What software do market analysts use?
I want to invest my winter break into learning a new skill.
What softwares do market research analysts use?
I know they would use some VBAs and will vary depending on the firm and market they are in, but what would you recommend me to learn over the next three weeks?
What online resources could I use?
What kind of university classes to take to prepare myself becoming a market research analyst?
I'm currently working on SQL languages as a start, but want to ask for some advice.
Happy new year!
Hi Danny. I am not a market analyst, but there are strong trends toward platforms that can leverage statistics well. Might I recommend getting some Udemy, Coursera or Udacity courses in RStatistics or Python. Python has a module called SciKitLearn that can facilitate Machine Learning algorithms to help find strategic opportunities in market analysis.
Joe recommends the following next steps:
Based on my experience, I would recommend that you focus on SQL and then, R and/or Python
Dana recommends the following next steps:
Danny, it's good that you are spending your winter break to learn a new skill -- that is very productive.
You are right that each firm will have their own choice of software or way of doing things, so it would be wise to have some general skills that you can use in most kinds of analytical work. Even within AT&T, we don't use the same things in all departments -- in my previous AT&T role I used some Access/VBA and Cognos/EBP; now I use more SAS and Tableau)!
However, there are some several things that I find ubiquitous:
Excel (or a spreadsheet program)
SQL (or a way to extract data from databases)
Powerpoint/Word (or a program where you show your findings)
BONUS: Tableau/PowerBI/Microstratgy (or a program that allows you to generate faster insights)
If you are spending some time working on SQL, keep at it -- it is the foundation of most of the more advanced tools out there, and if you can get to an intermediate-level understanding of it, everything else will be MUCH easier to understand. To augment this self-study, I would recommend taking a Statistics, or Applied Statistics/Research Methods class so that you have a way to apply what you have learned.
I know you are eager to learn lots, but focus on doing a project (whether it's in the context of college coursework or not) and applying what you have learned so that you have the general experience of what being a market analyst does in real life. At the end of the day, you will have more time to learn specific tools when you graduate (some companies have training) -- but you have to have an understanding of the basics, and the tenacity to execute analytical projects to be successful.
Ross recommends the following next steps: