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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

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Nikki’s Answer

Forecasting can fall into finance, marketing and in some companies, sales operations. In finance, financial forecasting will typically be the responsibility of the Financial Planning and Analysis (FP&A) team. FP&A is typically tasked with providing a revenue and expense forecast for future months. And to build a revenue and expense forecast, FP&A will need to understand market drivers that impact financial performance.

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.

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Justina’s Answer

This depends on the company. You might have a department that is responsible for pricing, forecasting, and then another department responsible for marketing, and sometime the departments have to work together to provide the best analysis/ recommendation based on the project.
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.

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Erin’s Answer

Agree with some other answers to this question - typically I would say it's a combination of inputs to a market forecast - but the marketing team has a lot of great insight, along with Finance and the Sales org. Forecasting is a huge part of any large business, so management is typically looking for a lot of inputs and views to help try to get the most educated forecast and consider as many factors as possible.
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.

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Nadia’s Answer

As mentioned in other answers, it depends on the company and sometimes the industry. But this can fall in the Finance Department or in another like Marketing or Sales. In some Companies there is a specific team that focuses on forecasting, both from a run rate perspective and from net new business potential.

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Jitendriya’s Answer

Connect with your alumni/seniors. Understand what sort of jobs they got into and what they do.
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

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Sandesh’s Answer

If you are forecasting market conditions, evolving market landscape, future market scenarios, it has to be Marketing department. If you are forecasting sales, capital requirements, budget then its Finance dept.

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Brittany’s Answer

Depends on the company, but sometimes it's a marketing analytics department, and sometimes it's part of the sales department. Sometimes it's a group effort between both teams!

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chiara’s Answer

Hi there, the specific positions would be either, a market analyst, or business strategist.... either way exciting career choices!

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Anoosheh (Anna)’s Answer

It could vary from company to company but I believe most commonly it is done in the economics department of a company,

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John’s Answer

hey Tsz Ho,

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!