What is Market Research?
Market research is the systematic process of collecting, analyzing and interpreting data about a target market. Companies need to perform market research because it will help them; identify marketing opportunities, monitor market performance, understand the market trends, understand consumer needs, analyze the past and current potential customers, research on spending habits, locate prospective customers, and identify competitors in the market.
Growth of Market Research Industry
The future of market research is full of new opportunities and challenges. According to ESOMAR (European Society for Opinion and Marketing Research), the market will experience big changes in the coming years. New technologies like artificial intelligence are introduced to enable faster reports and analytics. Other than this, businesses are investing more in being customer-centric, hence, the reason for hiring researchers. In today’s scenario, Market Research jobs are considered as one of the best jobs as far as career growth and remuneration is concerned. The median salary for a Research Analyst is $63,120 per year.
Being a researcher will require much more than just a certificate. Researchers nowadays are expected to not only have the knowledge on the topic but to also understand the latest tools used and be willing to learn in order to accept new challenges. That’s why it is important to enroll in a recognized institute to pursue a Market Research course. Studying Market Research will help you understand more about the market processes, consumer needs, and most importantly it will increase your credibility in the industry and a good salary.
As per salaryexplorer.com, the average salary for a Market Research Analyst is $62,400 per year and the average salary for a Senior Research Analyst is $80,200 per year. Upon gaining 5 to 10 years work experience, one can become a Research Manager and be compensated with a salary of $105,000 to $111,000 per year.
Here are the top globally recognized market research certifications that will help grow your career
- IIPMR Certified Research Analyst (CRA)
- IIPMR Certified Research Expert (CRE)
- IIPMR Certified Research Professional (CRP)
- Market Research Course from University of Georgia
- Market Research Certificate by UC Davis (University of California)
- Market Research and Consumer Behavior by IE Business School
- Marketing Research and Analysis Course by Cornell University
- Post-Bachelor’s Certificate in Applied Research for Communication by John Hopkins University
- Certificate Program in Market Research and Analysis by University of California – Irvine
- Graduate Certificate in Market Research by Elmhurst College
- The MRS Certificate in Market & Social Research offered by Market Research Society (MRS), UK
- Post Graduate Certificate Programme in Market Research and Data Analytics offered by MICA
1. International Institute for Procurement and Market Research (IIPMR)
IIPMR offers three levels of Certifications in Market Research that are globally recognized and preferred by recruiters. The curriculum focuses on all aspects such as Primary Research, Secondary Research, Consumer Insights, Survey Design & Analysis, Business Research, Procurement Intelligence, Supply Market Analysis, Data Analysis, Data Interpretation, SPSS tool, Price Forecasting, Financial Risk Analysis and the whole gamut of Market Research.
All the certifications are online and can be enrolled any time of the year. The modules, study materials and practice tests can be accessed 24/7 following which an final online exam is conducted.
|Certified Research Analyst (CRA)||Bachelor’s Degree. Work experience is not mandatory.||$500 including Online Exam||1.5 Months|
|Certified Research Expert (CRE)||Minimum 1 year of work experience is required. Bachelor’s Degree is mandatory.||$600 including Online Exam||2 Months|
|Certified Research Professional (CRP)||Minimum 3 years of work experience is required. Bachelor’s Degree is mandatory.||$700 including Online Exam||2.5 Months|
CRA, CRE and CRP Certification are valid for life time and IIPMR does not levy a separate membership fee. After successful completion of the exam, IIPMR continues to offer industry updates via newsletters, webinars and case studies for free of cost. Hence it is not mandatory for members to take additional exams in future. Since re-certification is not necessary, this makes a good one time investment for Market Research Professionals.
