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Economists and Marketing Research Analysts

(D.O.T.  050.067)

Nature of the Work

Economists. Economists study the ways a society uses scarce resources
such as land, labor, raw materials, and machinery to produce goods
and services.  They analyze the costs and benefits of distributing
and consuming these goods and services.  Economists conduct
research, collect and analyze data, monitor economic trends, and
develop forecasts.  Their research might focus on topics such as
energy costs, inflation, interest rates, farm prices, rents,
imports, or employment.

   Most economists are concerned with practical applications of
economic policy in a particular area, such as finance, labor,
agriculture, transportation, real estate, environment, natural
resources, energy, or health.  They use their understanding of
economic relationships to advise business firms, insurance
companies, banks, securities firms, industry and trade associations,
labor unions, government agencies, and others.  On the other hand,
economists who are primarily theoreticians may use mathematical
models to develop theories on the causes of business cycles and
inflation, or the effects of unemployment and tax legislation.

   Depending on the topic under study, economists devise methods and
procedures for obtaining the data they need.  For example, sampling
techniques may be used to conduct a survey, and econometric modeling
techniques may be used to develop forecasts.  Preparing reports
usually is an important part of the economist's job.  He or she may
be called upon to review and analyze all the relevant data, prepare
tables and charts, and write up the results in clear, concise
language.  Being able to present economic and statistical concepts
in a meaningful way is particularly important for economists whose
research is policy directed.

   Economists who work for government agencies assess economic
conditions in the United States and abroad and estimate the economic
effects of specific changes in legislation or public policy.  For
example, they may study how the dollar's fluctuation against foreign
currencies affects import and export markets.  Most government
economists are in the fields of agriculture, business, finance,
labor, transportation, utilities, urban economics, or international
trade.  Economists in the U.S.  Department of Commerce study
domestic production, distribution, and consumption of commodities or
services; those in the Federal Trade Commission prepare industry
analyses to assist in enforcing Federal statutes designed to
eliminate unfair, deceptive, or monopolistic practices in interstate
commerce; and those in the Bureau of Labor Statistics analyze data
on prices, wages, employment, productivity, and safety and health.
An economist working for a State or local government might analyze
regional or local data on trade and commerce, industrial and
commercial growth, and employment and unemployment, and project
labor force trends.

   Marketing Research Analysts Marketing research analysts are concerned
with the design, promotion, price, and distribution of a product or
service.  They provide information which is used to identify and
define marketing opportunities; generate, refine, and evaluate
marketing actions; and monitor marketing performance.  Like
economists, marketing research analysts devise methods and
procedures for obtaining data they need.  Marketing research
analysts often design surveys and questionnaires; conduct telephone,
personal, or mail interviews; and sometimes offer product samples to
assess consumer preferences and indicate current trends.  Once the
data are compiled, marketing research analysts code, tabulate, and
evaluate the data.  They then make recommendations to management
based upon their findings and suggest a course of action.  They may
provide management with information to make decisions on the
promotion, distribution, design, and pricing of company products or
services; or to determine the advisability of adding new lines of
merchandise, opening new branches, or diversifying the company's
operations.  Analysts also conduct public opinion research to
familiarize the media, government, lobbyists, and others with the
needs and attitudes of the public.  This can help political leaders
and others assess public support for new taxes or spending on
health, education, welfare, or defense, for example.

   Marketing research analysts employed by large organizations may have
a strong background in statistics or they may work with
statisticians to select a group of people to be interviewed who
accurately represent prospective customers of a product or service.
Under an experienced marketing research analyst's direction, trained
interviewers conduct surveys and office workers tabulate the
results.  The researchers must maintain confidentiality, accuracy,
and good scientific methods in order to obtain useful results.

   Economists and marketing research analysts use computers to prepare
reports, develop surveys, and analyze data.

Working Conditions

Economists and marketing research analysts working for government
agencies and private firms have structured work schedules.  They may
work alone writing reports, preparing statistical charts, and using
computers and calculators.  Or they may be an integral part of a
research team.  Most work under pressure of deadlines and tight
schedules, and sometimes must work overtime.  Their routine may be
interrupted by special requests for data, letters, meetings, or
conferences.  Travel may be necessary to collect data or attend
conferences.

   Economics and marketing faculty have flexible work schedules, and
may divide their time among teaching, research, consulting, and
administration.

Employment

Economists and marketing research analysts held about 51,000 jobs in
1992.  Private industry particularly economic and marketing research
firms, management consulting firms, banks, securities and
commodities brokers, and computer and data processing companies
employed 7 out of 10 salaried workers.  The remainder, primarily
economists, were employed by a wide range of government agencies,
primarily in the Federal Government.  The Departments of State,
Labor, Agriculture, and Commerce are the largest Federal employers
of economists.  A number of economists and marketing research
analysts combine a full-time job in government or business with
part-time or consulting work in academia or another setting.

