Companies couldn't evaluate the success of product launches or new advertising campaigns without help from senior market research analysts. They perform similar duties as market research analysts, monitoring and forecasting sales, evaluating customer survey results and converting data into usable reports and presentation pieces for senior management. But senior market research analysts are usually one pay-grade above market research analysts. If you want to work as a senior market research analyst, you'll need a formal education. In return, you can earn a high five-figure income.
Salary and Qualifications
Senior market research analysts earned average annual salaries of $82,000 as of 2013, according to the job site Indeed. This is 22.1 percent higher than the average salary for market research analysts in May 2011, according to the U.S. Bureau of Labor Statistics – $67,130 per year. Market research analysts often report to senior market research analysts. To qualify as a senior market research analyst, you'll need a bachelor's degree in marketing, marketing research or business. Communication, analytical and critical-thinking skills are also necessary to analyze customer survey results and recommend the best marketing strategies.
Salaries for senior market research analysts can vary somewhat by region. They earned between $72,000 and $97,000 per year in the northeast region, according to Indeed -- with lows in Pennsylvania and highest in New York. If you worked in the west region, you would earn a low of $58,000 in Hawaii and high of $90,000 in California. In the south region, expect to earn $69,000 to $96,000 per year, respectively, in Louisiana or Mississippi. And if you worked in the midwest region, you would make a low of $64,000 in South Dakota and high of $86,000 annually in Illinois.
Several factors can contribute to your salary as a senior market research analyst. The more experience you have, the more you'll probably make. Merit increases alone can increase your salary over multiple years with the same employer. You are also likely to make more in cities such as New York or California because of higher living costs. Companies usually factor cost of living into salary packages. Also, a large company likely has a bigger budget to pay you more as a senior market research analyst.
Jobs for market research analysts, including those in senior positions, are expected to increase 42 percent from 2010 to 2020, according to the BLS, which is three times faster than the 14 percent growth rate for all occupations. Jobs for these professionals will be primarily spurred by the need to monitor customer satisfaction – and obtain feedback on products and services to increase market share and revenue. To increase your number of job opportunities, get a master's degree in marketing research, statistics, marketing or business administration.
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: Market Research Analysts
- U.S. Bureau of Labor Statistics: Occupational Employment Statistics: Market Research Analysts and Marketing Specialists
- MyPlan: Market Research Analysts
- U.S. News & World Report: University Directory: Market Research Analysts Job Description, Salary Information and Career Overview Video
- Indeed: Senior Market Research Analyst Salary
- Indeed: Senior Market Research Analyst Salary in Pennsylvania, and New York
- Indeed: Senior Market Research Analyst Salary in Hawaii, and California
- Indeed: Senior Market Research Analyst Salary in Louisiana, and Mississippi
- Indeed: Senior Market Research Analyst Salary in South Dakota, and Illinois
- Polka Dot Images/Polka Dot/Getty Images