The CRA, CRE and CRP Credentials are the most respected and highly valued by the Market Research Industry since IIPMR has members from 75+ Countries and top companies such as AC Nielsen, Reuters, Morgan Stanley, Mckinsey, PricewaterHouse Coopers, Ernst & Young, IBM, Deloitte, Accenture, Frost & Sullivan, KPMG, US Government, Economic Department of Canada, Government of Singapore, UK’s Economic Analysis Wing, Aranca, Government of Kenya, Honda, Ministry of Finance & Economic Development of Botswana, Guyana’s Ministry of Business, Bridgestone Americas, United Nations etc
By doing these Certifications, one can target working as Research Analyst/Research Manager in Banks, Consulting Firms, Market Research Companies, Manufacturing Companies, Software firms and the Economic & Analysis wing of Government bodes.
Research Analyst are usually hired by consulting firms and manufacturing companies. But ever since the IT boom during 2000, a lot of IT companies such as Microsoft, Accenture, IBM, Capgemini, Deloitte, Infosys, HCL, Wipro, Genpact etc have began their dedicated Market Research division and hire Market Research Analyst for its internal as well as external client requirements. This is one of the reasons why the demand for Research Analysts have risen.
2. Market Research Course by the University of Georgia
The University of Georgia offers an online Principles of Market Research Course to help business practitioners understand the market research process from beginning to end.
This Market Research Course consists of 13 modules. It includes learning the different processes in Market Research, data collection methods, data analysis, global market research, and ethical and legal issues in market research among many more.
Format of Learning
Learning and exams are done online.
You’ll be required to pay a standard fee of $1,795. There is also an Association Discount fee of $1,595 for members of Insights Association, Intellus Worldwide and ESOMAR.
Duration: 12 months is required to complete the courses.
100 or more
The exam and re-take fees have not been clarified. The certificate is valid for life and you’ll not be required to renew. Moreover, there are over 9,000 researchers that have completed the course since 1996 from over 50+ countries.
3. Market Research Certification by UC Davis
UC Davis is one of the top-ranked institutes dealing with research-related courses.
There are four courses offered by UC Davis on Market Research Specialization. They include:
- Research Proposal: Initiating Research
- Qualitative Research
- Quantitative Research
- Research Report: Delivering Insights
The courses are done online and the lecturers are available 24/7. You can also choose to do one course at a time instead of the whole package. It will take 5 months or 4 hours per week to complete the course. The total fee has not been mentioned but the participants can get financial aid if they cannot afford it. You can also enroll for a free course.
The certificate is valid for life and can be presented to all prospects. Members from over 12+ Countries have enrolled and completed the courses.
4. Market Research and Consumer Behavior by IE Business School
IE Business School offers a Market Research and Consumer Behavior Course to help researchers gain the necessary skills to survive the industry.
The course is available online so you don’t have to attend the classroom to learn. The syllabus is divided into three:
- Consumer Behavioral Fundamentals
- The Consumer Decision Process
- Marketing Research Fundamentals
It will take 8 hours to complete the course. You can enroll in free learning or get financial aid. The certificate is gained after completing the syllabus and can be shared online. Members from over 30+ Countries have enrolled in this course.
5. Marketing Research and Analysis Course by Cornell University
Aspirants can enroll in the Market Research and Analysis Course at Cornell University through ecornell.
It is an online program that will help you learn more about your target audience. You’ll also learn how to use market research tools and also how to apply the skills learned in the real industry.
The course can be done in 2 weeks or 3 to 5 hours per day and is led by an instructor. The tuition fee is $769 but there is no information on the exam fee. There is no clarity as to from how many Countries have members completed this program.
6. Post-Bachelor’s Certificate in Applied Research for Communication by John Hopkins University
Johns Hopkins offers a Post-Bachelor’s Certificate in Applied Research for Communication to those that want to pursue a variety of jobs. This course is perfect for those already working in the marketing industry and wants to identify channels, target clients and learn how to communicate appropriately with the clients.