   Employment of economists and marketing research analysts is
concentrated in large cities for example, New York City, Washington,
D.C., and Chicago.  Some economists work abroad for companies with
major international operations; for the Department of State and
other U.S.  Government agencies; and for international
organizations, including the World Bank and the United Nations.

   Besides the jobs described above, many economists and marketing
research analysts held economics and marketing faculty positions in
colleges and universities.  (See the statement on college and
university faculty elsewhere in the Handbook.)

Training, Other Qualifications, and Advancement

A bachelor's degree with a major in economics or marketing is
sufficient for many entry-level research, administrative, management
trainee, and sales jobs.  Economics majors can choose from a variety
of courses, ranging from those which are intensly mathematical like
microeconomics, macroeconomics, and econometrics, to more
philosophical courses like the history of economic thought.  In
addition to courses in business, marketing, and consumer behavior,
marketing majors should take courses in related disciplines,
including economics, political science, psychology, organizational
behavior, sociology, finance, business law, and international
relations.  Because of the importance of quantitative skills to
economists and marketing researchers, courses in mathematics,
statistics, econometrics, sampling theory and survey design, and
computer science are highly recommended.

   Aspiring economists and marketing research analysts can gain
experience gathering and analyzing data, conducting interviews or
surveys, and writing reports on their findings while in college.
This experience can prove invaluable later in obtaining a full-time
position in the field, since much of their work in the beginning
centers around these duties.  Beginning workers also may do
considerable clerical work, such as copying data, editing and coding
questions, and tabulating survey results.  With further experience,
economists and marketing research analysts eventually are assigned
their own research projects.

   Graduate training increasingly is required for many economist and
marketing research analyst jobs, and for advancement to more
responsible positions.  Economics includes many specialties at the
graduate level, such as advanced economic theory, mathematical
economics, econometrics, history of economic thought, international
economics, and labor economics.  Students should select graduate
schools strong in specialties in which they are interested.
Marketing research analysts may earn a master's degree in business
administration, marketing, statistics, or some related discipline.
Some schools help graduate students find internships or part-time
employment in government agencies, economic consulting firms,
financial institutions, or marketing research firms.  Like
undergraduate students, work experience and contacts can be useful
in testing career preferences and learning about the job market for
economists and marketing research analysts.

   In the Federal Government, candidates for beginning economist
positions generally need a college degree with a minimum of 21
semester hours of economics and 3 hours of statistics, accounting,
or calculus.  Competition is keen, however, and additional education
or experience may be required for some jobs.

   For a job as a college instructor in many junior colleges and some
4-year schools, a master's degree is the minimum requirement.  In
most colleges and universities, however, a Ph.D.  is necessary for
appointment as an instructor.  Similar to other disciplines, a Ph.D.
and extensive publication are required for a professorship and for
tenure.

   In government, industry, research organizations, and consulting
firms, economists and marketing research analysts who have a
graduate degree usually can qualify for more responsible research
and administrative positions.  A Ph.D.  is necessary for top
positions in many organizations.  Many corporation and government
executives have a strong background in economics or marketing.

   Persons considering careers as economists or marketing research
analysts should be able to work accurately with detail since much
time is spent on data analysis.  Patience and persistence are
necessary qualities since economists and marketing research analysts
may spend long hours on independent study and problem solving.  At
the same time, they must be able to work well with others,
especially marketing research analysts, who often interview a wide
variety of people.  Economists and marketing research analysts must
be objective and systematic in their work and be able to present
their findings, both orally and in writing, in a clear, meaningful
way.  Creativity and intellectual curiosity are essential for
success in these fields, just as they are in other areas of
scientific endeavor.

Job Outlook

Employment of economists and marketing research analysts is expected
to grow about as fast as the average for all occupations through the
year 2005.  Most job openings, however, are likely to result from
the need to replace experienced workers who transfer to other
occupations, or retire or leave the labor force for other reasons.

   Opportunities for economists should be best in private industry and
in research and consulting firms, as some companies contract out for
economic research services rather than support a staff of full-time
economists.  The growing complexity of the global economy and
increased reliance on quantitative methods of analyzing business
trends, forecasting sales, and planning purchasing and production
should spur demand for economists.  The continued need for economic
analyses by lawyers, accountants, engineers, health services
administrators, education administrators, urban and regional
planners, environmental scientists, and others also should result in
additional jobs for economists.  Other organizations, including
trade associations, unions, and nonprofit organizations, may offer
job opportunities for economists.  Employment of economists in the
Federal Government should decline in line with the rate of growth
projected for the Federal workforce as a whole.  Slower than average
employment growth is expected among economists in State and local
government.

   A strong background in economic theory, mathematics, statistics, and
econometrics provides the tools for acquiring any specialty within
the field.  Those skilled in quantitative techniques and their
application to economic modeling and forecasting and marketing
research, including the use of computers, should have the best job
opportunities.

