Market Research prospects in Singapore

[kelvinchua]

Dear all,

I am a fresh grad from an Aussie university with a Bachelor of Commerce. Recently, I accepted a 6 months internship offer for a consultant position with one of the top MR firms (likes of Nielsen, Kantar, GfK, Ipsos). Would be looking to convert to a full-time role, depending on performance and business's requirements according to HR.

I tried searching for MR related questions in the forum but found that they were pretty limited. I'm sure there're others out there who and enthusiastic about research and have questions about the industry in Singapore.

Some questions I have in mind and would appreciate if some market researchers can shed light on the industry within Singapore:

1. Understand that the industry is not exactly a "money-making" industry as compared to financial, but what could one be looking at in terms of salary in a full-time role?
2. The rough banding explained to me was Consultant (2-3 yrs) > Senior Consultant (2-3 yrs) > Research Manager (3-5 yrs) > Research Director (3-5 yrs), may I ask if this is true?
3. There's always the tip to "join agency then later jump to client side", this seems to be a natural progression for researchers starting out in agencies?
4. What are the career prospects in terms of being a MR consultant? I am not sure but I've seen companies with departments such as Business Intelligence/Analytics (e.g. likes of telcos and tech companies), and I think they're probable career paths in the future?
5. In terms of possible mid-career switch, the skillsets built being a MR consultant; can it be transferable to a Management Consultant role? (optimistically Tier 1 MC firms, but can settle for Tier 2-3 firms as well)

Thank you all in advance.

[kelvinchua]

bump this up.. appreciate some assistance in this.

[aplover]

would you consider being a market analyst for commodities sector? Or for the equity research sector or research for funds? There's more money there.

General market research like this doesn't pay well. I believe they start at low 2's. I may be wrong but they are similar to the creative/advertising industry. **** pay for hell lot of work load.

Commodities market research side can start at 3k plus? Financial markets maybe closer to 4 or even 4k plus

[100sheets]

Originally Posted by aplover

General market research like this doesn't pay well. I believe they start at low 2's. I may be wrong but they are similar to the creative/advertising industry. **** pay for hell lot of work load.

yes, its true that the starting years don't pay well especially in agency side, but unlike creative/advertising industry, once you switch to client side, your salary can increase very quickly especially if you join foreign mncs. the only thing is that you must have the stamina to last it out till you make the switch to client side. many drop out before that.

Well, market research has its unique challenges. Starting salaries are indeed 2-5k for 1st 5 yrs. once you get into research mngr or assoc director roles, ur success is driven by sourcing more accounts and more sales type. Moving to client side is that much different inclufing foreign mncs. It will continue to be a lot of work across multiple countries. The only reason you should go into it is if u feel u hv a passion for understanding people. You could also pursue this for few yes before going for a reputed mba and then go into cinsulting. MR director gets about 12k after 10+yrs experience. Ps: i m in this industry as a director.

[kelvinchua]

Originally Posted by aplover

would you consider being a market analyst for commodities sector? Or for the equity research sector or research for funds? There's more money there.

General market research like this doesn't pay well. I believe they start at low 2's. I may be wrong but they are similar to the creative/advertising industry. **** pay for hell lot of work load.

Commodities market research side can start at 3k plus? Financial markets maybe closer to 4 or even 4k plus

I wouldn't. Because I am not that interested in the financial sector, even though I am pretty adept with fundamental and tech analysis (not sure if it helps though).

[kelvinchua]

Originally Posted by 100sheets

yes, its true that the starting years don't pay well especially in agency side, but unlike creative/advertising industry, once you switch to client side, your salary can increase very quickly especially if you join foreign mncs. the only thing is that you must have the stamina to last it out till you make the switch to client side. many drop out before that.

That seems to be the case from what I know and what I've researched. Have heard of cases like people from TNS handling FMCG accounts jumping to Unilever biz intel side.

But how much increase in salary should be expected?

[kelvinchua]

Originally Posted by Unregistered

Well, market research has its unique challenges. Starting salaries are indeed 2-5k for 1st 5 yrs. once you get into research mngr or assoc director roles, ur success is driven by sourcing more accounts and more sales type. Moving to client side is that much different inclufing foreign mncs. It will continue to be a lot of work across multiple countries. The only reason you should go into it is if u feel u hv a passion for understanding people. You could also pursue this for few yes before going for a reputed mba and then go into cinsulting. MR director gets about 12k after 10+yrs experience. Ps: i m in this industry as a director.

Thank you very much for your input, glad to have an opinion from someone already in the industry.

Passion definitely is there for me, and I agree with going for a MBA in time to come (though unsure if I could get into a reputed one), as one of my ultimate aims is to join mgt consultancy firms.

Generally, how much time should you spend in an agency before considering to switch to client side? And it seems to be a difficult task given what you mentioned?

[100sheets]

Originally Posted by kelvinchua

Generally, how much time should you spend in an agency before considering to switch to client side? And it seems to be a difficult task given what you mentioned?

I know one person who worked for 2 years in one of the firms you listed in your first post and jumped to a fortune 100 MNC. Not that difficult really... especially if you are good in networking and have the contacts.

Moving to client will take about 5 yrs bcos at cluent you will be expected to manage research end yo end. The problem usually with client side is there really isnt a long career path for researchers at most clients. Most will hv a mr manager role( 100-150k) and then a mr director(150-250). The challenge is to create a career path beyond. Also there's very few of those directors.