Research
Research is a broad field encompassing careers with myriad responsibilities
in myriad industries.
Consumer products industry market researchers, for instance, do things like
conduct focus groups and apply statistical analysis techniques to
demographic data to better understand consumer behaviors.
Political researchers do things like conduct telephone polls of voters to
learn where they stand on political issues and candidates.
Pharmaceutical researchers (who are usually chemists) research the
properties of new chemical combinations.
Aerospace researchers (who are usually engineers) do things like study how
air flows around different aircraft designs.
On Wall Street, financial analysts research companies, industries, and
markets with a goal of helping their employer or their clients make good
securities investments.
And psychology researchers conduct studies, for instance, of depression in
young children or elderly women.
As a research professional, you might do any one of these things, or
hundreds more. In sum, if you're a trivia junkie, a science buff, a
bookworm, or an armchair philosopher—if you get a rush out of conducting
scientific experiments, debating opposing viewpoints, translating ancient
texts, or deconstructing postmodern political thought—you might find your
professional calling in research.
What You'll Do
All researchers share one primary objective: to uncover the meaning,
significance, causes, and effects of whatever subject they're
investigating. The work they do can have academic, commercial, political,
social, or scientific impact. They may be trying to advance society's
understanding and appreciation of a particular subject, or develop products
or practical applications based on their findings, or advocate changes in
their organization’s policy.
During the course of their work, researchers review previously published
findings, formulate hypotheses, and gather original data to support or
rebut their hypotheses. In technical or scientific fields, researchers
develop experiments and conduct trials to test their hypotheses and gather
new data.
The results of research vary depending on its subject and purpose. An
academic may research and write about new ways to understand U.S. foreign
policy after the Cold War. A researcher at an investment bank tries to
determine the proper current valuation and future prospects of a company. A
market researcher might investigate the market potential and public
reaction to a new food product, such as a hot dog made of soy products. And
a scientist at a high-tech company might investigate scientific principles
that can be applied to developing a new type of computer chip or wireless
data transfer technology.
Who Does Well
Researchers must have an inquisitive mind, a hunger for knowledge, and a
passion for their subject. They also need to be resourceful in finding ways
to gather information and, in some cases (such as in academia), funding for
their projects. It takes an analytical mind to interpret the data you find,
and communication skills to present your findings to the public, a
professional group, or your boss. You have to be determined and willing to
accept failure because, more often than not, you'll wind up at several
dead ends before hitting the jackpot.
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Opportunities to do research are vast in almost every industry. There is a
tremendous range of opportunities for people with various academic,
business, and technical backgrounds and interests.
At a minimum, most careers in research require a BA or a BS in a related
discipline. Advanced positions generally require an advanced degree. Unlike
such careers as investment banking or management consulting, where there is
a formalized recruiting process set up for college graduates, many research
positions—particularly those in social science or science—are the kind you
network into on the basis of your independent accomplishments in the field.
Internships or research assistantships will open many doors.
Financial Services, Consulting, and Market Research
Careers in financial or market research emphasize analysis over discovery,
and tend to be more structured than other research careers. The most
important requirements for such professions are strong analytical and
business skills.
Scientific Research
In scientific fields, researchers are often searching for solutions to
problems that have eluded others for years, if not centuries. Although
routine testing and experiments may be a large part of their day-to-day
jobs, scientists also rely heavily on innovation to achieve the major
breakthroughs. Beyond analytical ability, success in such careers requires
a high degree of creativity and intellectual curiosity.
Academic Research
The requirements for an academic research position are straightforward: a
stellar academic record, including an advanced degree, usually a PhD;
strong written and oral communication skills; and strong recommendations
from other academics. However, securing a tenured research position at a
university is perhaps the most competitive and political venture that
academics endure in their professional lives.
Professors are generally required to publish papers regularly in order to
earn tenure. Hence the oft-cursed dictum "publish or perish,"
which echoes through the halls of academia. There are many more people who
have the credentials to fill teaching and research slots than there are
slots to fill, and only the most accomplished and tenacious succeed.
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Following are U.S. Bureau of Labor projections for job growth in a variety
of research-oriented fields:
Growth in opportunities for social scientists, chemists, economists,
statisticians, and operations research analysts is expected to be slower
than the average for jobs overall between 2004 and 2014.
Opportunities for market researchers are expected to grow much faster than
the average for jobs overall between 2004 and 2014.
Opportunities for medical scientists (who research diseases) are expected
to grow much faster than the average for jobs overall between 2004 and
2014.
Opportunities for researchers should experience especially strong growth in
industries that are growing quickly and/or spend increasingly large amount
of money of R&D with each passing year, such as pharmaceuticals and
biotechnology.
