Which position in a company is responsible for doing market forecasting?
I am a economics and finance student and realise that my knowledge from school can be applied in the field of market forecasting. However, I am not sure about which position in a company is responsible for doing forecasting and maybe pricing as well. Right now I am a university student, I also wanna know how should I plan my career in order to get into that field. Thanks! #finance #business #marketing #forecasting #job #internship
In some companies, marketing owns forecasting customer growth and/or decline which the FP&A team will then use as inputs for their financial forecasts. Sales operations may have a team that does sales forecasting in a more granular level, such as daily or weekly, to measure how their sales teams are performing against their sales targets.
FP&A analyst, market insights analyst and sales analyst are some of the positions that will give you exposure to forecasting.
I would recommend finding an internship/ volunteer opportunity, and depending on the company you will get an understanding of how the responsibilities are handled within the different departments or maybe it’s just one team responsible.
I would say that Finance a lot of times is the gatekeeper of a forecast, since it is a financial forecast, but the fun part is working with the other teams to learn and gather the inputs necessary.
Look for a summer internship in this area to get more exposure and increase your understanding of the job.
Your university might have a counsellor in this area. You should probably speak to one so that you understand more about the work involved in these kind of jobs
Here are few options but i think there can be lot more.
1. Business analyst
2. Product management
3. Financial Analyst
At different companies, this could be handled by different departments. With forecasting and pricing, often finance and marketing are both involved. What I would recommend doing is focus on which companies you are interested in and then talk to people at those companies about which departments handle those responsibilities in those companies.
As you are looking at internships and jobs, focus on what skills you want to develop and then you will be able to articulate your vision for what you want to do no matter what the title or department may be.
If you are looking to pursue a career in these categories, I would recommend learning as much as you can about finance AND marketing since the two are intertwined at this point. Understand the numbers AND the people involved. A good way to get some experience would be through internships. Look for pricing and forecasting opportunities at different companies you are interested in. Connect with alumni from your school who currently work in that sector.
Best of luck to you!