   Persons who graduate with a bachelor's degree in economics through
the year 2005 should face keen competition for the limited number of
economist positions for which they qualify.  Related work experience
conducting research, developing surveys, or analyzing data, for
example while in school is a major asset in this competitive job
market.  Many graduates will find employment in government,
industry, and business as management or sales trainees, or as
research or administrative assistants.  Economists with good
quantitative skills are qualified for research analyst positions in
a broad range of fields.  Those with strong backgrounds in
mathematics, statistics, survey design, and computer science may be
hired by private firms for marketing research work.  Those who meet
State certification requirements may become high school economics
teachers.  The demand for secondary school economics teachers is
expected to grow as economics becomes an increasingly important and
popular course.  (See the statement on kindergarten, elementary, and
secondary school teachers elsewhere in the Handbook.)

   Candidates who hold a master's degree in economics have better
employment prospects than bachelor's degree holders.  Some
businesses and research and consulting firms seek master's degree
holders who have strong computer and quantitative skills and can
perform complex research, but do not command the high salary of a
Ph.D.  Master's degree holders are likely to face competition for
teaching positions in colleges and universities; however, some may
gain positions in junior and community colleges.

   Opportunities will be best for Ph.D.'s.  Ph.D.  graduates should
have opportunities to work as economists in private industry,
research and consulting firms, and government.  In addition,
employment prospects for economists in colleges and universities
should improve due to an expected wave of retirements among college
faculty.

   Demand for marketing research analysts should be strong due to an
increasingly competitive global economy.  Marketing research
provides organizations valuable feedback from purchasers, allowing
companies to evaluate consumer satisfaction and more effectively
plan for the future.  As companies seek to expand their market and
consumers become better informed, the need for marketing
professionals is increasing.  Opportunities for marketing research
analysts should be good in a wide range of employment settings,
particularly in marketing research firms, as companies find it more
profitable to contract out for marketing research services rather
than supporting their own marketing department.  Other
organizations, including financial services organizations, health
care institutions, advertising firms, manufacturing firms that
produce consumer goods, and insurance companies may offer job
opportunities for marketing research analysts.  Like economists,
graduates with related work experience or an advanced degree in
marketing or a closely related business field should have the best
job opportunities.

Earnings

According to a 1993 salary survey by the College Placement Council,
persons with a bachelor's degree in economics received offers
averaging $25,200 a year; in marketing, $24,100.

   The median base salary of business economists in 1992 was $65,000,
according to a survey by the National Association of Business
Economists.  Ninety percent of the respondents held advanced
degrees.  The highest salaries were reported by those who had a
Ph.D., with a median salary of $78,000.  Master's degree holders
earned a median salary of $58,000, while bachelor's degree holders
earned $51,000.  The highest paid business economists were in the
nondurable manufacturing, securities and investment, mining,
banking, and real estate industries.  The lowest paid were in
academia and government.

   The Federal Government recognizes education and experience in
certifying applicants for entry level positions.  In general, the
entrance salary for economists having a bachelor's degree averaged
about $18,300 a year in 1993; however, those with superior academic
records could begin at $22,700.  Those having a master's degree
could qualify for positions at an annual salary of $27,800.  Those
with a Ph.D.  could begin at $33,600, while some individuals with
experience and an advanced degree could start at $40,300.
Economists in the Federal Government in nonsupervisory, supervisory,
and managerial positions averaged around $53,500 a year in 1993.

   Like other college faculty, economists and marketing research
analysts entering careers in higher education may receive benefits
such as summer research money, computer access, money for student
research assistants, and secretarial support.

Related Occupations

Economists are concerned with understanding and interpreting
financial matters, among other subjects.  Others with jobs in this
area include financial managers, financial analysts, accountants and
auditors, underwriters, actuaries, securities and financial services
sales workers, credit analysts, loan officers, and budget officers.

   Marketing research analysts are involved in social research,
including the planning, implementation, and analysis of surveys to
determine people's needs and preferences.  Other jobs using these
skills include social welfare research workers, employment research
and planning directors, sociologists, and urban and regional
planners.

Sources of Additional Information

   For information on careers in economics and business, contact:

   National Association of Business Economists, 28790 Chagrin Blvd.,
Suite 300, Cleveland, OH 44122.

   The Margin Magazine, University of Colorado, 1420 Austin Bluffs
Pkwy., Colorado Springs, CO 80918.

   For information about careers and salaries in marketing research,
contact:

   American Marketing Association, 250 South Wacker Dr., Suite 200,
Chicago, IL 60606.

   Marketing Research Association, 2189 Silas Deane Hwy., Suite 5,
Rocky Hill, CT 06067.

   Council of American Survey Research Organizations, 3 Upper Devon,
Port Jefferson, NY 11777.