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Researchers can find employment in private industry as well as the public
and nonprofit sectors. In private industry, most large companies have
research and development (R&D) departments to create or improve their
products. Consulting firms conduct research for clients to solve
operations, strategy, and marketing issues.
In the public and non-profit sectors, government agencies, courts, health
organizations, think tanks, museums, universities, and activist groups all
generate research. Following are descriptions of general career paths in
research.
Social Science Research
Social scientists study all aspects of human society—from the optimal
distribution of goods and services to human behavior and social
relationships within groups and between individuals. On the basis of their
studies and analyses, social scientists suggest solutions to social,
business, personal, governmental, and environmental problems.
Social science researchers collect information from a variety of sources.
They may live and work among the population being studied, analyze
historical documents, experiment with human or animal subjects, or design
and conduct tests. Careers in social-science research range from
anthropology and economics to urban planning and sociology. Employers
include educational institutions, think tanks, museums, government
agencies, and private industry.
Science Research
Scientists study natural and physical phenomena, from diseases and global
warming to atomic fission and ecology. The results of this research can
serve both the private and public and nonprofit sectors.
While scientists working in the private sector deal with the same concepts
as those at universities, they generally work under tighter time frames and
are more attuned to the bottom line—their job is to turn their ideas and
hypotheses into products that will sell. For people with backgrounds in
biology or chemistry and an interest in medicine, pharmaceuticals, or
biotechnology, many companies offer well-paid research careers. In
high-tech industries, people with engineering, physics, and chemistry
backgrounds work in R&D, developing and testing new products, and
finding ways to make production processes more efficient and
cost-effective.
Scientific researchers working in colleges and universities combine
research with teaching, depending on the nature of the institution and the
type of funding they receive. Some university science professors in fact
spend the majority of their time in the lab, working on research projects
with graduate students. Frequently, the funding for such research comes
from outside the university, such as government agencies or corporations
that want to encourage a specific type of research that will support their
business goals or policies.
Market Research
Market researchers use surveys, studies, and focus groups to collect data
about consumer behavior. Some companies have their own market-research
divisions. Others hire specialized firms to conduct research for them.
Businesses use the information that market researchers gather in various
ways. They may organize a focus group to find out what consumers think
about a new product, test the effectiveness of an advertising campaign, or
find out how people use a website. Alternatively, they may commission a
survey of 1,000 middle-income households to find out what people are
willing to spend on an environmentally friendly dishwashing liquid.
Ideally, market researchers should have both qualitative and quantitative
analytical abilities, because their jobs depend on gathering data from
human subjects as well as crunching numbers and interpreting the results. A
background in psychology or statistics may be required for some
market-research positions.
Financial Research
Financial research is an analytical function within financial services
companies that involves a good deal of number crunching. If you're
adept with numbers and interested in business, this might be a good career
to explore.
Financial researchers analyze companies' financial statements and
operations, report on market trends and company performance, attend or
organize industry conferences, develop proprietary pricing models for
financial products, offer forecasts and recommendations, and watch emerging
companies. It's the researcher's job to stay on top of an industry,
and to relay his or her knowledge to those who can act on it: the sales
force, traders, or investment bankers.
Financial research opportunities exist at investment banks, mutual funds,
commercial banks, venture capital firms, hedge funds, insurance companies,
and pension funds. Large companies in various industries hire people with
financial research backgrounds to work in corporate development. Quite a
few economists and other researchers also work for various branches of
government.
Academic Research
Academics, or professors, generally hold PhDs and work in a variety of
disciplines, from sociology and medicine to political science and
mathematics. To reach that level, they spend three to ten years in graduate
school becoming experts in their field. Along with teaching, they conduct
research in their specialty (for example, an anthropologist may do field
research in another culture), using primary research materials (such as a
historian using letters between a settler in the United States and her
family in the 18th century), and secondary materials (that is, other
literature or research in a particular field of study).
Researchers' work is generally written up and published in book form or
in professional periodicals such as The Journal of American Studies or
Foreign Affairs, and presented at conferences to other academics in the
same field.
Many professors also find work conducting research for government
organizations or writing on their topic of expertise for newspapers,
magazines, and other publications.
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Compensation for research careers varies widely depending on the industry
and the skill level a particular job requires. Following are some general
salary ranges for a number of research-focused professions:
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Market research manager: $74,000 to $93,500
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Securities research analyst: $40,000 to $70,000
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Pharmaceutical research associate: $35,000 to $90,000
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Market research analyst: $35,000 to $100,000
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Logistics research analyst: $45,000 to $140,000
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Corporate economist: $70,000 to $120,000
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Statistician: $30,000 to $90,000