Quantitative Analysts, or more casually “quants”, seek insights and answers to critical business questions by developing and implementing mathematical and statistical methods. Quantitative Analysts can be found in almost every industry nowadays, applying advanced techniques to answer marketing, finance, operations, sales, and engineering questions. A combination of skills, education, and training, and personality traits are required to become an effective Quantitative Analyst.
Particularly, Quantitative Analysts in Market Research use such methods to gain insight into the four P’s of marketing: Price, Product, Promotion, and Place.
Quantitative Analysts at MDRG participate in every step of the research process: helping the client precisely define the problem, designing an engaging and effective research survey, collecting and cleaning the data, analyzing the data using a multitude of methodologies, and writing and presenting the report to the client. The focus at MDRG is on insights, not just numbers. Therefore, Quantitative Analysts at MDRG not only apply statistical methods but craft an insightful and intriguing story.
MDRG expects a Quantitative Analyst to fulfill the following responsibilities:
Quantitative Analysts, in particular, those at MDRG, are often required to use statistical, survey design, and reporting software to fulfill their duties. At MDRG, some of the software we use are: Sawtooth for survey design; Q, SPSS, WinCross, and Excel for data analysis; and PowerPoint for report design.
It isn’t enough to just deliver the data; Quantitative Analysts must provide solutions using words and visualizations to create a coherent and compelling story to present to the client. Quantitative Analysts are strategic thinkers.
Most Quantitative Analysts have 4-year or advanced degrees in mathematics, statistics, economics, business, finance or a related degree. Exceptional analytical, technical and organizational skills should be in place, with experience in some statistical software like Excel, SPSS, SAS, R, or MatLab and a fine attention to detail. They also should have experience working in teams on multiple projects in deadline-driven environments and making high-level client presentations. Depending on the firm and personality, Quantitative Analysts can have more forward-facing versus back-end roles, or more strategic versus technical roles.
I joined MDRG a little less than two months ago as a Quantitative Analyst. I’ve always had a knack for numbers since I was a kid, eventually earning degrees in Economics and Mathematics from Tulane University and working with data in both the financial and government sectors. After a stint in the non-profit industry, I took a job with MDRG to further develop my career as a Quantitative Analyst and learn the particulars of the market research industry. Prior to MDRG, my experience lied in operations – using operational data to formulate business decisions. At MDRG, the data is based in the market – analyzing consumer preferences and behavior to inform marketing decisions. I love learning the ins and outs of methodologies both old and new – what’s the best way to view this data so that insights can be gained? Like solving a math problem, finding an answer using creative quantitative techniques can be exceptionally fulfilling and thrilling.
The Data Revolution is in full force, as firms look to the ever-advancing computing power to pull and analyze data that is now being sourced from practically anywhere. More and more companies are relying on sound scientific methods to analyze this data to answer critical business questions. According to the U.S. Bureau of Labor Statistics, Quantitative Market Research Analysts are projected to see a 23% increase in employment from 2016 to 2026, much faster than the average for all occupations. The future is bright for Quantitative Analysts.
MDRG has been an innovator in the use of data for market research solutions for 25 years. MDRG employs only the brightest Quantitative Analysts and ensures the highest standards of quality. MDRG will continue to be on the forefront of the Data Revolution.
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