Jobs, Salaries and Career after Masters in Applied Economics - Updated 2020

2018 median Pay for Applied Economics

The median annual wage for market research analysts was $63,120 in May 2018.


Pay

For example, some analysts may work with graphic designers and artists to create charts, graphs, and infographics summarizing the research and findings. Work Schedules Most market research analysts work full time during regular business hours. Some, however, work under pressure of deadlines and tight schedules, which may require additional hours of work.



Best paying jobs for Social Sciences


Number of Jobs for Applied Economics

Number of Jobs in 2018 was 595,400


Education required

Bachelor's degree


Job Outlook for Applied Economics

Employment of market research analysts is projected to grow 23 percent from 2016 to 2026, much faster than the average for all occupations. Employment growth will be driven by an increased use of data and market research across all industries.


Job description of Applied Economics

Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price.

Duties

Market research analysts typically do the following:

  • Monitor and forecast marketing and sales trends
  • Measure the effectiveness of marketing programs and strategies
  • Devise and evaluate methods for collecting data, such as surveys, questionnaires, and opinion polls
  • Gather data on consumers, competitors, and market conditions
  • Analyze data using statistical software
  • Convert complex data and findings into understandable tables, graphs, and written reports
  • Prepare reports and present results to clients and management

Market research analysts research and gather data to help a company market its products or services. They gather data on consumer demographics, preferences, needs, and buying habits. They collect data and information using a variety of methods, such as interviews, questionnaires, focus groups, market analysis surveys, public opinion polls, and literature reviews.

Analysts help determine a company’s position in the marketplace by researching their competitors and analyzing their prices, sales, and marketing methods. Using this information, they may determine potential markets, product demand, and pricing. Their knowledge of the targeted consumer enables them to develop advertising brochures and commercials, sales plans, and product promotions.

Market research analysts evaluate data using statistical techniques and software. They must interpret what the data mean for their client, and they may forecast future trends. They often make charts, graphs, infographics, and other visual aids to present the results of their research.

Workers who design and conduct surveys are known as survey researchers.


How to become Applied Economics

Most market research analysts need at least a bachelor’s degree. Some research positions may require a master’s degree. Strong math and analytical skills are essential.

Education

Market research analysts typically need a bachelor’s degree in market research or a related field. Many have degrees in fields such as statistics, math, or computer science. Others have backgrounds in business administration, the social sciences, or communications.

Courses in statistics, research methods, and marketing are essential for these workers. Courses in communications and social sciences, such as economics or consumer behavior, are also important.

Some market research analyst jobs require a master’s degree. Several schools offer graduate programs in marketing research, but many analysts complete degrees in other fields, such as statistics and marketing, and/or earn a master’s degree in business administration (MBA). A master’s degree is often required for leadership positions or positions that perform more technical research.

Licenses, Certifications, and Registrations

Certification is voluntary, but analysts may pursue certification to demonstrate a level of professional competency. The Marketing Research Association offers the Professional Researcher Certification (PRC) for market research analysts. Candidates qualify on the basis of experience and knowledge; they must pass an exam, have at least 3 years working in opinion and marketing research, and complete 12 hours of industry-related education courses. Individuals must complete 20 hours of industry-related continuing education courses every 2 years to renew their certification.

Important Qualities

Analytical skills. Market research analysts must be able to understand large amounts of data and information.

Communication skills. Market research analysts need strong communication skills when gathering information, interpreting data, and presenting results to clients.

Critical-thinking skills. To determine what marketing strategy would work best for a company, market research analysts must assess all available information.

Detail oriented. Market research analysts must be detail oriented because they often do precise data analysis.


What people in similar profession do

Job Title What they do How to become one
International Relations and Affairs Political scientists study the origin, development, and operation of political systems. They research political ideas and analyze governments, policies, political trends, and related issues. Political scientists need a master’s degree or Ph.D. in political science, public administration, or a related field. Education Most political scientists need to complete either a master’s or Ph.D. program. To be admitted to a graduate program, applicants should complete undergraduate courses in political science, writing, and statistics. Applicants also benefit from having related work or internship experience. Political scientists often complete a master of public administration (MPA), master of public policy (MPP), or master of public affairs degree.
National Security Policy Studies Political scientists study the origin, development, and operation of political systems. They research political ideas and analyze governments, policies, political trends, and related issues. Political scientists need a master’s degree or Ph.D. in political science, public administration, or a related field. Education Most political scientists need to complete either a master’s or Ph.D. program. To be admitted to a graduate program, applicants should complete undergraduate courses in political science, writing, and statistics. Applicants also benefit from having related work or internship experience. Political scientists often complete a master of public administration (MPA), master of public policy (MPP), or master of public affairs degree.
Economics Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree. Education A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful. Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential.
Applied Economics Market research analysts study market conditions to examine potential sales of a product or service. They help companies understand what products people want, who will buy them, and at what price. Most market research analysts need at least a bachelor’s degree. Some research positions may require a master’s degree. Strong math and analytical skills are essential. Education Market research analysts typically need a bachelor’s degree in market research or a related field.
Econometrics and Quantitative Economics Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree. Education A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful. Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential.
Development Economics and International Development Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree. Education A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful. Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential.
International Economics Economists study the production and distribution of resources, goods, and services by collecting and analyzing data, researching trends, and evaluating economic issues. Most economists need a master’s degree or Ph.D. However, some entry-level jobs—primarily in government—are available for workers with a bachelor’s degree. Education A master’s degree or Ph.D. is required for most economist jobs. Positions in business, research, or international organizations often require a combination of graduate education and work experience. In addition, courses that introduce students to statistical analysis software are helpful. Students can pursue an advanced degree in economics with a bachelor’s degree in a number of fields, but a strong background in mathematics is essential.
Political Science and Government Political scientists study the origin, development, and operation of political systems. They research political ideas and analyze governments, policies, political trends, and related issues. Political scientists need a master’s degree or Ph.D. in political science, public administration, or a related field. Education Most political scientists need to complete either a master’s or Ph.D. program. To be admitted to a graduate program, applicants should complete undergraduate courses in political science, writing, and statistics. Applicants also benefit from having related work or internship experience. Political scientists often complete a master of public administration (MPA), master of public policy (MPP), or master of public affairs degree.
American Government and Politics (United States) Political scientists study the origin, development, and operation of political systems. They research political ideas and analyze governments, policies, political trends, and related issues. Political scientists need a master’s degree or Ph.D. in political science, public administration, or a related field. Education Most political scientists need to complete either a master’s or Ph.D. program. To be admitted to a graduate program, applicants should complete undergraduate courses in political science, writing, and statistics. Applicants also benefit from having related work or internship experience. Political scientists often complete a master of public administration (MPA), master of public policy (MPP), or master of public affairs degree.
Canadian Government and Politics Political scientists study the origin, development, and operation of political systems. They research political ideas and analyze governments, policies, political trends, and related issues. Political scientists need a master’s degree or Ph.D. in political science, public administration, or a related field. Education Most political scientists need to complete either a master’s or Ph.D. program. To be admitted to a graduate program, applicants should complete undergraduate courses in political science, writing, and statistics. Applicants also benefit from having related work or internship experience. Political scientists often complete a master of public administration (MPA), master of public policy (MPP), or master of public affairs degree.

Job Outlook for other majors in Social Sciences

Job Title Number of jobs Median Salary Job outlook
International Relations and Affairs 7300 $117570 Slower than average
Economics 21300 $104340 As fast as average
Econometrics and Quantitative Economics 21300 $104340 As fast as average
Political Science and Government 7300 $117570 Slower than average