ECONOMISTS AND MARKET RESEARCH ANALYSTS California Occupational Guide Number 253 Interest Area 11 1995
THE JOB
ECONOMISTS analyze problems and policies related to the production, distribution, and consumption of goods and services. They may prepare reports describing or forecasting general economic conditions and conduct studies of current problems such as inflation, business cycles, and employment. The direction of their research may be influenced by how political decisions, technological developments, or international trade affects the economy.
Economists may teach in colleges or for industry, conduct research, provide consultation, or do a combination of all three. They work in both the public and private sectors.
Economists in industry and government are primarily advisors. They keep policy makers informed on the economic environment in which their own organization operates. Using knowledge of the economy, the industry, and organization, they recommend solutions to economic problems. They design surveys, gather data, and prepare written reports to convey their recommendations.
Economists use statistical methods and standardized economic models in their work. They often develop new techniques to resolve problems. Some of the routine aspects of the work may be done by one or more research assistants.
MARKET RESEARCH ANALYSTS are executives in both commerce and industry. They make daily decisions regarding their products and services in today's complex and competitive markets. These decisions, important to the welfare of their companies, must be based on the best available information, usually gathered through surveys. This information is compiled by the analysts, who plan, design, implement, and analyze survey results .
Markets may be classified into two broad categories: consumer, and industrial/defense markets. Research techniques and the information to be gathered differ considerably for each, and analysts usually specialize in only one. Most analysts are in the consumer field, where broad distribution of the product and keen competition require constant analyses of the factors affecting consumer behavior. In industrial/defense marketing, the emphasis is on current and future needs of industry and government.
Market research projects usually fall within four interrelated major categories: products and services, markets, management methods, and sales and marketing practices. Study of these include such factors as the probable sales volume of present and proposed products, product life cycle, who is buying the product or similar products, and where the product is manufactured. Industrial/defense considerations may also include such other items as domestic and international politics, existing trade agreements, and possible product shortages and delays.
Analysts gather, organize, and interpret the information using such sources as company records, trade journals, government reports, and financial publications. Their concise, clearly written reports, summarize conclusions, make recommendations, and propose alternate courses of action when possible. Increasingly, analysts use computers to compile and generate these reports. Analysts may present verbal reports to management.
WORKING CONDITIONS
Most Economists and Market Research Analysts work under pressures of deadlines, tight schedules, and heavy workloads. Their routine may be interrupted by numerous telephone calls, letters, special requests for data, meetings, and conferences. Travel may be necessary to collect data, attend conferences, or serve out-of-town clients. Market Research Analysts often function as an integral part of a research team, but they spend much time alone planning surveys, preparing statistical charts, and analyzing data. They may also have to work long hours, including nights and weekends, to meet deadlines.
EMPLOYMENT OUTLOOK
The following information is from the California Projections of Employment published by the Labor Market Information Division. The following are combined figures for Economists and Market Research Analysts.
Estimated number of workers in 1990 3,170 Estimated number of workers in 2005 4,020 Projected Growth 1990-2005 27% Estimated openings due to separations by 2005 1,520
(These figures do not include self-employment nor openings due to turnover.)
Most Economists work in education, consulting firms, manufacturing, banks, and government agencies. Private industry will continue to provide the largest number of jobs for them.
Employment of Market Research Analysts is sensitive to cyclical swings in the economy. Market Research Analyst employment grows as new products and services are developed, particularly when business activity and personal incomes are expanding rapidly. In periods of slow economic growth, however, the reduced demand for marketing services may limit the hiring of research workers.
WAGES, HOURS, AND FRINGE BENEFITS
Salaries of Economists and Market Research Analysts vary with educational attainment, nature of the work, and the employing organization. Currently, entrance salaries for beginning Economists with a B.S. degree range upward from about $23,000 to $37,000 a year. With experience and an M.A. degree they are paid between $30,000 and $65,000 or more yearly. Those with a Ph.D earn between $50,000 and $105,000, but some are paid $200,000 or more annually. They often supplement their basic salaries by consulting, teaching, and other research activities.
Market Research Analysts start at a range of $17,900-$27,000 annually. With experience they earn between $22,000 and $50,000 and with advanced degrees can earn as much as $83,000 annually.
Economists and Market Research Analysts usually work 40 hours weekly. However, overtime is often necessary to meet deadlines, attend meetings, and do the outside reading necessary to keep abreast of developments in the field. Teaching Economists' schedules vary; their time is divided between teaching and preparing for their classes. Compensation for overtime work is seldom paid.
ENTRANCE REQUIREMENTS AND TRAINING
Most beginning research jobs require a B.A. degree with a major in economics, business, or marketing. An M.A. degree is essential for Economists. An M.B.A. degree is needed for a competitive employment edge and career advancement for analysts. Economists need a Ph.D to teach in most colleges or universities and for high-level positions in government, business, or private research organizations.
A thorough knowledge of basic statistical procedures is required, as well as the ability to work accurately and in detail. Economists and Market Research Analysts need excellent communication skills. Knowledge of computer usage is becoming essential to these research workers.
ADVANCEMENT
The usual pattern of career development for Economists and Market Research Analysts usually is pay raises and greater responsibility in research and administrative projects. They usually enter the profession as analysts, research assistants, or trainees. With experience and additional education, Economists may advance to assistant economist, chief economist or director of economic or marketing departments. Market Research Analysts usually expect to advance to market research manager positions.
FINDING THE JOB
Entry workers usually get their first jobs through college placement offices, trade publications, newspaper want ads, or through government competitive testing procedures. Experienced workers often learn of openings through networking with friends, and associates, from professional journals, or attending meetings of professional associations or societies. Many apply directly to firms or educational facilities by sending a detailed resume with a cover letter highlighting their special qualifications for specific positions.
ADDITIONAL SOURCES OF INFORMATION
American Marketing Association 250 Wacker Drive, Suite 200 Chicago, IL 60606 (312) 648-0536 FAX (312) 993-7542
American Statistical Association 1429 Duke Street Alexandria, VA 22314-3402 (703) 684-1221 FAX (703) 684-2037
RELATED OCCUPATIONAL GUIDES
Accountants No. 1 Mathematicians No. 66 Community College Instructors No. 139 Financial Analysts No. 260 Labor Relations Specialists No. 297 Statisticians No. 300 Actuaries No. 318
OCCUPATIONAL CODE REFERENCES
DOT (Dictionary of Occupational Titles, 4th ed., Rev. 1) Economist 050.067-010 Market Research Analyst 050.067-014
OES (Occupational Employment Statistics) System Economists & Market Research Analysts 271020
Source: State of California, Employment Development Department,
Labor Market Information Division, Information Services Group,
(916) 262-2162.
Home 
Job Key 
Wages 
Demand