market research manager career path

What is a Market Research Manager?

Learn about the role of Market Research Manager, what they do on a daily basis, and what it's like to be one.

• What is a Market Research Manager
• How to Become
• Certifications
• Tools & Software
• LinkedIn Guide
• Interview Questions
• Work-Life Balance
• Professional Goals
• Resume Examples
• Cover Letter Examples

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Definition of a Market Research Manager

What does a market research manager do, key responsibilities of a market research manager.

• Developing research objectives and designing survey methodologies and questionnaires
• Identifying target demographics and determining the most effective means of reaching them
• Managing and overseeing the collection, analysis, and interpretation of market data
• Leading a team of analysts and researchers, providing guidance and expertise
• Collaborating with cross-functional teams, including marketing, product development, and sales, to integrate research findings into business strategies
• Presenting insights and recommendations to senior management to guide business decisions
• Monitoring and forecasting market trends to identify potential opportunities and threats
• Evaluating the effectiveness of marketing campaigns and strategies
• Ensuring the accuracy and validity of data and research findings
• Staying abreast of industry changes, technological advancements, and best practices in market research
• Managing the market research budget and ensuring projects are delivered on time and within financial constraints
• Building and maintaining relationships with external research agencies and vendors when necessary

Day to Day Activities for Market Research Manager at Different Levels

Daily responsibilities for entry level market research managers.

• Assisting with the design and implementation of research studies
• Collecting data through surveys, focus groups, and other research methods
• Performing basic data analysis and interpretation
• Preparing reports and presentations with research findings
• Coordinating with vendors and research participants
• Learning about different market research techniques and software

Daily Responsibilities for Mid Level Market Research Managers

• Developing research proposals and defining objectives
• Overseeing the execution of research projects from start to finish
• Managing a team of researchers and analysts
• Interpreting complex data sets and synthesizing findings
• Communicating insights and recommendations to stakeholders
• Ensuring research practices adhere to industry standards and ethics

Daily Responsibilities for Senior Market Research Managers

• Leading the development of comprehensive market research strategies
• Advising on product development and marketing strategies based on research insights
• Building relationships with key stakeholders and influencing business decisions
• Identifying new market opportunities and assessing potential risks
• Championing the integration of market research findings into organizational planning
• Mentoring and developing talent within the market research team

Types of Market Research Managers

Consumer insights manager, competitive intelligence manager, market strategy manager, product research manager, brand research manager, international market research manager, what's it like to be a market research manager , market research manager work environment, market research manager working conditions, how hard is it to be a market research manager, is a market research manager a good career path, faqs about market research managers, how do market research managers collaborate with other teams within a company, what are some common challenges faced by market research managers, what does the typical career progression look like for market research managers.

How To Become a Market Research Manager in 2024

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How to Become a Market Research Manager

Step 1: Understand the job description and responsibilities of a Market Research Manager

What does a market research manager do.

A Market Research Manager manages market research efforts for the organization. Sets policies and practices for gathering research on market conditions, competitors and consumer trends. Being a Market Research Manager analyzes and presents gathered research to sales, research and development, and management. Requires a bachelor's degree in area of specialty. Additionally, Market Research Manager typically reports to a head of a unit/department. The Market Research Manager manages subordinate staff in the day-to-day performance of their jobs. True first level manager. Ensures that project/department milestones/goals are met and adhering to approved budgets. Has full authority for personnel actions. Extensive knowledge of department processes. To be a Market Research Manager typically requires 5 years experience in the related area as an individual contributor. 1 to 3 years supervisory experience may be required.

Market research managers give advertising directors focus, and help lead successful marketing efforts.

Market research managers help teams to define the goals of a product or service, and allow marketers to see how those goals fit into the bigger picture of the marketplace.

They head up teams of both qualitative and quantitative researchers, gathering information about a market segment and reporting that data to creative marketing managers.

In this case, the manager might be responsible for assembling a large cross section of the population who can watch the ad to determine whether it conveys a good message about the brand or to determine whether it entices them to purchase the product.

A market research manager who works for a television network may also assemble focus groups to determine whether a pilot show receives laughs and good reviews or whether the market as a whole will respond poorly to it.

Step 2: Learn best tips to become a Market Research Manager

Best tips for those who want to become a market research manager.

Here are some tips to become a Market Research Manager.

Use a balance of qualitative and quantitative information.

Comprehend secondary information sources effectively.

Seek continuous learning, self education, and networking opportunities.

Choose visuals over text to present your foreign market research.

Choose Quantitative or Qualitative Data or Both.

Step 3: View best colleges and universities for Market Research Manager

Best colleges and universities for market research manager.

• Butler University
• Carroll College
• Cooper Union
• High Point University
• Princeton University
• Providence College

Step 4: Think about whether is it worth to be a Market Research Manager

Is being a market research manager worth it.

Were growing, and we encourage you to apply! Apples WW Product Marketing team is looking for a leader with vision in market Research to support the insights needs of our key B2B verticals.

This position will own the consumer research and analytics practice and lead all aspects of the design, strategy, implementation and communication in.

Using current and new data sources and techniques, you will lead data reporting for Market Research that drives brand/product performance and potential.

You have 10+ years of experience leading consumer and market research, delivering insights, and optimizing across a wide variety of product categories and developing businesses.

You have a multidisciplinary background in insights across the complex spectrum of hybrid qualitative and quantitative research including new methodologies such as AI.

Step 5: Prepare relevant skills for being a Market Research Manager

What skills do you need to be a market research manager.

A manager is often judged based on the success of their team and those working below them, as such, many skills are needed.  Success in this role depends on a critical ability in the following: Competitor Analysis, Market Analysis, Market Research.  Experience in the following is fundamental to this role: General Data Analysis Software.  Skills may vary from job-to-job, but these skills are the ones most commonly associated with this role.

Market research managers are highly analytical, and have developed research skills for a number of years in lower level positions.

5+ years of relevant work experience within market research.

Have a proven ability and expertise in insight generation with over 5 years’ experience in market research (preferably with agency experience).

Experience of designing and running research programs, including web-based questionnaires (ConfirmIT experience particularly advantageous) and undertaking analysis.

At least 5 years’ relevant experience working in lower level or similar positions in applied market research or customer insights roles including at least 1 years’ experience at the Manager level.

Step 6: View average salary for Market Research Manager

How much does a market research manager make.

The average salary range for a Market Research Manager is from $113,974 to $140,191. The salary will change depending on your location, job level, experience, education, and skills.

Average salary for Market Research Manager jobs

• Market Research Supervisor
• Market Research Analyst I
• Market Research Analyst II
• Market Research Analyst III
• Entry Market Research Analyst
• Intermediate Market Research Analyst
• Senior Market Research Analyst

Step 7: Find relevant Market Research Manager jobs, and apply.

Looking for market research manager jobs.

Here are some Market Research Manager jobs in the United States.

Step 8: Explore Career Path of Market Research Manager

A Market Research Manager is a professional who is responsible for conducting research and analyzing data in order to understand consumer behavior and market trends. This information is then used to inform decisions related to product development, marketing, and overall strategic planning within a company. The role of a Market Research Manager is to gather and interpret data, identify key insights, and present findings to key stakeholders within an organization. They also play an important role in identifying potential new market opportunities and assessing the competitive landscape. The work of a Market Research Manager often involves both qualitative and quantitative research methods. This might include conducting surveys, focus groups, and interviews, as well as analyzing data from secondary sources such as sales figures, industry reports, and online data. The ability to use analytical tools and software, such as Excel and SPSS, is also important for this role. Overall, the role of a Market Research Manager is essential for any company looking to make informed decisions about the direction of their business. They play a key role in helping to identify new opportunities and assess the competitive landscape, and their work is essential for the development of effective marketing and product strategies.

What Does A Market Research Manager Do?

A Market Research Manager is responsible for gathering and interpreting data to inform decisions related to product development, marketing, and overall strategic planning within a company. They conduct research and analyze data to understand consumer behavior and market trends, identify key insights, and present findings to key stakeholders. The role involves both qualitative and quantitative research methods such as conducting surveys, focus groups, and analyzing data from secondary sources.

How To Become A Market Research Manager?

Becoming a Market Research Manager typically requires a bachelor's degree in a related field such as marketing, statistics, or business, as well as several years of experience in market research or a related field. Additional certifications or advanced degrees may also be beneficial.

Average Salary

Avg. Experience

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Market Research Manager Jobs

State product manager.

April 9, 2024

Casualty Reinsurance Underwriting Manager (Open to Remote)

April 19, 2024

Corporate Underwriting and Product Specialist

May 4, 2024

Senior Benefits Specialist

May 10, 2024

Auto Underwriting Analyst (Flex Home/Office)

April 30, 2024

Associate Product Analyst - Personal Lines

Market research manager career paths.

A career path for a Market Research Manager typically begins with entry-level positions such as research analyst or associate before advancing to roles such as senior research analyst or research manager. With further experience, one may be able to take on leadership positions such as Director of Market Research or Vice President of Market Research, or move into related fields such as marketing or business strategy. Advancement in the field also often requires ongoing education and professional development to stay current with industry trends and methodologies.

Average Salary for Market Research Manager

A Market Research Manager makes $108,560 per year on average, or $52.19 per hour, in the United States. The bottom 10% make about $96,100 a year, while the top 10% make about $116,200.

Highest Paying State

District of Columbia

North Carolina

New Hampshire

Market Research Manager Education

The most common degrees for a Market Research Manager are Master's degree (30.01% of jobs require this), Bachelor's degree (28.66%), Doctoral or Professional degree (25%).

