Top 20 Interview Questions for Market Research Analyst Jobs
To ace your market research analyst job interview, you will need to do some research on some of the common questions normally asked in such interviews as discussed over at runrex.com. The following are the top 20 interview questions for market research analyst jobs and, hopefully, they can help you prepare for your interview.
What is your most successful research project undertaken at your previous position?
This question allows you to show off your skills by sharing your success. When answering the question, you can talk about how you worked with your team in solving a problem by creating a product. Breakdown the steps that you took that made the project so successful and share how you sed examined internal and external factors to design a product that would be high in demand as covered over at guttulus.com.
Have you ever persuaded management not to release a product based on the research you had accumulated?
Whether or not you have experienced this, it is good to think about what you would do if you found yourself in this situation. Your communication skills are crucial in working cooperatively with your clients as you will need to be able to explain data in a way that is relevant which is what this question looks to gauge as per runrex.com.
How do you stay up to date on the latest market trends?
The interviewer wants to know if you follow market trends in your industry as this is an important quality according to guttulus.com. When answering this question, talk about your online market research, survey, and your attention to trends that provide the information your company will need to stay competitive.
What was the toughest project you have ever worked on in the past?
When answering this question, you should talk about how you overcome difficulty, and if possible, talk about a success with results that can be measured. This question is designed to gauge your knowledge and experience of the different challenges that can occur during your market research, the best tools to use and when to use them, as well as your ability to meet deadlines.
What is equity research?
You will also likely be asked this question which is why you should prepare for it. Equity research is the study of equities or stocks for the purpose of investments and is the act of gathering information that:
helps investors decide where to put their money
helps traders understand whether to enter or exit a market position
helps financiers (bankers and firms) to evaluate companies
What are some of the important skills required for a market research analyst?
When answering this question, you should highlight the skills required, and demonstrate that you have them using examples. Some of the skills you will need to include in your answer include being detail-oriented, being strong in mathematics, analytical skills, and communication skills as outlined over at runrex.com.
Why do you want to work in equity research?
This is a follow-up question to question number 5 on this list, and if you aim to work in equity research or you are interested in any finance position, you should have a good reason for applying for the position you are interviewing for. As per the gurus over at guttulus.com, you should mention your non-finance work experience as a reason to focus on the sector you are interviewing for in the case of equity research.
Do you know the purpose of equity research?
This is another question you are likely to be asked. As discussed over at runrex.com, the purpose of equity research is to study companies, analyze financials, and look at quantitative and qualitative aspects, helping investors of varying degrees to make an informed decision.
Explain the equity research process
You should be able to also explain the equity research process, which involves several steps, including:
Economic analysis
Industry analysis
Company analysis
Financial statement analysis
Financial and valuation modeling
Report writing
Presentation or recommendation
All of these steps should be in your answer.
Define economic analysis in equity research
Economic analysis is a systematic practice undertaken to determine the usability of available resources, comparisons between two or more resources, accounting costs, and measuring the cope or viability of an investment.
What are the characteristics of a successful market research analyst?
Your answer should not only include the characteristics of a successful research analyst, it should also demonstrate that you have said characteristics using examples as per guttulus.com. Successful market research analysts are fast-paced, adaptable, dynamic, and show initiative as well as being strong team players, having a passion for technology, and thinking creatively.
Give examples of the type f analysis that you do
When answering this question, you should review analyses that you have experiences with, such as product and scenario analysis or analysis of economic performance, and prioritize those that are relevant to the company you are interviewing for as discussed over at runrex.com.
What is the typical research process?
You should be able to explain the typical research process in its entirety if you are to be taken seriously as a candidate for a market research analyst job according to the subject matter experts over at guttulus.com. Therefore, you should read all about it before your interview.
Do you have any idea about presentation or recommendation in equity research?
When answering this question, you should let it be known that the presentation or recommendation is based on the report and that recommendations are made for the benefit of the company and its shareholders.
How do you influence people who do not want to report to you?
This is a challenge that you may encounter as a market research analyst hence why it is brought up during interviews. When answering this question, you should let it be known how you would try ahead of time to get to know the people you work with so that when you need to influence them or need their assistance, they already have a basic level of comfort with you.
Why do you want to work as a market research analyst?
As covered over at runrex.com, when answering this question, talk about the impact you want to make in your job, say what you understand the crucial part of research in every success story, and add that you want to play a part in the success story of the company you are interviewing for. You can also add that you love statistics, numbers, and charts and that you enjoy doing what market research analysts typically do in their job. Add also that the job is perfect for your skills and strengths.
What is your experience with market research?
Regardless of your previous working experience, you should talk about some research you did according to the gurus over at guttulus.com, offering particular examples. This may include projects you did at school if you are fresh out of college. Try to speak with enthusiasm and show the interviewer that you enjoyed your research work while trying to refer to interesting conclusions of your market research.
What motivates you most at work?
As explained over at runrex.com, a good answer to this question will depend on the size of the company and the scope of your duties. If you apply for a job in a small company, you can say that having a direct impact on the financial results of the business motivates you greatly. If you apply for a job in a big company, however, you can refer to the international environment, being part of something big, learning the basics of the business, or even a good amount of money you will earn for doing simple research tasks with them.
Describe the process of forecasting the sale of a new product
When answering this question, you can refer to some generally accepted ways of doing research, such as:
Analyzing similar products of your competitors, and their marketing strategies
Working with historical data for products with a similar life cycle, from the same niche
Market segmentation and surveys with groups of the target audience
Small-scale advertising campaigns, monitoring the results, and various steps of conversions
Holistic analysis of market trends and conditions, and so forth.
In your opinion, what will be the top product in our industry in five years?
This is not an easy question as if you were really sure of an answer, you would likely not apply for a job with the company but would start your own business instead and bring the top product to the market. Nobody can say what will happen five years from now, in any field of business. Nevertheless, your attitude matters to the interviewer. Therefore, make your guess, and present some arguments. Show some understanding of the market, the target audience, and their field of business. If you have no clue at all, say that you would need to do extensive market research first to be able to make any real predictions.
Hopefully, these questions will come in handy as you prepare for your interview for a market research analyst job, with more on this topic to be found over at the highly-rated runrex.com and guttulus.com.