute.

Operations Research Analyst

To become an operations analyst , you need advanced skills in math and statistics. Like market research analysts, operations research analysts gather and interpret data to solve complex issues that arise in business operations. This helps businesses be better prepared for the future.

Research Analyst Meaning: What Does a Research Analyst Do?

A research analyst is principally responsible for research, data collection, interpretation, and making recommendations based on research findings. Their job duties vary, but it all boils down to processing raw data and generating actionable business insights. Below are a few typical duties of a research analyst.

Leads Data Research

These professionals must conduct research, which involves evaluating data from various sources. These might include internal databases, historical sources, and consumer reports. They also validate the accuracy of the data to provide meaningful and credible information.

Analyzes Raw Data

Research analysts use statistical and mathematical modeling to derive patterns that may reveal business opportunities. These experts must be able to analyze raw and processed data.

Presents and Interprets Data

Presenting data is often done through reports and presentations, which provide insights. The purpose of a typical report is to interpret data and explain it to stakeholders from a business perspective.

Essential Research Analyst Skills

Research analysts require several hard and soft skills to excel in their jobs. Although these skills might vary with the seniority of the job, these professionals work with numbers and raw data to provide actionable insights. Below are a few essential research analyst skills and competencies.

Mathematical and Statistical Skills

These skills are important as they help with the bulk of the work. As a research analyst, you need to be able to work with data using several statistical and mathematical models.

Research, Fact-Checking, and Validation Skills

These skills come in handy when validating data and its sources. If the information lacks accuracy and credibility, the results of the analysis will be meaningless.

Communication, Presentation, and Writing Skills

Communication skills are essential when presenting and interpreting the findings from data collection and analysis.

How Long Does It Take to Become a Research Analyst?

It will take you about four to seven years to become a research analyst. Most related positions require candidates to have a bachelor's degree . However, some positions might require more advanced education, such as a master’s degree, which takes two to three years to complete.

Can a Coding Bootcamp Help Me Become a Research Analyst?

Yes, a coding bootcamp can help you become a research analyst. Many top coding bootcamps offer data analytics programs and other related courses in addition to programming courses. Many professionals who seek an alternative to a university education enroll in a coding bootcamp that offers programs in data analytics.

Such coding bootcamps are worth it , considering the reasonably lower cost of education and time needed to complete these programs. Besides, most of these schools offer career placement services, which help in building job experience. For such reasons, consider enrolling in one of the best data analytics bootcamps .

Can I Become a Research Analyst from Home?

Yes, you can study to become a research analyst from home, either by taking the best data analytics courses online, enrolling in an online bootcamp, or finding an online degree program. As long as the program you find is available in your area and well-reviewed, you can learn research analysis a few hours at a time, in between other tasks.

How to Become a Research Analyst: A Step-by-Step Guide

There are several paths to becoming a successful research analyst. The best one is by completing a bachelor’s or master’s degree in a related field. Work experience may also be necessary for higher-level positions. In addition, you can earn relevant certifications such as the Certified Research Analyst (CRA) to increase your marketability.

Consider the following steps to become a research analyst.

Step 1: Earn a Degree in a Relevant Field

You should consider earning a Bachelor’s or Master’s Degree in Marketing, Math, Statistics, Business Administration, Data Science, or Market Research. Most research analyst positions require candidates to have a degree in one of these fields.

Step 2: Increase Work Experience

Employers prefer hiring professionals with job experience. For this reason, consider internship programs or entry-level research analyst roles to prepare you for mid-level or senior job opportunities.

Step 3: Advance Your Education Through Certifications

Passing certification exams enables you to join an elite group of professionals who have demonstrated excellent research skills. This significantly increases your marketability, meaning you’ll be able to land research analyst positions that offer higher than average market salaries.

Best Schools and Education for a Research Analyst Career

Several education paths and schools can set you on a path to becoming a research analyst. The best education program for these professionals is a bachelor’s degree. However, there are other options available. We have listed these education paths below.

Research Analyst Bootcamps

Coding bootcamps offer programming-related courses designed to help you launch your tech career. Many of these schools also offer programs in statistics, data analytics, and other related fields for aspiring research analysts. Such bootcamps include Thinkful , Le Wagon, General Assembly, Ironhack, and Coding Dojo.

Vocational School

Vocational schools offer training programs designed to equip students with skills to work in a specific trade. Unfortunately, there are few schools offering research analysis programs because this is a technical field typically associated with academic institutions of higher education.

Community College

A community college is an educational institution that confers associate degrees . An associate degree will enable you to join a four-year program at a university. However, you can also use this degree to pursue entry-level opportunities. Many of the best community colleges in the United States offer data analytics programs.

Research Analyst Degrees

The best way to become a research analyst is by earning a Bachelor’s or Master’s Degree in Business Administration, Math, Statistics, or a related field. Employers typically prefer candidates with undergraduate degrees from universities, whether that be a prestigious private university like Harvard or a respected state college like Penn State.

The Most Important Research Analyst Certifications

Certifications are a great way to pick up new skills while proving your proficiency. Certifications look amazing on a research analyst resume, enabling you to impress your future employer and land jobs with better salaries. Below are important research analyst certifications you should consider.

Certified Research Analyst (CRA)

This certification is ideal especially for new research analysts looking to launch their careers because it is designed for those with no experience. It covers everything you need to know about market research and the tools used. This certificate costs about $530.

Certified Research Expert (CRE)

This certification includes online training for professionals looking to distinguish themselves as market research specialists. However, you need to have a year's worth of experience before enrolling in this program. It costs about $600.

How to Prepare for Your Research Analyst Job Interview

Technical interviews can be tricky, especially without proper preparation. However, going through interview questions is a great way to get ready for your interview.

Below are some sample questions that you should review when preparing for your research analyst job interview.

Research Analyst Job Interview Practice Questions

How would you begin a newly assigned research project?
There are five people in a given room. Each chooses a random number from one to ten. What is the probability that three or more people have the exact same number?
How do you ensure a research analysis project is delivered on time?
Describe the most challenging project that you’ve worked on.

Should I Become a Research Analyst in 2021?

Yes, you should consider a career as a research analyst, especially if you have strong math, statistics, and analytical skills . The job outlook for these professionals is promising, with the job demand set to increase over the next decade. You will have a wide range of employment opportunities and a higher-than-average annual salary to look forward to.

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Research Analyst Roles and Job Description

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A research analyst monitors data on several screens.

Research analysts are known as data crunchers. They’re skilled in gathering, analyzing and working with data to improve efficiency, profitability and savings for companies and organizations in many industries. They’re also effective communicators; they present the data in an understandable format for business decision-makers.

Simply put, data is at the core of research analyst roles and responsibilities.

Why is data so vital today?

A look at some revealing statistics about data usage worldwide can provide some perspective on the growing importance of data:

The world created 41 zettabytes of data in 2019, according to a Statista report; 1 ZB is about a trillion gigabytes.
Worldwide, the number of bytes, a unit of measure for data, is 40 times higher than that of the stars in the universe, according to the World Economic Forum.
Seagate reports that by 2025, the world will have created 175 ZB of data.

These statistics provide a glimpse of how data is embedded into the fabric of modern society. Data is critical to business success, too. The ability to harness its power provides businesses with competitive advantages.

A look at the most valuable brands in the world reveals how data has transformed global commerce. According to Visual Capitalist, the top-four most valuable brands include the following:

Amazon, valued at $220 billion
Google, valued at $160 billion
Apple, valued at $140 billion
Microsoft, valued at $117 billion

A common thread among these companies is that data is foundational to their businesses. These companies are the most active and largest hyperscale data center companies in the world, each investing upwards of $1 billion for a single data center campus, according to Data Center Frontier. Hyperscale data centers are massive facilities full of racks, technology and equipment that house the very data that drives the digital transformation of commerce and society.

The digital transformation, also known as digitization, represents unprecedented opportunities for businesses. By acquiring essential insights from data, companies can improve their products and services. They can also change how they operate and interact with customers, contributing to a healthier bottom line. There’s even a catchphrase used to describe the growing influence of data in the business world — “data is the new oil.”

The metaphor speaks to data’s role in transforming society and the global economy. Still, there are clear differences between oil and data. For one, oil is a natural resource requiring extraction, a process that makes up to 57 percent of costs incurred for oil and gas producers, according to Towards Data Science. Extracting data isn’t nearly as costly. However, like oil, data must be refined so that it can add value to businesses. A vital part of research analyst roles and responsibilities, processing data is essential to uncovering its value to businesses.

How do research analysts extract value from data? Expanding on the metaphor, oil refineries process crude oil through an industrial process to make useful products, such as gasoline, plastics and jet fuel. For raw data to be processed, it requires human ingenuity and technology, such as Python, R and SQL programming languages. Part of the research analyst’s toolkit is to use quantitative modeling and data-mining methods and tools to reveal the business value in data.

