In comparison to other jobs that fall under the Economist category, an economic research analyst job reported a steady increase over the last 8 years.
If you are fascinated with projecting economic growth and what products will see market growth, you might be interested in finding out how to get an economic research analyst position.
In this article, we will look at everything you now to find that dream job.
WHAT is an Economic Research Analyst?
This position dives deep into market conditions and studies them thoroughly to determine the prospective sales of a good or service. Economic research analysts are typically employed to help a company or division figure out what products will sell, who the potential customer would be, and at what price to sell them.
DUTIES and Responsibilities
This position has a lot of responsibilities, but some of the mains ones are the following.
- Predict and watch marketing/sales trends
- Monitor how effective marketing campaigns are
- Collect and measure data
- Data analysis
- Create infographics to detail data and findings
- Draft reports and create a presentation to relay findings to clients/company
Analysts are responsible for helping companies and services market their goods properly. They take data gathered through surveys or focus groups and analyze it to help with campaign creation.
They also research competition and peer sales, prices, and marketing campaigns to see how industry trends are working so that they can help target the customer base the client or company is looking to sell to.
These analysts are also responsible for taking all their data and findings and condensing them down into presentations and graphics to show to their clients. This will help inform the marketing and sales department on the most successful route to delivering their goods to the populace.
Economic Research Analyst SALARY
In this position, the salary will be determined by the size of the company or client and your experience.
Typically though, an economic research analyst salary averages about $40,000 a year. This equates out to roughly $20/hr. Those with education and experience could make up around $60,000 a year, whereas a new analyst potentially makes $25,000 a year.
Qualifications and EDUCATION Needed
Entry-level positions in this field require a bachelor’s degree. If you are looking for a top-level position, then a master’s degree may be necessary. An analyst should have a comprehensive understanding of math and economic principles as well as analytical skills.
The degree gained by the individual looking to build a career in economic research analysis should be in market research or another related field like statistics or math. Even some experience in business administration or communication could be a good choice.
If you are looking for a position that requires a master’s, then most companies prefer it to be in business administration. Education is necessary, but certifications are just a bonus to the resume.
When looking at potential certification courses, things like the Professional Researcher Certification from the MRA (Market Research association) could be helpful when applying for an analyst position.
How to APPLY
Now that you have some idea of what is required and what you would be responsible for as an economic research analyst, the application process is the next hurdle. There are plenty of online sites to find job listings.
You can also Google companies looking for these positions and apply directly. Send an email to the hiring manager or recruiter to inquire about open positions. If you are just starting out, you may want to look for an internship or start with smaller firms and companies to get some experience.
Once you have applied, all that is left is to wait for the callback and go through a particular company or client interview process.
One thing you will definitely need is a good resume. If it is time to shine up your resume and need some help doing it, then check out these samples for inspiration.
Summary
Economic research analyst doesn’t sound glamorous, but it is a necessity in every business model and industry in the world today. The information laid out above hopefully has helped you understand what the responsibilities are and what is required to win a position in this field.