Market Research Manager Degrees

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What is a market research manager and how to become one

A market research manager is a professional who uses data and information to shape marketing strategies. They lead and oversee a team of researchers, guiding them in collecting information about market segments and reporting it to marketing managers. Their duties include assisting in designing and evaluating marketing campaigns, researching and developing strategies on customer retention, and investigating market conditions. They also create reports and findings, displaying a commitment to high-quality, cost-effective, and timely research. Market research managers typically have a bachelor's degree in communication, marketing, or a similar field and are comfortable using computers to record, sort, and analyze data.

How long does it takes to become a market research manager?

It typically takes 5-6 years to become a market research manager:

• Years 1-4: Obtaining a bachelor's degree in a relevant field, such as business, marketing, or statistics.
• Years 5-6: Accumulating the necessary work experience in market research, data analysis, and project management.
• Salary $89,450
• Growth Rate 19%
• Jobs Number 59,408
• Most Common Skill PowerPoint
• Most Common Degree Bachelor's degree
• Best State New Jersey

Market Research Manager career paths

As a market research manager, your skills are highly transferable to other roles. You could become a marketing manager and develop and execute marketing strategies to drive business growth. You could also take on a senior management role as a senior manager of marketing, overseeing marketing operations and ensuring they align with organizational goals. Another option is to lead a team as a marketing director, developing and implementing marketing campaigns and managing marketing budgets. You could also consider a role in product marketing, managing the go-to-market strategy and product messaging for a product or product line.

Key steps to become a market research manager

Explore market research manager education requirements.

The educational requirements for a market research manager are a bachelor's or master's degree. According to John Lyden , Professor and Chair of Religious Studies at the University of Nebraska - Omaha, "Your degree has given you important skills in communication, critical thinking, analysis, and problem solving. Employers will see that you are good at adapting to new tasks and learning new skills that go well beyond the content you have studied." To advance your career, Lyden recommends highlighting your diverse skill set, including research, oral and written communication, data analysis, and interpretation. He also suggests considering a complementary minor or double major to expand your knowledge base.

Most common market research manager degrees

Bachelor's

Master's

Start to develop specific market research manager skills

A market research manager must have a variety of skills, including data analysis, project management, and communication. They should be able to conceive and implement data visualization, conduct market analysis, and develop insights and recommendations to support business operations. They should also be able to manage relationships with outside research vendors and conduct primary market research studies. Additionally, they should be able to analyze and interpret quantitative and qualitative data and synthesize research findings to educate various teams throughout the organization. They should also be able to communicate findings to project teams, executive staff, and external clients to affect knowledge-based decision-making. Finally, they should be able to utilize data analysis proprietary databases to quantify and define consumer behavior to determine advertising strategies.

Complete relevant market research manager training and internships

Research market research manager duties and responsibilities.

A market research manager's responsibilities include conceiving and implementing data visualization, developing and managing research plans, and analyzing primary and secondary data. They use statistical analysis techniques and specialized software to establish quotas by territory and market share targets. They also manage relationships with outside research vendors, analyze and interpret quantitative and qualitative data, and present primary and secondary research findings to educate various teams throughout the organization on relevant industry and consumer trends. They develop research methodologies for tracking corporate-wide client loyalty, collect primary and secondary market intelligence, and translate them into strategic trends and implications.

• Manage syndicated data (Nielsen).
• Manage Nielsen syndicate contract ($ 2.5MM annually), and four client team on-sites.
• Lead customer and competitor research, functional acquisition due diligence, and portfolio management of existing products/services and new investments.
• Work with clients to design research and analyze data using SAS statistical software.

Prepare your market research manager resume

When your background is strong enough, you can start writing your market research manager resume.

You can use Zippia's AI resume builder to make the resume writing process easier while also making sure that you include key information that hiring managers expect to see on a market research manager resume. You'll find resume tips and examples of skills, responsibilities, and summaries, all provided by Zippi, your career sidekick.

Choose From 10+ Customizable Market Research Manager Resume templates

Apply for market research manager jobs

Now it's time to start searching for a market research manager job. Consider the tips below for a successful job search:

• Browse job boards for relevant postings
• Consult your professional network
• Reach out to companies you're interested in working for directly
• Watch out for job scams

Are you a Market Research Manager?

Share your story for a free salary report.

Average market research manager salary

The average Market Research Manager salary in the United States is $89,450 per year or $43 per hour. Market research manager salaries range between $56,000 and $141,000 per year.

What Am I Worth?

How do market research managers rate their job?

Market research manager reviews.

Compiling data of organization and implementing strategies to measure growth in business

I get to work on data that interests me and help make sure that data collection goes as planned. Lots of problem-solving with the flexibility to work a slightly different schedule or from home.

Lots of sitting.

Updated April 25, 2024

Editorial Staff

The Zippia Research Team has spent countless hours reviewing resumes, job postings, and government data to determine what goes into getting a job in each phase of life. Professional writers and data scientists comprise the Zippia Research Team.

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Market Research Analyst Overview

Overall Score 5.7 / 10

• # 7 in Best Business Jobs
• # 27 in 100 Best Jobs

What is a Market Research Analyst ?

• Communicating with stakeholders and participating in meetings.
• Analyzing data and creating visualizations.
• Ensuring project timelines are met.
• Monitoring sales trends. 

Market Research Analysts rank # 7 in Best Business Jobs . Jobs are ranked according to their ability to offer an elusive mix of factors. Read more about how we rank the best jobs.

• Job Market 4.6
• Future Growth 8.1
• Work Life Balance 4.8

How Much Does a Market Research Analyst Make?

Job satisfaction.

Average Americans work well into their 60s, so workers might as well have a job that's enjoyable and a career that's fulfilling. A job with a low stress level, good work-life balance and solid prospects to improve, get promoted and earn a higher salary would make many employees happy. Here's how Market Research Analysts job satisfaction is rated in terms of upward mobility, stress level and flexibility.

Opportunities for advancements and salary

Work environment and complexities of the job's responsibilities

Alternative working schedule and work life balance

Kara Coleman Fields

Kara Coleman Fields is an editor and writer on the Advice Products team, where she works on projects including Best Companies to Work For and Best Jobs. Previously, she wrote and edited SkillBuilder, loans and credit cards content for U.S. News. Prior to joining U.S. News, she worked for news outlets in Alabama and Tennessee. Read more

How to Become a Market Research Analyst ?

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CAREER PATHWAYS

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How to Become a Market Research Analyst

By Alyciah Beavers

Published: March 19, 2024

In today’s ever-evolving business landscape, organizations strive to make informed decisions that will propel them toward success, and this is where a market research analyst role is crucial. The career suits anyone who wants to become a master of data, a sleuth of consumer behavior, and a guardian of market insights. Read on to understand what is a market research analyst and if this career might be the right choice for you.

Career Summary

Market research analyst salary.

Here is a general trajectory of market research analyst salary, according to Glassdoor.com :

• Entry Salary (US$56k)
• Median Salary (US$71k)
• Executive Salary (US$100k)

To put this into perspective, the annual average wage for all occupations in the US is $61,900 . This means that, based on your level, you can make some excellent cash as a market research analyst.

Market Research Analyst Job Description

So, what does a market research analyst do? A market research analyst collects, analyzes, and interprets data to provide insights and recommendations on market trends and consumer behavior to a business . Their main objective is to help businesses make informed decisions regarding their products, services, and marketing strategies. Additionally, a market research analyst conducts market analysis and assists companies in understanding the products people want and how to price them.

Market Research Analyst Career Progression

• Entry-Level Analyst: It is the starting point for most market research analysts. At this stage, your roles involve assisting more senior analysts in conducting research, collecting data, and analyzing market trends. Your role also entails preparing reports and presentations.
• Research Analyst: You have more independence and take on greater responsibility for designing research methodologies, managing data collection, and conducting analysis.
• Senior Analyst: You have a deeper understanding of market research methodologies, advanced analytical techniques, and industry-specific knowledge.
• Supervisor: Here, your role involves overseeing multiple research projects, managing a team of analysts, and contributing to high-level decision-making. You are responsible for resource allocation, project planning, and client management.
• Head of Market Research: You are responsible for shaping the overall research strategy, guiding the research team, and collaborating with senior executives to align research efforts with business goals. You are also involved in budgeting, business development, and fostering relationships with clients and stakeholders.

• It simulates intellectual intelligence, where you develop your critical and problem-solving skills.
• It gives you the proper industry exposure since you work with clients from diverse industries.
• The career offers continuous learning opportunities since market research is a rapidly evolving field.
• As a marketing analyst, you can comfortably tackle complex business problems.
• It offers a collaborative environment where you work as a team with other people, such as marketing professionals, statisticians, data scientists, and business executives.
• Some tasks are monotonous as they involve collecting and analyzing large amounts of data, which can sometimes be tedious.
• Market research often operates on tight deadlines, requiring analysts to work under pressure to meet project timelines.
• At times there is limited creativity, whereby some analysts may feel constrained when developing innovative solutions or exploring unconventional approaches.
• The industry is competitive, so analysts need to stay updated constantly on the trends and consumer behaviors.
• There is a lot of data overload, which is overwhelming and challenging to navigate.

Useful Skills to Have As a Market Research Analyst

As a market research analyst, several useful skills can enhance your abilities and contribute to your success in the field, including:

• Research and Analytical Skills
• Data Interpretation and Statistical Analysis
• Critical Thinking Skills
• Strong Communication Skills
• Problem-Solving Abilities
• Technological Proficiency

Popular Market Research Analyst Specialties

Market research analysts specialize in various areas depending on the industry and the specific needs of their clients or employers.

There are some popular specialties within the field of market research analysis:

• Consumer Behavior
• Market Segmentation
• Competitive Analysis
• Brand Research
• Product Development
• Market Trend Analysis

How to become a Market Research Analyst

The right way to become a market research analyst is through education, relevant work experience, and specific skills. While the exact path can vary depending on individual circumstances, here are some common steps to help you pursue a career in market research analysis.

Obtain a Degree in a Relevant Field

Do i need a degree to become a market research analyst.

While having a degree is not always a strict requirement to become a market research analyst, it can significantly enhance your prospects and competitiveness in the job market. Many employers prefer candidates with a bachelor’s degree, particularly in fields such as market research, business administration, statistics, economics, or social sciences .

Why Is It Important to Get A Degree In Market Research or a Related Field?

While it’s not always a strict requirement, obtaining a degree offers numerous advantages. A relevant degree equips you with the foundational knowledge and analytical skills necessary for market research analysis, as well as the skills to analyze complex data sets, use statistical tools and software, and derive meaningful conclusions.

A degree program can provide a comprehensive understanding of research methodologies, statistical analysis, consumer behavior, data interpretation, and marketing principles. These skills are essential for conducting adequate market research and making informed decisions based on the collected data.

Furthermore, some employers may specifically request a degree or prefer candidates with higher qualifications for specific positions or in highly competitive job markets.

Additionally, having a degree can serve as evidence of your commitment, discipline, and ability to acquire and apply knowledge, which can be valuable to potential employers.

How Long Does It Take To Get A Degree?

The duration of a degree program in market research analysis can vary depending on several factors, including the degree level and the educational institution’s structure:

• Associate’s Degree: An associate’s degree generally takes around two years to complete . This program provides a foundational understanding of market research principles and techniques.
• Bachelor’s Degree: A bachelor’s degree typically requires four years of full-time study . Students delve deeper into market research methodologies, data analysis, and related business courses during this program.
• Master’s Degree: Pursuing a master’s degree in market research takes two years beyond the bachelor’s degree . This program focuses on advanced research techniques, data analysis, consumer behavior, and marketing strategy.
• Doctoral Degree: A Ph.D. or doctoral degree in market research analysis can take an additional four to six years of study beyond the master’s degree . The programs emphasize research, theory development, and advanced methodologies. These degrees are more suited for individuals interested in academic or research-oriented careers.

How Much Does It Cost to Study Market Research Analysis at University?

The cost of studying market research analysis at a university can vary widely depending on factors such as the country, the specific university, the level of study, undergraduate or postgraduate. Additionally, tuition fees can change over time, so it’s essential to check with the specific university or college for the most accurate and up-to-date information. Here is a breakdown as of 2022:

• Undergraduate marketing research program tuition for an in-state student is US$12,020, while an out-of-state student pays US$28,345.
• A graduate market research in-state student pays US$13,864, while an out-of-state student pays US$24,560.

Can I become a Market Research Analyst Through Online Education?

Yes, online education makes it possible to become a market research analyst . The web offers numerous resources and programs in multiple fields, including market research, with flexible learning hours.

Look for accredited online courses, certificate programs , or degree programs in market research, marketing, business, statistics, or related fields. Ensure that the program you choose is from a reputable institution.

Gain Practical Experience

Practical experience complements theoretical knowledge and helps you demonstrate your skills and abilities to potential employers. Seeking opportunities to apply your knowledge and skills in realistic settings and continuously striving to expand your expertise through hands-on experience in market research is the only way to go. Some ways involve volunteering and interning in different corporations to gain hands-on experience.

What are Internship Opportunities for A Market Research Analyst?

As a market research analyst, several internship opportunities are available to gain practical experience and develop your skills.

Here are some potential avenues to explore:

• Market Research Firms: Many market research companies offer internship programs tailored explicitly for aspiring analysts. These firms research for various clients and industries, exposing interns to multiple projects and methodologies.
• Corporate Internships: Numerous companies, especially larger ones, have in-house market research departments. These organizations often offer internships to support their research activities, allowing you to work directly with their marketing teams and gain industry-specific insights.
• Advertising and Marketing Agencies: Advertising and marketing agencies frequently require market research to inform their strategies and campaigns. Interning with such agencies can expose you to diverse projects and clients, enhancing your understanding of how research drives marketing decisions.
• Technology Companies: Tech companies, particularly those involved in data analytics and consumer insights, often offer internships for market research analysts. These opportunities can provide exposure to innovative tools, techniques, and datasets, allowing you to develop skills in the intersection of technology and market research.
• Consulting Firms: Consulting firms may have market research divisions or projects to which interns can contribute. These firms work with clients to provide strategic advice; market research is critical to their decision-making processes.
• Government Agencies: Government agencies often conduct market research to inform policy decisions, public campaigns, and program evaluations. Interning with a government agency can provide insights into the unique challenges and considerations of conducting research within the public sector.

To find internship opportunities , consider exploring online job boards, company websites, and professional networking platforms and contacting your university’s career services department. Networking with professionals in the field, attending industry events, and joining relevant market research associations or groups can also help you discover internship opportunities.

What Skills Will I Learn As A Market Research Analyst?

As a market research analyst, you will develop various skills to effectively gather, analyze, and interpret data to support business decision-making.

Here are some essential skills you can expect to learn and enhance in this role:

• Research Design: You will learn how to design research studies and formulate appropriate research questions and objectives.
• Data Collection: You will acquire skills in collecting data through surveys, interviews, focus groups, and observational studies. This includes developing questionnaires, conducting interviews, and managing data collection processes.
• Data Analysis: You will gain proficiency in analyzing data using statistical techniques, data visualization tools, and software packages like Excel, SPSS , or R . This involves interpreting quantitative and qualitative data, identifying patterns and trends, and drawing meaningful insights.
• Market Analysis: You will learn to assess market trends, customer behavior, and competitive landscapes. This includes conducting competitor analyses, market segmentation, and identifying target markets.
• Report Writing: You will develop strong written communication skills to effectively communicate research findings and insights through reports, presentations, and visualizations. This involves summarizing complex data into clear and actionable recommendations.
• Critical Thinking: You will enhance your ability to think critically and analytically, evaluate research methodologies, assess data quality, and identify potential biases or limitations in research findings.
• Problem-Solving: As a market research analyst, you will learn to identify business problems, formulate research objectives, and develop strategic solutions based on data-driven insights.
• Collaboration: You will develop teamwork and collaboration skills, as market research often involves working with cross-functional teams, stakeholders, and clients to understand their needs and deliver actionable results.
• Technology and Tools: You will become proficient in utilizing market research tools, software, and technologies to enhance data collection, analysis, and reporting. This may include data analytics platforms, survey software, CRM systems , and visualization tools.
• Industry Knowledge: You will gain deep knowledge and understanding of the industry or market you are researching, including key trends, regulations, and emerging opportunities.

What are Some Web Resources to Learn Skills to Become a Market Research Analyst?

Several web resources can help you acquire the necessary knowledge and skills.

Here are some useful platforms and websites you can explore:

• MarketResearch.com : This website offers various market research reports and articles covering multiple industries. It can help you understand different research methodologies, industry trends, and analysis techniques.
• GreenBook : GreenBook provides a platform for market research professionals and offers industry news, reports, webinars, and online resources. It covers topics such as research techniques, data analysis, and emerging trends in the field.
• American Marketing Association (AMA) : The AMA website provides valuable resources and tools for marketers, including market research-related content. It offers articles, white papers, webinars, and events that enhance your understanding of market research concepts and practices.
• Research Association (ESOMAR) : ESOMAR is a global association for market, opinion, and social research professionals. Their website offers a comprehensive library of resources, including industry reports, webinars, and guidelines for conducting market research.
• Quirks : Quirks is a website that offers market research articles, case studies, and industry news. It covers various topics like survey design, data analysis, and emerging methodologies. They also have a directory of market research vendors and services.
• Research World : Research World is an online publication covering recent trends and developments in the market research industry. It provides articles, case studies, and insights from industry experts, which can be valuable for learning and staying updated.

Obtain Certifications

Consider pursuing additional certifications or courses in market research, data analysis, or relevant areas to enhance your knowledge and marketability.  While there is no single universal certification for market research analysts, several reputable organizations offer certifications that can enhance your credentials.

Some popular certifications include:  

• Certified Market Research Professional (CMRP) : This is a widely recognized certification that demonstrates a market research analyst’s expertise in research methodologies, ethics, and data analysis. It signifies a commitment to high professional standards and best practices in the field. Earning the CMRP can enhance your credibility, increase your chances of landing job opportunities, and potentially lead to higher earning potential.
• Professional Researcher Certification (PRC) : The PRC certification validates a market researcher’s knowledge, skills, and ethical practices. It covers a broad range of market research topics, including research design, data collection, analysis, and reporting. Holding the PRC designation demonstrates your commitment to professional excellence and adherence to industry standards.
• Google Analytics Individual Qualification (GAIQ) : While not specific to market research, the GAIQ certification is highly relevant for market research analysts who deal with website data and analytics. It showcases proficiency in using Google Analytics, a widely used tool for analyzing website traffic and user behavior. GAIQ certification can be valuable in demonstrating your ability to interpret web data, track consumer interactions, and optimize online marketing strategies.

It’s important to note that, to take the exam and become certified, you must meet eligibility requirements. Some might require a bachelor’s degree in a relevant field such as marketing, business, or statistics and a specific number of years of experience working in market research or a related area.

What’s the Career Outlook for Market Research Analysts?

As of 2021, the career outlook for market research analysts is generally positive, and the field will continue to experience steady growth. Researchers estimate that there will be a 19% growth from 2021 to 2031, which is way faster than any other occupation.

However, please note that economic and industry trends can change over time, so it’s always a good idea to consult up-to-date sources and labor market data for the most accurate information.

Some of the factors contributing to the positive career outlook for market research analysts include:

• Increasing Demand: With the rise of technology and data-driven decision-making, there is a growing need for skilled professionals who can interpret and analyze market data. Businesses across various industries rely on market research to gain a competitive edge, expand their customer base, and identify new market opportunities.
• Globalization and International Markets: As companies expand their operations globally, understanding diverse markets and consumer behaviors becomes crucial. Market research analysts with expertise in international markets and cultural nuances can offer valuable insights and are in high demand.
• Emphasis on Data-Driven Decision-Making: Organizations increasingly rely on data to drive their strategies in today’s data-driven business landscape. Companies seek market research analysts who can effectively collect, analyze, and interpret data using advanced analytical tools and techniques.
• Technological Advancements: Advancements in technology, such as big data analytics, artificial intelligence, and machine learning, are revolutionizing the field of market research. Professionals who can adapt to these technological changes and utilize them to extract actionable insights will likely have strong career prospects.

What Are The Job Opportunities Of A Market Research Analyst?

Market research analysts have a wide range of job opportunities across various industries. Their primary responsibility is to gather and analyze data to help organizations make informed business decisions.

Luckily, there are many other job opportunities within the field of market research analysis that a market research analyst can do:

• Market Research Analyst: This is the primary role of a market research analyst where they collect and analyze data to identify market trends, consumer behavior, and competitive landscape. They design surveys, conduct interviews, and use statistical techniques to interpret the data and generate actionable insights for decision-making.
• Market Intelligence Specialist: In this role, you would focus on gathering and analyzing data related to the industry, competitors, and market conditions. You would monitor market trends, track competitor activities, and provide strategic recommendations to support business development, product positioning, and market entry strategies.
• Consumer Insights Analyst: As a consumer insights analyst, you would delve into understanding consumer behavior, preferences, and attitudes. You would employ various research methods such as surveys, focus groups, and interviews to gather data and then analyze it to uncover consumer insights. These insights help companies develop effective marketing strategies and refine product offerings.
• Data Analyst : Data analysis is an essential aspect of market research, and as a data analyst, you would specialize in processing, organizing, and interpreting large datasets. You would use statistical techniques, data mining, and visualization tools to extract meaningful patterns and trends. Your findings would assist in making informed business decisions and optimizing marketing campaigns.
• Market Research Consultant: In a consulting role, you would work with clients from different industries to provide expert market research guidance. You would conduct comprehensive market studies, assess competitive landscapes, and deliver strategic recommendations based on your analysis. Consultants often work on a project basis and collaborate closely with clients to address specific business challenges.
• Brand Strategist: Brand strategists combine market research insights with creative thinking to develop and implement effective branding strategies. You would analyze consumer perceptions, market positioning, and competitive landscape to define brand identities, messaging, and marketing campaigns that resonate with target audiences.

What Type Of Companies Hire A Market Research Analyst?

Market research analysts are in demand across various industries and sectors.

Some of the companies that hire market research analysts include:

• Market Research Firms: These specialized firms conduct market research for clients across different industries.
• Consumer Goods Companies: Companies that produce and sell consumer goods often employ market research analysts to gather insights on consumer preferences, market trends, and product performance.
• Technology Companies: Technology companies, especially those involved in software development, electronics, and telecommunications, rely on market research analysts to understand customer needs, evaluate competition, and assess market potential.
• Healthcare and Pharmaceutical Companies: These companies require market research analysts to study patient demographics, evaluate the efficacy of drugs, analyze healthcare trends, and assess market opportunities.
• Financial Institutions: Banks, insurance companies, and investment firms hire market research analysts to analyze market trends, identify investment opportunities, and assess customer preferences.
• Advertising and Marketing Agencies: Agencies that offer advertising, branding, and marketing services often have market research analysts on their teams to provide insights for developing effective strategies and campaigns.
• Retail Companies: Retailers employ market research analysts to understand consumer behavior, analyze purchasing patterns, and identify market opportunities.
• Media and Entertainment Companies: Media companies, including television networks, film studios, and streaming platforms, use market research analysts to understand audience preferences, gauge viewership, and identify potential content opportunities.

What Is The Work-Life Balance Of A Market Research Analyst?

A market research analyst’s work-life balance can vary depending on company culture , industry, workload, and personal preferences. Generally, market research analysts strive to maintain a balanced lifestyle, but the actual balance achieved can differ from person to person.

The working hours of market research analysts involve standard office hours, 9 am to 5 pm, or similar. However, there may be times when they need to perform additional hours to meet project deadlines or during busy periods. Therefore, this affects how these individuals maintain their work and social life.

However, there is also a lot of flexibility in this job. Depending on the company and specific job requirements, market research analysts may have some flexibility in their work arrangements. This could include options for remote work , flexible schedules, or compressed work weeks. Flexibility can contribute positively to achieving a better work-life balance.

The workload varies based on the organization’s demands and the projects involved at different quarters of the year. There may be periods with high-intensity work where you should meet the deadlines, which could affect your work-life balance. However, there may also be quieter periods with a more manageable workload. Balancing workload, managing deadlines, and effectively communicating with stakeholders can help alleviate stress and improve work-life balance.

Personal factors such as individual preferences, commitments, and priorities significantly affect work-life balance. Some market research analysts may prioritize their personal lives, hobbies, or family time more, while others may focus more on their careers. Individuals must assess and prioritize their needs to achieve the desired work-life balance.

Ultimately, achieving a good work-life balance as a market research analyst involves finding a suitable position with a supportive company culture, managing workload and stress effectively, and establishing personal boundaries to ensure time for personal life outside of work.

Should I become a Market Research Analyst?

If you have a passion for market research, understanding market trends, and delving into the factors that influence consumers’ life decisions, this is the perfect career for you. It’s important to make an informed decision based on your interests, skills, and long-term goals. Notably, there will be over 99,800 job openings for market research analysts each year for the next decade leading to this job increase. Therefore, if you’re looking to invest in a promising career for the future, this is the ideal path to pursue.

Careers Related to Market Research Analyst

• Business Analyst
• Data Analyst
• Marketing Manager
• Product Manager
• Sales Manager

About the Author

Read more articles by Alyciah Beavers

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What is a UX Designer and How to Become One

What is a machine learning engineer and how to become one, what is a ui designer and how to become one, what is an seo specialist and how to become one, what is a recruiter and how to become one, what is a project manager and how to become one, what is a front-end developer and how to become one, what is a product manager and how to become one.

• For Small Business

What Is a Marketing Manager? The Definitive Guide for 2024

• May 13, 2024
• by steven-austin

Are you a creative, strategic thinker with a passion for branding and storytelling? Do you dream of leading teams to drive business growth through innovative campaigns? If so, a career as a marketing manager may be your calling.

In this comprehensive guide, we‘ll dive into what it really means to be a marketing manager today—the key responsibilities, essential skills, career path, and secrets to success. Whether you‘re just starting out in marketing or planning your next move, get ready to learn everything you need to thrive in this dynamic, fast-paced role.

The Marketing Manager Role, Defined

First things first: what exactly is a marketing manager? In a nutshell, the marketing manager is responsible for overseeing an organization‘s marketing strategy and initiatives to build brand awareness, engage target audiences, drive demand and support business objectives.

The role has evolved significantly in our digital-first world. Today‘s marketing managers are equal parts brand steward, data analyst, storyteller, and team coach. They‘re the key decision-maker and unifying force behind all major marketing efforts, from initial research through to multichannel campaign execution and optimization.

According to LinkedIn data, marketing manager ranks as one of the top 10 most in-demand jobs in 2023, with over 280,000 U.S. job postings in the last year alone. And it‘s no wonder—in an increasingly competitive, crowded market, businesses need skilled marketing leaders who can outsmart the competition and win the hearts and minds of consumers.

While exact responsibilities vary based on company size and industry, most marketing managers share a common set of day-to-day duties:

1. Conducting market research and analysis

Marketing managers spearhead efforts to understand target audiences inside and out. They gather and analyze data on customer needs, pain points, behaviors and preferences, as well as market trends, competitive landscape and industry benchmarks. These insights form the backbone of the marketing strategy.

2. Developing data-driven marketing strategies

Armed with research, the marketing manager develops a comprehensive marketing plan outlining key goals, target personas, messaging, tactics, channels, and success metrics. A strong strategy connects campaign efforts to tangible business KPIs.

3. Overseeing omnichannel marketing campaigns

With the strategy set, the marketing manager leads end-to-end campaign development and execution to reach audiences across paid, owned and earned channels. This includes content marketing, digital advertising, social media, email, events, PR, partnerships and more.

The most effective marketing managers take an integrated, customer-centric approach, orchestrating cohesive brand experiences that resonate across touchpoints. For example, leading home furnishings retailer West Elm created a Pinterest Style Finder quiz that tailors product suggestions based on user inputs. The interactive experience is promoted across email, social media and the website, driving an 18% higher average order value and 3x conversion lift.

4. Collaborating across the organization

Marketing managers work closely with stakeholders across the organization to ensure all marketing efforts ladder up to broader business goals. This requires developing strong relationships with peers in product, sales, customer success, finance, and executive leadership. The marketing manager serves as the key liaison and advocate for the voice of the customer.

5. Measuring campaign performance and ROI

Marketing managers keep a pulse on performance, tracking a range of metrics like reach, engagement, conversions, marketing qualified leads, customer acquisition costs, and more. They analyze results and optimize the marketing mix accordingly to maximize impact and efficiency.

According to HubSpot‘s 2023 State of Marketing Report, 38% of marketers say measuring ROI is their top challenge—rising to the #1 spot from #3 last year. And yet, only 24% of marketers actually track data in a centralized dashboard. Successful marketing managers build a culture of experimentation and accountability, investing in the right tools and processes to prove the value of marketing to the bottom line.

6. Leading and developing the marketing team

Beyond the work itself, marketing managers are people leaders responsible for hiring, developing and inspiring their team. They identify skill gaps, create growth plans, give feedback, resolve conflicts and nurture an environment where creativity and innovation thrive. Considering that 76% of younger workers want their manager to be a coach or mentor, embracing a servant leadership approach is key to attracting and retaining top marketing talent.

The 4 Phases of Marketing Management

The role of marketing manager requires wearing many hats and juggling competing priorities. Following a structured marketing management process creates alignment and keeps all the moving pieces on track. While each organization has its own workflow, most follow a similar path from planning through measurement:

Effective marketing managers build in feedback loops between each stage to regularly gut-check performance and iterate along the way. After each major campaign, holding a retrospective to celebrate wins, learn from misses, and define process improvements sets up ongoing success.

Essential Marketing Manager Skills

So what does it take to be a standout marketing manager? The role requires a unique combination of hard skills in marketing strategy, digital tools and analytics, as well as soft skills in creativity, communication and leadership:

Hard Skills

• Marketing strategy and planning
• Content creation and storytelling
• SEO and SEM
• Email marketing
• Social media and community management
• Data analysis and reporting
• Project management
• Budgeting and forecasting
• Martech stack fluency (CRM, marketing automation, CMS, etc.)

Soft Skills

• Creativity and innovation
• Communication (written and verbal)
• Collaboration and relationship building
• Strategic and critical thinking
• Leadership and team development
• Time management and prioritization
• Adaptability and continuous learning
• Problem-solving and decision making

A recent CMO Survey found that driving growth and digital transformation will be the top marketing priorities over the next year . To deliver, marketing managers will need to be agile, data-driven leaders who can connect the dots across functions and rally their teams around shared goals. Emotional intelligence and change management skills will be just as important as technical know-how.

Becoming a Marketing Manager: Career Path and Education

What‘s the typical career trajectory for a marketing manager? While there‘s no one-size-fits-all path, most follow a similar journey:

According to data from Zippia, the majority of marketing managers hold at least a bachelor‘s degree:

• 44% have a Bachelor‘s degree
• 39% have a Master‘s degree
• 13% have an Associate‘s degree
• 4% have a high school diploma

The most common fields of study are business, marketing, communications, and journalism. However, with the rapid rate of change in marketing, demonstrated experience and performance tend to be more important than degrees alone.

Most marketing managers start out as individual contributors in roles like marketing coordinator, content writer, social media specialist or digital marketing analyst. High performers who demonstrate strong leadership potential can rise through the ranks to senior individual contributor roles, and eventually make the leap to manager.

Of course, career progression timelines vary based on factors like company size and growth rate, organizational structure and individual performance. On average, it takes 6-8 years of professional experience to reach the marketing manager level.

Secrets to Success: Expert Tips for Aspiring Marketing Managers

Looking to fast-track your path to marketing manager? Take it from those who‘ve climbed the ranks. Here are some expert tips for setting yourself up for success:

Prioritize continuous learning. Make ongoing skill development a top priority. Pursue relevant certifications (e.g. Google Analytics, HubSpot Inbound Marketing), attend industry conferences and webinars, and carve out time to experiment with new tools and tactics. Staying up to speed on the latest trends will give you a competitive edge.

Hone your data chops. In a world of tightening budgets and increased accountability, the most successful marketers are data-driven. Sharpen your analytical skills by taking on projects that require diving into the numbers. Develop dashboards to track key metrics and proactively share insights with your team.

Seek out leadership opportunities. Look for ways to flex your leadership muscles in your current role. Volunteer to lead meetings, train new hires, or present results to stakeholders. Ask your manager for stretch assignments to grow your strategic thinking and decision making capabilities.

Build your influence. Marketing managers need to be able to build consensus and inspire action across the organization. Work on your storytelling and presentation abilities. Developing strong relationships with colleagues in other functions and seeking out mentors can also open doors.

As AARP CMO Martha Boudreau advises in a recent ANA Masters Circle interview , "The more that you can understand the business that you‘re in, the more valuable you‘re going to be as a marketer." Embrace a growth mindset and never stop learning.

In today‘s rapidly evolving, digital-first world, the role of marketing manager has never been more challenging or rewarding. As the driving force behind an organization‘s brand identity and customer experience, marketing managers have the opportunity to make a real impact on business growth.

By marrying creativity with data-driven strategy, collaborating across functions, and developing high-performing teams, skilled marketing managers elevate marketing from a support function to an engine for innovation and competitive advantage. For ambitious marketers eager to lead the charge, there‘s no better time to rise to the occasion.

Crafting Your Digital Destiny: How to Become a Social Media Manager

They say if you do what you love, you’ll never work a day in your life. So, if you love spending time on social media, why not turn that into your career? Before you laugh about the plausibility of social media as an actual career, consider these statistics.

• According to SproutSocial , 90% of leaders agree their company’s success will depend on how effectively it can use social media data and insights to inform business strategy.
• More than 2 in 5 (44%) business leaders estimate their social media budget will increase by more than 50% in the next three years.
• In 2012, roughly 12,000 active social media managers were in the workforce. In 2022, there were over 60,000. 

Suffice it to say that social media as a career is growing steadily, and there’s room for many more social media managers in the industry as social media tactics take over traditional forms of marketing and advertising, especially for reaching younger consumer audiences. 

In the digital age, social media is more important than ever, especially when trying to capture the attention of millennial-aged consumers and younger. Thus, the demand for skilled social media managers will be constant over the coming years.

If you’re ready to jump into this exciting career, this guide will help you learn how to become a social media manager, what makes a good social media manager, and more.

The journey to becoming a social media manager

Roles and responsibilities, training and education, developing essential skills, marketing and brand management in social media, career development and professionalism, entry-level positions and opportunities.

• Creating effective social media strategies and campaigns

Social media marketing expertise

A social media manager is responsible for leading the strategy, content creation and community management of a brand’s social media presence. Social media managers are typically members of a company’s marketing or advertising teams, though they can also work independently.

In today’s business landscape, where brand awareness and online sales are top business goals, social media is the perfect place for people to see and engage with brands. If a brand wants to reach the most people where they spend the most time, it’s social media.

According to the Global WebIndex , over 62% of the world’s population uses social media for an average daily usage of 2 hours and 23 minutes.

If you’re ready to learn how to become a social media manager , consider these steps your starting point.

• Earn a bachelor’s degree in marketing, communications or advertising.
• Demonstrate an understanding of all social media platforms and best practices.
• Gain social media experience through an internship, club or job.
• Create a portfolio of your work and experience.
• Apply for marketing-related jobs in social media as an entry-level social media professional.
• As you gain experience in your career, you may work from social media coordinator to social media manager to social media director and beyond.

Before you decide to become a social media manager, consider all of the roles and responsibilities related to social media as a job. The role includes diverse workplace opportunities, including large corporations, small businesses, government agencies and officials, freelance work and education.

These different industries may require different responsibilities, but the most common duties of a social media manager include:

• Planning and developing social media campaigns
• Creating social media content, including videos, images and graphics
• Analyzing social media performance
• Researching potential collaborations and partnerships
• Publishing content to social media platforms
• Managing social media advertisements
• Responding to community comments, questions and private messages

To complete these tasks successfully, specific skills and qualities are needed to excel as a social media manager. Besides a general passion for and interest in social media marketing, other required skills include communication, analysis and creativity. Strategic thinking is helpful when creating campaigns and engaging content, and changing strategies when efforts may not work. Understanding the target audience, storytelling and an eye for photography, videography or graphic design sets great social media managers apart.

Training and education are vital to becoming a social media manager. Audience insights, platform best practices and digital analytics don’t come naturally to most. Therefore, education is essential to understanding entry-level knowledge. Similarly, social media is constantly changing, and continuing education through seminars and online courses will ensure your knowledge stays relevant and up-to-date.

Though the position doesn’t always require a college degree, prior knowledge of social media platforms and how they work is suggested. Those who wish to become social media managers can find free courses and training on eLearning platforms such as Meta Blueprint or Skillshare . Some companies may require a bachelor’s degree in business , marketing, communications , advertising or public relations.

While some colleges specifically offer degrees in social media, it’s still a relatively fresh field of study. General fields like marketing, communications and PR will still cover the basics of social media and other related knowledge that will prepare you for your role as a social media manager. This knowledge includes advertising best practices, communication, business law and more.

Social media managers constantly develop their skills as social media (and technology) changes quickly and frequently. The critical skills required to become a successful social media manager include:

• Communication skills : Social media managers must communicate well through writing, graphic design and video. Not only do they need to be comfortable writing captions, but they should also excel at storytelling through copywriting, messaging and design.
• Social media platform best practices : You must understand the ins and outs of each active social media platform, including who uses them, the types of media allowed, how and when to publish posts and when to use one platform over another. Today’s primary social media platforms are Instagram, TikTok, Facebook, LinkedIn, Snapchat and X.
• Creativity and design skills : Social media is a very visual marketing platform. Creativity and an eye for design are required to create compelling graphics, photos and videos.
• Ability to move quickly : Social media moves fast, and trends are significant, though sometimes fleeting. It’s essential to stay on top of pop culture trends, world events and breaking news to adjust content to be relevant or avoid coming across as offensive.
• Analysis skills : To avoid stagnant growth, social media managers must understand specific social media analytics, what is essential to driving success and how to pivot when messaging or targeting isn’t producing results.

Developing the essential skills to become a social media manager doesn’t come easy. It requires studying, continuous learning and real-world experience. Internships and volunteer opportunities can help you perfect your skills as you earn your degree or plan to switch careers.

Social media management naturally falls into the greater whole of marketing and brand management. Because social media platforms are perceived as a personal extension of a brand, social media managers contribute significantly to the overall brand voice and reputation. Many customers turn to social media first for customer service help, personally messaging the brand for help. And they often expect a real person to respond!

Thus, an effective social media strategy plays a prominent role in contributing to business results. Like other marketing campaigns, such as print or digital advertising, social media managers may develop long-term and short-term strategies and campaigns.

Long-term vs. short-term social media strategies

In the long term, social media strategies focus on building brand awareness and managing the brand reputation. They often rely on reaching new customers and creating a positive sentiment in the market. Often, they are not created to sell products quickly but to ensure future success by building goodwill with current and potential customers.

Short-term social media strategies produce quick business results, such as selling specific products, raising awareness for new product lines or announcing important business news. These campaigns are specific to a product or service but may focus on something other than building general brand awareness with audiences.

As a social media manager, it’s essential to understand the difference in tactics for short-term and long-term strategies. Educating other internal stakeholders on the difference is vital while explaining how social media can contribute.

Learning how to become a social media manager is the first step in creating a successful career path in the industry. Many social media managers have a similar path to climbing the social media career ladder, with similar titles and experience levels.

Here’s the most common career path for social media professionals

(Includes average national salaries)

• Social media intern ($12.50/hour) – requires 0 years of experience
• Social media coordinator, associate or specialist ($37,182/year) – requires 1-3 years of experience
• Social media manager ($44,138/year) – requires 3-5 years of experience
• Social media community manager ($44,232/year) – requires 4-6 years of experience
• Social media strategist ($64,198/year) – requires 5-7 years of experience
• Social media director ($107,934/year) – requires 7+ years of experience

As you progress in your career as a social media manager, you’ll find many career development opportunities to explore. These roles can take you into various departments within marketing and communications, such as the creative department, marketing executive and director-level opportunities or even public relations.

Entry-level social media positions are in high demand and can offer quick opportunities to move up within a company. The average entry-level social media role earns between $42,000 and $62,000 annually.

For those seeking part-time or entry-level social media manager roles, explore local job boards, LinkedIn job postings and your personal network. Because of the high demand for social media managers, many companies continuously hire more staff to add to their teams.

Crafting effective social media strategies and campaigns

As a social media manager, an essential aspect of your job will be to plan strategic social media campaigns and effective communication strategies. To stand out among your competitors, you must be able to develop creative, unique ways of selling your brand. It’s important to avoid following the crowd or copying too closely to others in the market; standing out on social media is essential for success.

It’s also essential to understand all aspects of your audience. Your social media content efforts may not reach the intended customers if you don’t understand your target audience, where they spend their time, how they speak, what resonates with them and what makes them take action. For example, if you aim to target high school and college students, TikTok may be the platform for you, rather than Facebook.

Thanks to the technology aspect of social media marketing, the landscape is constantly evolving and changing daily. Trends come and go, platform algorithms update and content preferences change as audiences age. As generative AI and VR rise in popularity and technology changes to meet the demand, the social media industry will be required to adapt to new media. Social media platforms will soon integrate AI and VR for all users, and social media professionals must stay up-to-date with the latest technology. 

Staying ahead

To stay ahead in the field while developing expertise and relevance, paying attention to social media news is essential. Social Media Today is an industry favorite for all the latest platform updates and trends. Many social media professionals subscribe to marketing newsletters, such as The Daily Carnage and marketing conferences, such as Social Media Marketing World , provide continuing education and networking opportunities.

Now that you know how to become a social media manager, it’s time to use this knowledge to get your career started! We hope you’re encouraged to embark on the journey, as there are endless opportunities and growth potential within the industry and the marketing field in general.

Before you begin your career, reflecting on your skills and passions is important. Social media managers must have excellent communication skills, a passion for pop culture and marketing trends and analytical prowess to gain results. Creativity, an eye for aesthetics and flexibility are must-have characteristics for the most successful social media professionals.

Many social media managers will find the nature of the profession gratifying – and fun! While the job responsibilities can be entertaining and exciting, the ever-changing environment will keep you on your toes. Those who enjoy change and dynamic environments will love working in social media! 

Explore programs

To get started as a social media manager, explore college degree programs such as the Marketing track of the Business Administration major at Furman University. You can also explore online courses, such as free Meta Blueprint, earn certifications from LinkedIn and gain experience through various entry-level positions near you.

The perspectives and thoughts shared in the Furman Blog belong solely to the author and may not align with the official stance or policies of Furman University. All referenced sources were accurate as of the date of publication.

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McKinsey Global Private Markets Review 2024: Private markets in a slower era

At a glance, macroeconomic challenges continued.

McKinsey Global Private Markets Review 2024: Private markets: A slower era

If 2022 was a tale of two halves, with robust fundraising and deal activity in the first six months followed by a slowdown in the second half, then 2023 might be considered a tale of one whole. Macroeconomic headwinds persisted throughout the year, with rising financing costs, and an uncertain growth outlook taking a toll on private markets. Full-year fundraising continued to decline from 2021’s lofty peak, weighed down by the “denominator effect” that persisted in part due to a less active deal market. Managers largely held onto assets to avoid selling in a lower-multiple environment, fueling an activity-dampening cycle in which distribution-starved limited partners (LPs) reined in new commitments.

About the authors

This article is a summary of a larger report, available as a PDF, that is a collaborative effort by Fredrik Dahlqvist , Alastair Green , Paul Maia, Alexandra Nee , David Quigley , Aditya Sanghvi , Connor Mangan, John Spivey, Rahel Schneider, and Brian Vickery , representing views from McKinsey’s Private Equity & Principal Investors Practice.

Performance in most private asset classes remained below historical averages for a second consecutive year. Decade-long tailwinds from low and falling interest rates and consistently expanding multiples seem to be things of the past. As private market managers look to boost performance in this new era of investing, a deeper focus on revenue growth and margin expansion will be needed now more than ever.

Perspectives on a slower era in private markets

Global fundraising contracted.

Fundraising fell 22 percent across private market asset classes globally to just over $1 trillion, as of year-end reported data—the lowest total since 2017. Fundraising in North America, a rare bright spot in 2022, declined in line with global totals, while in Europe, fundraising proved most resilient, falling just 3 percent. In Asia, fundraising fell precipitously and now sits 72 percent below the region’s 2018 peak.

Despite difficult fundraising conditions, headwinds did not affect all strategies or managers equally. Private equity (PE) buyout strategies posted their best fundraising year ever, and larger managers and vehicles also fared well, continuing the prior year’s trend toward greater fundraising concentration.

The numerator effect persisted

Despite a marked recovery in the denominator—the 1,000 largest US retirement funds grew 7 percent in the year ending September 2023, after falling 14 percent the prior year, for example 1 “U.S. retirement plans recover half of 2022 losses amid no-show recession,” Pensions and Investments , February 12, 2024. —many LPs remain overexposed to private markets relative to their target allocations. LPs started 2023 overweight: according to analysis from CEM Benchmarking, average allocations across PE, infrastructure, and real estate were at or above target allocations as of the beginning of the year. And the numerator grew throughout the year, as a lack of exits and rebounding valuations drove net asset values (NAVs) higher. While not all LPs strictly follow asset allocation targets, our analysis in partnership with global private markets firm StepStone Group suggests that an overallocation of just one percentage point can reduce planned commitments by as much as 10 to 12 percent per year for five years or more.

Despite these headwinds, recent surveys indicate that LPs remain broadly committed to private markets. In fact, the majority plan to maintain or increase allocations over the medium to long term.

Investors fled to known names and larger funds

Fundraising concentration reached its highest level in over a decade, as investors continued to shift new commitments in favor of the largest fund managers. The 25 most successful fundraisers collected 41 percent of aggregate commitments to closed-end funds (with the top five managers accounting for nearly half that total). Closed-end fundraising totals may understate the extent of concentration in the industry overall, as the largest managers also tend to be more successful in raising non-institutional capital.

While the largest funds grew even larger—the largest vehicles on record were raised in buyout, real estate, infrastructure, and private debt in 2023—smaller and newer funds struggled. Fewer than 1,700 funds of less than $1 billion were closed during the year, half as many as closed in 2022 and the fewest of any year since 2012. New manager formation also fell to the lowest level since 2012, with just 651 new firms launched in 2023.

Whether recent fundraising concentration and a spate of M&A activity signals the beginning of oft-rumored consolidation in the private markets remains uncertain, as a similar pattern developed in each of the last two fundraising downturns before giving way to renewed entrepreneurialism among general partners (GPs) and commitment diversification among LPs. Compared with how things played out in the last two downturns, perhaps this movie really is different, or perhaps we’re watching a trilogy reusing a familiar plotline.

Dry powder inventory spiked (again)

Private markets assets under management totaled $13.1 trillion as of June 30, 2023, and have grown nearly 20 percent per annum since 2018. Dry powder reserves—the amount of capital committed but not yet deployed—increased to $3.7 trillion, marking the ninth consecutive year of growth. Dry powder inventory—the amount of capital available to GPs expressed as a multiple of annual deployment—increased for the second consecutive year in PE, as new commitments continued to outpace deal activity. Inventory sat at 1.6 years in 2023, up markedly from the 0.9 years recorded at the end of 2021 but still within the historical range. NAV grew as well, largely driven by the reluctance of managers to exit positions and crystallize returns in a depressed multiple environment.

Private equity strategies diverged

Buyout and venture capital, the two largest PE sub-asset classes, charted wildly different courses over the past 18 months. Buyout notched its highest fundraising year ever in 2023, and its performance improved, with funds posting a (still paltry) 5 percent net internal rate of return through September 30. And although buyout deal volumes declined by 19 percent, 2023 was still the third-most-active year on record. In contrast, venture capital (VC) fundraising declined by nearly 60 percent, equaling its lowest total since 2015, and deal volume fell by 36 percent to the lowest level since 2019. VC funds returned –3 percent through September, posting negative returns for seven consecutive quarters. VC was the fastest-growing—as well as the highest-performing—PE strategy by a significant margin from 2010 to 2022, but investors appear to be reevaluating their approach in the current environment.

Private equity entry multiples contracted

PE buyout entry multiples declined by roughly one turn from 11.9 to 11.0 times EBITDA, slightly outpacing the decline in public market multiples (down from 12.1 to 11.3 times EBITDA), through the first nine months of 2023. For nearly a decade leading up to 2022, managers consistently sold assets into a higher-multiple environment than that in which they had bought those assets, providing a substantial performance tailwind for the industry. Nowhere has this been truer than in technology. After experiencing more than eight turns of multiple expansion from 2009 to 2021 (the most of any sector), technology multiples have declined by nearly three turns in the past two years, 50 percent more than in any other sector. Overall, roughly two-thirds of the total return for buyout deals that were entered in 2010 or later and exited in 2021 or before can be attributed to market multiple expansion and leverage. Now, with falling multiples and higher financing costs, revenue growth and margin expansion are taking center stage for GPs.

Real estate receded

Demand uncertainty, slowing rent growth, and elevated financing costs drove cap rates higher and made price discovery challenging, all of which weighed on deal volume, fundraising, and investment performance. Global closed-end fundraising declined 34 percent year over year, and funds returned −4 percent in the first nine months of the year, losing money for the first time since the 2007–08 global financial crisis. Capital shifted away from core and core-plus strategies as investors sought liquidity via redemptions in open-end vehicles, from which net outflows reached their highest level in at least two decades. Opportunistic strategies benefited from this shift, with investors focusing on capital appreciation over income generation in a market where alternative sources of yield have grown more attractive. Rising interest rates widened bid–ask spreads and impaired deal volume across food groups, including in what were formerly hot sectors: multifamily and industrial.

Private debt pays dividends

Debt again proved to be the most resilient private asset class against a turbulent market backdrop. Fundraising declined just 13 percent, largely driven by lower commitments to direct lending strategies, for which a slower PE deal environment has made capital deployment challenging. The asset class also posted the highest returns among all private asset classes through September 30. Many private debt securities are tied to floating rates, which enhance returns in a rising-rate environment. Thus far, managers appear to have successfully navigated the rising incidence of default and distress exhibited across the broader leveraged-lending market. Although direct lending deal volume declined from 2022, private lenders financed an all-time high 59 percent of leveraged buyout transactions last year and are now expanding into additional strategies to drive the next era of growth.

Infrastructure took a detour

After several years of robust growth and strong performance, infrastructure and natural resources fundraising declined by 53 percent to the lowest total since 2013. Supply-side timing is partially to blame: five of the seven largest infrastructure managers closed a flagship vehicle in 2021 or 2022, and none of those five held a final close last year. As in real estate, investors shied away from core and core-plus investments in a higher-yield environment. Yet there are reasons to believe infrastructure’s growth will bounce back. Limited partners (LPs) surveyed by McKinsey remain bullish on their deployment to the asset class, and at least a dozen vehicles targeting more than $10 billion were actively fundraising as of the end of 2023. Multiple recent acquisitions of large infrastructure GPs by global multi-asset-class managers also indicate marketwide conviction in the asset class’s potential.

Private markets still have work to do on diversity

Private markets firms are slowly improving their representation of females (up two percentage points over the prior year) and ethnic and racial minorities (up one percentage point). On some diversity metrics, including entry-level representation of women, private markets now compare favorably with corporate America. Yet broad-based parity remains elusive and too slow in the making. Ethnic, racial, and gender imbalances are particularly stark across more influential investing roles and senior positions. In fact, McKinsey’s research  reveals that at the current pace, it would take several decades for private markets firms to reach gender parity at senior levels. Increasing representation across all levels will require managers to take fresh approaches to hiring, retention, and promotion.

Artificial intelligence generating excitement

The transformative potential of generative AI was perhaps 2023’s hottest topic (beyond Taylor Swift). Private markets players are excited about the potential for the technology to optimize their approach to thesis generation, deal sourcing, investment due diligence, and portfolio performance, among other areas. While the technology is still nascent and few GPs can boast scaled implementations, pilot programs are already in flight across the industry, particularly within portfolio companies. Adoption seems nearly certain to accelerate throughout 2024.

Private markets in a slower era

If private markets investors entered 2023 hoping for a return to the heady days of 2021, they likely left the year disappointed. Many of the headwinds that emerged in the latter half of 2022 persisted throughout the year, pressuring fundraising, dealmaking, and performance. Inflation moderated somewhat over the course of the year but remained stubbornly elevated by recent historical standards. Interest rates started high and rose higher, increasing the cost of financing. A reinvigorated public equity market recovered most of 2022’s losses but did little to resolve the valuation uncertainty private market investors have faced for the past 18 months.

Within private markets, the denominator effect remained in play, despite the public market recovery, as the numerator continued to expand. An activity-dampening cycle emerged: higher cost of capital and lower multiples limited the ability or willingness of general partners (GPs) to exit positions; fewer exits, coupled with continuing capital calls, pushed LP allocations higher, thereby limiting their ability or willingness to make new commitments. These conditions weighed on managers’ ability to fundraise. Based on data reported as of year-end 2023, private markets fundraising fell 22 percent from the prior year to just over $1 trillion, the largest such drop since 2009 (Exhibit 1).

The impact of the fundraising environment was not felt equally among GPs. Continuing a trend that emerged in 2022, and consistent with prior downturns in fundraising, LPs favored larger vehicles and the scaled GPs that typically manage them. Smaller and newer managers struggled, and the number of sub–$1 billion vehicles and new firm launches each declined to its lowest level in more than a decade.

Despite the decline in fundraising, private markets assets under management (AUM) continued to grow, increasing 12 percent to $13.1 trillion as of June 30, 2023. 2023 fundraising was still the sixth-highest annual haul on record, pushing dry powder higher, while the slowdown in deal making limited distributions.

Investment performance across private market asset classes fell short of historical averages. Private equity (PE) got back in the black but generated the lowest annual performance in the past 15 years, excluding 2022. Closed-end real estate produced negative returns for the first time since 2009, as capitalization (cap) rates expanded across sectors and rent growth dissipated in formerly hot sectors, including multifamily and industrial. The performance of infrastructure funds was less than half of its long-term average and even further below the double-digit returns generated in 2021 and 2022. Private debt was the standout performer (if there was one), outperforming all other private asset classes and illustrating the asset class’s countercyclical appeal.

Private equity down but not out

Higher financing costs, lower multiples, and an uncertain macroeconomic environment created a challenging backdrop for private equity managers in 2023. Fundraising declined for the second year in a row, falling 15 percent to $649 billion, as LPs grappled with the denominator effect and a slowdown in distributions. Managers were on the fundraising trail longer to raise this capital: funds that closed in 2023 were open for a record-high average of 20.1 months, notably longer than 18.7 months in 2022 and 14.1 months in 2018. VC and growth equity strategies led the decline, dropping to their lowest level of cumulative capital raised since 2015. Fundraising in Asia fell for the fourth year of the last five, with the greatest decline in China.

Despite the difficult fundraising context, a subset of strategies and managers prevailed. Buyout managers collectively had their best fundraising year on record, raising more than $400 billion. Fundraising in Europe surged by more than 50 percent, resulting in the region’s biggest haul ever. The largest managers raised an outsized share of the total for a second consecutive year, making 2023 the most concentrated fundraising year of the last decade (Exhibit 2).

Despite the drop in aggregate fundraising, PE assets under management increased 8 percent to $8.2 trillion. Only a small part of this growth was performance driven: PE funds produced a net IRR of just 2.5 percent through September 30, 2023. Buyouts and growth equity generated positive returns, while VC lost money. PE performance, dating back to the beginning of 2022, remains negative, highlighting the difficulty of generating attractive investment returns in a higher interest rate and lower multiple environment. As PE managers devise value creation strategies to improve performance, their focus includes ensuring operating efficiency and profitability of their portfolio companies.