Ninety-four percent of enterprises consider data and analytics critical for business growth and digital transformation, according to a recent Forbes article. Businesses understand the critical role data plays in ensuring their success, so they invest in people and technology to collect more of it from the Internet, databases, search engines, social networks, mobile phones and smart devices. These trends are creating new career opportunities for individuals interested in using their analytical, technical and business skills and advancing their education to help companies and organizations improve their products, operations and effectiveness.

What Is a Research Analyst?

Research analysts are professionals who work with data in both private and public organizations. Data in and of itself has no intrinsic value until a data analytics professional, such as a research analyst, makes sense of it. They put data to good use for business purposes, such as identifying sales opportunities or market trends.

Research analysts understand the strategic value of different types of data, including unstructured data and big data. Their expertise in collecting, analyzing and translating data into valuable insights offer businesses a competitive advantage in the marketplace. A research analyst’s role is critical to helping organizations reach their business aims, including improved efficiency and operational performance.

What Does a Research Analyst Do?

Research analyst roles and responsibilities include a host of activities to transform raw data into valuable business insights. The following activities are typical for research analyst roles:

When research analysts conduct research, they look at historical data from various sources, including internal databases, such as financial, accounting and sales systems. At this point, the data is typically in raw form. Research analysts examine and validate the accuracy of the data to ensure that it produces meaningful information.
Analyze data. Upon collecting the data, research analysts use mathematical, statistical and analytical models to find patterns that may reveal business opportunities. For example, the data may uncover a fundamental flaw in how a company interacts with its customers, creating negative experiences. With the data in hand, research analysts help develop potential solutions to improve the ways the company interacts with its customers, opening opportunities for additional sales.
Present data. Research analyst roles and responsibilities include compiling information drawn from the data to help managers see the business value. Research analysts prepare communications, such as reports and presentations, to provide insights on what the data reveals to facilitate decision-making.
Interpret data. In meetings and during conference calls, research analysts interpret data, demonstrate what they’ve learned and explain its value from a business perspective.

In addition to these activities, research analysts design methods and strategies to capture, store and manage data. They also help implement analytics tools, a driving force behind the growth of the data and business analytics industry. According to IDC, it’s valued at around $189 billion as of 2019 and projected to grow by double-digits through 2022.

This tool selection process typically involves determining which technologies best fit the needs of the business. Popular open-source tools include BIRT, Matomo, OmniSci and Apache Zeppelin. In determining the best tools, research analysts often have to work closely with technology vendors and other stakeholders. Other important elements of the job include ensuring the effective management, protection and governance of data, working together with data security experts.

Research Analyst Skills and Education

Research analyst roles and responsibilities vary across different organizations and sectors, but at a minimum, strong math and statistics skills are required. Through sophisticated data-driven mathematical models, analysts derive useful information to help achieve business goals, from improving performance to cutting costs.

Still, research analysts do more than work with numbers and raw data all day. They also interact with other analysts and share their findings with business decision-makers through presentations, face-to-face meetings and reports.

The following is a sampling of research analysts’ essential competencies and skills:

Mathematics and statistics skills to work with the data and develop models
Ability to recognize patterns to find useful information in the data that’s sometimes unstructured
Research, fact-checking and validation skills to ensure valid data sources and verify accuracy
Analytical and critical thinking skills to find value and understand what’s in the data
Communication, presentation and writing skills to present findings derived from the data
Financial skills to calculate the financial performance of companies, especially in accounting and finance operations
Focus and organization to work on multiple tasks and projects
Interpersonal skills to build relationships with teams from other departments
Knowledge of the company’s business to understand customer behavior and market trends relevant to the company’s industry
Technology skills to work with various research, data analytics, modeling and predictive tools, as well as business productivity software
Forecasting to determine future trends, often presented in charts, infographics and other visual aids
Problem-solving to address the challenges of data collection and analysis, as well as help guide decision-makers toward solutions that resolve issues revealed in the data

Research analysts typically have bachelor’s degrees in a business-related field. However, depending on the industry, a master’s degree may add value to their career prospects, especially if they’re aiming for senior research analyst roles. Because research analysts work across many industries, formal education or experience relevant to the sector they work in may offer additional advantages for advancement. For example, a research analyst working in the oil and gas industry could benefit from knowledge about energy and climate policy.

Research Analyst Careers

The versatility of the role means that there are various types of research analyst careers available. Research analysts can work in technology, marketing, health care, finance, government finance, public policy, management consulting, aviation and other industries.

Job titles for research analysts can vary based on the industries of their employers. For example, research analysts working in an investment bank, a financial institution, a securities firm or an insurance company might be called investment analysts, financial analysts, securities analysts or insurance analysts. In financial organizations, the work of financial analysts involves examining, collecting and interpreting financial information to help make business decisions. Market research analysts and operations research analysts are also popular careers.

Market Research Analyst Career Path

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.

Competitor researching, price analysis, and investigating sales and marketing processes enable market research analysts to provide critical business information that provides competitive advantages. Market research analysts use their knowledge about customer behavior to explain the benefits and shortcomings of their employers’ products or services. For example, they can present the data that shows what customers are buying and at what price.

This type of information is useful for companies to align their product and service offerings with consumer preferences. Data from market research analysts also helps marketing directors determine appropriate marketing, sales and content strategies.

On a typical day, market research analyst roles and responsibilities include the following:

Gathering and analyzing data on market trends and consumer demographics, customer needs, and people’s buying habits to create forecasts and help optimize marketing efforts
Using a combination of traditional methods, such as focus groups and questionnaires, statistical techniques, modeling and analytics software
Interpreting findings to determine pricing strategies, forecast future trends, and help develop targeted marketing strategies and tactics
Assessing the impact and performance of marketing programs and strategies and working with sales and marketing teams to develop solutions
Creating tables, graphs, reports and presentations to present their findings to senior managers and clients
Collecting and analyzing data on demographics, customer preferences, market needs and consumer buying habits
Developing and refining processes for data collection and analysis

Market research analysts are in high demand; the U.S. Bureau of Labor Statistics (BLS) projects the field to grow by 20 percent between 2018 and 2028. Entry-level candidates typically have a bachelor’s degree in market research, business administration, statistics, math, communications or computer science. A master’s degree may create opportunities to advance to an organization’s highest levels.

Many market research analysts begin as field researchers for market research agencies. Then, they progress to serve in client-facing roles and project management roles. However, career paths in market research aren’t always straightforward, thanks to the many specialized disciplines available: technology, marketing and big data, to name a few.

The BLS reports a median annual salary of $63,790 for market research analysts in 2019. According to U.S. News & World Report , market research analyst is ranked No. 8 in the Best Business Jobs category. The position is also given a high ranking for advancement and salary by professionals in the field.

Operations Research Analyst Career Path

Operations research analysts are problem-solvers. Organizations turn to operations research analysts for critical decisions that can affect the success of their operations. Operations research analysts can help corporations, manufacturing firms, airlines, technology companies, government agencies, and other businesses and organizations. They work with business leaders to tackle problems that lead to reduced operational costs, improved efficiency and increased profitability.

At an airline, for example, an operations research analyst might look into the shipping operation of an airline to help improve logistics. Logistics describes management of the flow of resources, equipment, people and supplies between different facilities or destinations.

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. The analyst can identify areas where improvements can generate more products more efficiently and achieve cost-savings for both the company and its customers.

Operations research analysts uncover value from data that can lead to improvements in the productivity of processes, machines and people. Research analysts can also leverage data to help:

Improve interactions with consumers to meet growing demands for better and faster service
Accelerate manufacturing and distribution to ensure the availability of products
Ensure accuracy in operating processes and machines to minimize errors, which can be costly

Thanks to operations research analysts and their skill in applying mathematical models and statistical analysis and the use of sophisticated data analytics tools, organizations can address the pressing challenges created by a global marketplace.

On a typical day, operations research analyst roles and responsibilities include the following:

Identifying opportunities to help organizations operate more efficiently and lower costs
Developing models to ensure sufficient inventory to meet market demands
Using optimization and data mining tools, conducting statistical analysis, and developing mathematical models
Advising business leaders on the costs and benefits of taking a course of action
Collecting data from various sources, including internally from workers with specialized knowledge or who experience an issue needing a solution
Examining data and running simulations to identify patterns that may reveal future trends

The path to becoming an operations research analyst begins with education. Entry-level candidates typically have a bachelor’s degree in business, math or engineering. A master’s degree may create opportunities to advance to the highest levels. Many begin their careers as analysts, then progress to become senior analysts or directors of a team or department.

The BLS reports a median annual salary of $84,810 for operations research analysts in 2019. U.S. News & World Report ranks operations research analyst No. 4 in the Best Business Jobs category, with above average advancement and salary reported by professionals in the field. The demand for operations researchers is expected to increase dramatically, according to the BLS, with 26 percent growth projected between 2018 and 2028.

Embark on a Career in Research Analytics

Employers are looking for knowledgeable research analysts to help solve complex problems and make better business decisions. For individuals seeking roles in operations research or market research, honing their research, analytical, technology and mathematical skills can help garner the attention of these employers. Explore how the online Master of Science in Business Analytics program offered by the Robert H. Smith School of Business at the University of Maryland can prepare you for a successful career as a research analyst.