The course is done online during all seasons be it fall, summer, or spring. It takes approximately 9 to 12 months to complete it. There are five courses and one is elective. They are as follows:
- Research and Writing Methods
- Applied Quantitative Research
- Applied Qualitative Research
- Practicum – Entails human subjects
- Communication Evaluation – Elective
You must earn a C and above to complete the course. Anything below that will require the participant to retake the course. The tuition fee per course is $4,499 per course. The certificate you acquire is valid for life and you don’t need to renew it.
7. Certificate Program in Market Research and Analysis by University of California – Irvine
This program entails learning the introduction to marketing, the steps in marketing, research plan, and how to survey the market. It will also help you learn how to develop a new product and how to introduce it to the market. You will also gain knowledge on how to apply quantitative data analytics.
The course is divided in to 2 components. One has modules that is mandatory and the second component has electives that can be chosen. The modules in the first component are a must and are as follows:
- Marketing Research and Strategy Planning
- Dynamic Product Management
- Integrated Marketing Communications
Elective courses are (you need to choose one):
- Marketing Performance Optimization
- Digital Marketing Tactics and Trends
These courses are available online during winter, summer, spring, and fall periods. To earn the certificate, you’ll need to complete all three required modules and one elective module. You are also required to gain a C or better.
To enroll in the program, you need to sign a Declaration of Candidacy and pay a non-refundable application fee of $125. After completing the program, you’ll need to submit a request for the certificate. If you are not pursuing a certificate, you can take individual courses. The certificate is lifetime valid. The course takes 6 months to complete and the average cost is $2,850.
8. Graduate Certificate in Market Research by Elmhurst College
Elmhurst College is offering research aspirants with a course in Market Research. With this program, you’ll be able to be a decision-maker and understand how the industry works.
The program can be done online or in class on their campus. You can also view the recorded webinars.
There are four courses:
- MBA 583 Principles of Market Research with Strategic Application
- MBA 584 Use of Social and Digital Media in Research
- MBA 585 Marketing Strategy and Research Practicum Part 1
- MBA 586 Marketing Strategy and Research Practicum Part 2
The courses cost $870 with the exam fee included and their certificate is considered valid for a lifetime.
9. The MRS Certificate in Market & Social Research offered by Market Research Society (MRS), UK
This program is designed to help you understand the importance of social research in marketing, the basic principles in the industry, how to choose and use the appropriate method, and understand the value of research to an organization.
The course is good for any business student, owners of a small business, research commissioner and market research interviewers.
There are three units:
- Introduction to Market Research
- Designing a research project – The tools of Market Research
- Completing a research project
The course is done online and will take 120 days to complete with no extensions. It will also include a one-hour online exam that consists of 40 multiple choice questions. You can choose to take the exam at the MRS office or anywhere else.
It is only after completing the MRS Certificate in Market and Social Research will you be eligible to enroll for the MRS Advanced Certificate in Market and Social Research Practice.
The exam registration fee is £140 inclusive of tax and the foundation fee is £275 also with tax included. MRS provides significant discounts if enrolled in a group from the same Organization. MRA certificate is recognized internationally and you will not need to renew it as it is valid for life.
10. Post Graduate Certificate Programme in Market Research and Data Analytics offered by MICA
Organizations are spending big money on data analytics in the hopes of improving their impact on the market. A course like Market Research and Data Analytics from MICA will help you understand how the market works and how to use the data to achieve your company’s goals. It also covers how to use data analytical tools to make decisions. Irrespective of whether you are a young enthusiast or an Executive, any graduate is eligible for this course.
You can learn the course online and there are also occasional evaluations done through quizzes, case studies, assignments, and subjective or objective assessments. The students are also required to come up with a project report. Upon successfully completing all the modules and passing the exam, the PG Certificate is awared.
The curriculum consists of:
- Introduction to market research and business analytics
- Multivariate Data Analysis – I
- Multivariate Data Analysis – II
- Forecasting Methods
- Data Analysis @ Work
Application Fee: $50
Program Fe: $2,500