Deal activity volume and count fell sharply, by 21 percent and 24 percent, respectively, which continued the slower pace set in the second half of 2022. Sponsors largely opted to hold assets longer rather than lock in underwhelming returns. While higher financing costs and valuation mismatches weighed on overall deal activity, certain types of M&A gained share. Add-on deals, for example, accounted for a record 46 percent of total buyout deal volume last year.

Real estate recedes

For real estate, 2023 was a year of transition, characterized by a litany of new and familiar challenges. Pandemic-driven demand issues continued, while elevated financing costs, expanding cap rates, and valuation uncertainty weighed on commercial real estate deal volumes, fundraising, and investment performance.

Managers faced one of the toughest fundraising environments in many years. Global closed-end fundraising declined 34 percent to $125 billion. While fundraising challenges were widespread, they were not ubiquitous across strategies. Dollars continued to shift to large, multi-asset class platforms, with the top five managers accounting for 37 percent of aggregate closed-end real estate fundraising. In April, the largest real estate fund ever raised closed on a record $30 billion.

Capital shifted away from core and core-plus strategies as investors sought liquidity through redemptions in open-end vehicles and reduced gross contributions to the lowest level since 2009. Opportunistic strategies benefited from this shift, as investors turned their attention toward capital appreciation over income generation in a market where alternative sources of yield have grown more attractive.

In the United States, for instance, open-end funds, as represented by the National Council of Real Estate Investment Fiduciaries Fund Index—Open-End Equity (NFI-OE), recorded $13 billion in net outflows in 2023, reversing the trend of positive net inflows throughout the 2010s. The negative flows mainly reflected $9 billion in core outflows, with core-plus funds accounting for the remaining outflows, which reversed a 20-year run of net inflows.

As a result, the NAV in US open-end funds fell roughly 16 percent year over year. Meanwhile, global assets under management in closed-end funds reached a new peak of $1.7 trillion as of June 2023, growing 14 percent between June 2022 and June 2023.

Real estate underperformed historical averages in 2023, as previously high-performing multifamily and industrial sectors joined office in producing negative returns caused by slowing demand growth and cap rate expansion. Closed-end funds generated a pooled net IRR of −3.5 percent in the first nine months of 2023, losing money for the first time since the global financial crisis. The lone bright spot among major sectors was hospitality, which—thanks to a rush of postpandemic travel—returned 10.3 percent in 2023. 2 Based on NCREIFs NPI index. Hotels represent 1 percent of total properties in the index. As a whole, the average pooled lifetime net IRRs for closed-end real estate funds from 2011–20 vintages remained around historical levels (9.8 percent).

Global deal volume declined 47 percent in 2023 to reach a ten-year low of $650 billion, driven by widening bid–ask spreads amid valuation uncertainty and higher costs of financing (Exhibit 3). 3 CBRE, Real Capital Analytics Deal flow in the office sector remained depressed, partly as a result of continued uncertainty in the demand for space in a hybrid working world.

During a turbulent year for private markets, private debt was a relative bright spot, topping private markets asset classes in terms of fundraising growth, AUM growth, and performance.

Fundraising for private debt declined just 13 percent year over year, nearly ten percentage points less than the private markets overall. Despite the decline in fundraising, AUM surged 27 percent to $1.7 trillion. And private debt posted the highest investment returns of any private asset class through the first three quarters of 2023.

Private debt’s risk/return characteristics are well suited to the current environment. With interest rates at their highest in more than a decade, current yields in the asset class have grown more attractive on both an absolute and relative basis, particularly if higher rates sustain and put downward pressure on equity returns (Exhibit 4). The built-in security derived from debt’s privileged position in the capital structure, moreover, appeals to investors that are wary of market volatility and valuation uncertainty.

Direct lending continued to be the largest strategy in 2023, with fundraising for the mostly-senior-debt strategy accounting for almost half of the asset class’s total haul (despite declining from the previous year). Separately, mezzanine debt fundraising hit a new high, thanks to the closings of three of the largest funds ever raised in the strategy.

Over the longer term, growth in private debt has largely been driven by institutional investors rotating out of traditional fixed income in favor of private alternatives. Despite this growth in commitments, LPs remain underweight in this asset class relative to their targets. In fact, the allocation gap has only grown wider in recent years, a sharp contrast to other private asset classes, for which LPs’ current allocations exceed their targets on average. According to data from CEM Benchmarking, the private debt allocation gap now stands at 1.4 percent, which means that, in aggregate, investors must commit hundreds of billions in net new capital to the asset class just to reach current targets.

Private debt was not completely immune to the macroeconomic conditions last year, however. Fundraising declined for the second consecutive year and now sits 23 percent below 2021’s peak. Furthermore, though private lenders took share in 2023 from other capital sources, overall deal volumes also declined for the second year in a row. The drop was largely driven by a less active PE deal environment: private debt is predominantly used to finance PE-backed companies, though managers are increasingly diversifying their origination capabilities to include a broad new range of companies and asset types.

Infrastructure and natural resources take a detour

For infrastructure and natural resources fundraising, 2023 was an exceptionally challenging year. Aggregate capital raised declined 53 percent year over year to $82 billion, the lowest annual total since 2013. The size of the drop is particularly surprising in light of infrastructure’s recent momentum. The asset class had set fundraising records in four of the previous five years, and infrastructure is often considered an attractive investment in uncertain markets.

While there is little doubt that the broader fundraising headwinds discussed elsewhere in this report affected infrastructure and natural resources fundraising last year, dynamics specific to the asset class were at play as well. One issue was supply-side timing: nine of the ten largest infrastructure GPs did not close a flagship fund in 2023. Second was the migration of investor dollars away from core and core-plus investments, which have historically accounted for the bulk of infrastructure fundraising, in a higher rate environment.

The asset class had some notable bright spots last year. Fundraising for higher-returning opportunistic strategies more than doubled the prior year’s total (Exhibit 5). AUM grew 18 percent, reaching a new high of $1.5 trillion. Infrastructure funds returned a net IRR of 3.4 percent in 2023; this was below historical averages but still the second-best return among private asset classes. And as was the case in other asset classes, investors concentrated commitments in larger funds and managers in 2023, including in the largest infrastructure fund ever raised.

The outlook for the asset class, moreover, remains positive. Funds targeting a record amount of capital were in the market at year-end, providing a robust foundation for fundraising in 2024 and 2025. A recent spate of infrastructure GP acquisitions signal multi-asset managers’ long-term conviction in the asset class, despite short-term headwinds. Global megatrends like decarbonization and digitization, as well as revolutions in energy and mobility, have spurred new infrastructure investment opportunities around the world, particularly for value-oriented investors that are willing to take on more risk.

Private markets make measured progress in DEI

Diversity, equity, and inclusion (DEI) has become an important part of the fundraising, talent, and investing landscape for private market participants. Encouragingly, incremental progress has been made in recent years, including more diverse talent being brought to entry-level positions, investing roles, and investment committees. The scope of DEI metrics provided to institutional investors during fundraising has also increased in recent years: more than half of PE firms now provide data across investing teams, portfolio company boards, and portfolio company management (versus investment team data only). 4 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023.

In 2023, McKinsey surveyed 66 global private markets firms that collectively employ more than 60,000 people for the second annual State of diversity in global private markets report. 5 “ The state of diversity in global private markets: 2023 ,” McKinsey, August 22, 2023. The research offers insight into the representation of women and ethnic and racial minorities in private investing as of year-end 2022. In this chapter, we discuss where the numbers stand and how firms can bring a more diverse set of perspectives to the table.

The statistics indicate signs of modest advancement. Overall representation of women in private markets increased two percentage points to 35 percent, and ethnic and racial minorities increased one percentage point to 30 percent (Exhibit 6). Entry-level positions have nearly reached gender parity, with female representation at 48 percent. The share of women holding C-suite roles globally increased 3 percentage points, while the share of people from ethnic and racial minorities in investment committees increased 9 percentage points. There is growing evidence that external hiring is gradually helping close the diversity gap, especially at senior levels. For example, 33 percent of external hires at the managing director level were ethnic or racial minorities, higher than their existing representation level (19 percent).

Yet, the scope of the challenge remains substantial. Women and minorities continue to be underrepresented in senior positions and investing roles. They also experience uneven rates of progress due to lower promotion and higher attrition rates, particularly at smaller firms. Firms are also navigating an increasingly polarized workplace today, with additional scrutiny and a growing number of lawsuits against corporate diversity and inclusion programs, particularly in the US, which threatens to impact the industry’s pace of progress.

Fredrik Dahlqvist is a senior partner in McKinsey’s Stockholm office; Alastair Green  is a senior partner in the Washington, DC, office, where Paul Maia and Alexandra Nee  are partners; David Quigley  is a senior partner in the New York office, where Connor Mangan is an associate partner and Aditya Sanghvi  is a senior partner; Rahel Schneider is an associate partner in the Bay Area office; John Spivey is a partner in the Charlotte office; and Brian Vickery  is a partner in the Boston office.

The authors wish to thank Jonathan Christy, Louis Dufau, Vaibhav Gujral, Graham Healy-Day, Laura Johnson, Ryan Luby, Tripp Norton, Alastair Rami, Henri Torbey, and Alex Wolkomir for their contributions

The authors would also like to thank CEM Benchmarking and the StepStone Group for their partnership in this year's report.

This article was edited by Arshiya Khullar, an editor in the Gurugram office.

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