Top 5 Market Research Certifications
The U.S. Bureau of Labor Statistics estimates the employment of Market Research Professionals to grow by 20% from 2012 – 2016. By any yardstick, this growth rate is higher than that of any other profession including IT and ITES. The average salary for a Market Research Analyst as of July 2012 is $80,745 – $120,000 per year. Market Research Professionals are in huge demand in companies spanning across Equity Research, Investment Banking, Manufacturing, Pharmaceutical and Consulting.
“What makes Market Research Professionals to be in such high demand?”
The Certified Research Analyst (CRA) desgination offered by International Institute for Procurement and Market Research (IIPMR) is considered to be the world’s most respected Certification by the Market Research Industry
It is quite evident that the Market Research Industry is set to outgrow every other industry but still there are very few people who are professionally trained in Market Research. This is a classic example of supply not being able to meet the Demand. In other words, although there is tremendous amount of demand for Market Research Professionals, yet there are limited number of candidates who possess the relevant research skills. Research grail analyses the reason behind this situation.
There are hardly any university across the world, that offers an all exclusive program/degree/graduation in Market Research
Certified Research Analyst (CRA) is the only market research certification in the whole world and it is offered by International Institute for Procurement and Market Research (IIPMR). This certification is globally recognized and also serves as a benchmark to ascertain the quality of candidates for many of the recruiting companies.
Lack of awareness among students about Market Research Industry. Not many know that Market Research is one of the highest paying industries.
Lets take a look on the popular Market Research Educational programs available today:
The International Institute for Procurement and Market Research (IIPMR) is based out of Texas, USA. It has members from over 54+ countries and is the only certification body in the whole world to offer a Certification in Market Research. No institute offers a course or a certification that focuses in Market Research in its entirety the way IIPMR does. Other certification providers focus either on Marketing Research or Social Research. IIPMR is also rated as the world’s largest Market Research Training Institute. IIPMR offers three levels of certifications namely
|Market Research Certifications offered by IIPMR||Eligibility|
|Certified Research Analyst (CRA)||This is for anyone including college students, graduates or postgraduates interested to start a career in market research.|
|Certified Research Expert (CRE)||People with 1 year of relevant work experience are eligible for the second level.|
|Certified Research Professional (CRP)||Typically Team leaders, Research Managers and Senior Managers with a minimum of 3 years of relevant experience can enroll for the third level certification.|
All the above three Market Research Certifications offered by International Institute for Procurement and Market Research (IIPMR) are online courses that are followed by online exams.
For more details visit: http://www.iipmr.com/education
- International Institute for Procurement and Market Research (IIPMR) is a global leader in Market Research Education and developer of the Certified Research Analyst (CRA) designation.
This certificate is offered by MRS, a leading Research Association based out of UK. This certification is supposed to be a vocational qualification for the Research Sector. Similar to IIPMR, the Certificate in Market and Social Research Practice is also an online course that is followed by an online exam. In comparision with the CRA Certification, this certificate has a narrow focus and has only 3 modules to learn. Whereas the CRA Certifiation offered by IIPMR has over 83 modules that needs to be completed in order to be eligible for the online exam.
Folks completing the Certificate in Market and Social Research Practice will be eligible to enroll for the next level which is Advanced Certificate in Market and Social Research Practice. The cost of the exam is £110 plus VAT
For more information, visit : http://www.mrs.org.uk/development/qualifications/whats_involved
The PRC Certification is offered by Marketing Research Association based out of Washington, USA. However this certification is focused only on Marketing. It emphasizes the methods to incorporate research for marketing purposes and insights. There is no mention of what exactly are the modules that one would learn in this certification.
For more details visit: http://www.marketingresearch.org/certification
This program is offered by the University of Texas, Dallas. It is quite a comprehensive program as it involves four semesters. The focus is mainly on
Interactive and Digital Marketing,
Database Marketing and
Marketing Analytics using SAS.
Mudra Institute for Communications (MICA) is a popular school based out of India to offer this unique program. While the course cannot be taken online, it offers a on-campus program for selected local students and International Students. Total cost for the program is $3500