Another career possibility for someone holding a Master of Library Science (MLS) or Master of Library and Information Science (MLIS) degree is that of business research specialist. Simply put, a business research specialist is a research specialist who focuses on/concentrates in business, economics, and the corporate world. Research specialists, as the name implies, “specialize” in a certain area, discipline, or subject – in this case, business. Business research specialists might further specialize in various areas of business, such as marketing, market research, or business intelligence.
The Bureau of Labor Statistics (BLS) of the U.S. Department of Labor notes that research specialist jobs, as a whole, are expected to grow by a whopping 18 percent between 2019 and 2029. This rapid increase, which is unprecedented and faster than the average expected increase for all other occupations, is projected to create more than 130,000 new job opportunities for research specialists of all types across the country.
If you are good at research, have a knack for business and economics, and would like to combine these two areas into a fulfilling career, keep reading to discover how you can become a business research specialist with a MLIS or MLS degree.
What Does a Business Research Specialist Do?
The job responsibilities of a business research specialist are varied and highly dependent upon the business or industry for which they are performing research. They may include:
- Collecting information from various reputable sources, such as government agencies, academic institutions, online journals
- Collecting information from competitors
- Gathering qualitative and quantitative information in relation to possible market opportunities for a product or service
- Conducting surveys
- Leading group discussions and focus groups
- Performing a statistical analysis of the business sector
- Follow standard research procedures
- Develop marketing tools, such as pamphlets, brochures, PowerPoint presentations
What Skills and Characteristics Should a Business Research Specialist Have?
A business research specialist should possess skills and characteristics such as the following:
- Flexibility
- Open-mindedness
- Curiosity and inquisitiveness
- Good problem-solving skills
- Detail-oriented, but able to think in the big picture also
- Enthusiasm
- Self-discipline (much time is spent working independently)
- Hard, diligent worker
- Be open to criticism
- Excellent communication skills, both in writing and orally
- Technical skills and knowledge such as:
- SQL
- Statistical languages (R and Python)
- Statistical software (SPSS, SAS, Sage, Mathematica, Excel)
What Education Does a Business Research Specialist Need?
The best business research specialists will have a MLS or MLIS degree from an American Library Association (ALA)-accredited university or college. A good MLS or MLIS program will teach you the ins and outs of research of all types, preparing you to become a business research specialist. Some MLS and MLIS programs also offer concentrations in research or business, or dual-degree opportunities for an MLIS and a MBA (Master of Business Administration). Some of these include:
- Syracuse University – MLIS program; Information Research and Analytics pathway
- Kent State University – MLIS and Master of Business Administration dual degree
- University of Southern California – Master of Management in Library and Information Science (MMLIS)
- University of Maryland – MLIS with Specialization in Intelligence & Analytics
- Dominican University- MLIS and MBA dual degree
Additionally, taking business courses or an economics concentration is also highly recommended if you want to become a business research specialist. Although nice to have, you don’t need a full MBA, but understanding the basics of business, economics, and the corporate world can be very valuable to someone who is performing research in that area.
Does a Business Research Specialist Need to be Certified?
Generally, business research specialist need not be certified, except if you commonly perform certain duties. Exceptions are market research, in which a Certified Market Research Analyst (CMRA) credential from the International Institute of Market Research and Analytics (IIMRA) can be helpful. Other common business research-related certifications you may wish to pursue include:
- Certified Analytics Professional (CAP)
- Entry Certificate in Business Analysis (ECBA) by the International Institute of Business Analysis (IIBA)
- Certified Business Analysis Professional (CBAP) by the International Institute of Business Analysis (IIBA)
- Certified Foundation Level Business Analysis (CFLBA) by the International Qualifications Board for Business Analysts (CFLBA)
- Professional in Business Analysis (PBA) by the Project Management Institute (PMI)
How Much Do Business Research Specialists Get Paid?
The closest job category in the BLS to business research specialist is market research analyst. As of May 2020, market research analysts in the U.S. were paid an annual median wage of $65,810. A better way to see how much business research specialists are paid is to search the internet for available business research specialist positions.
According to the BLS, the highest paying industries in which market research specialists work, along with their annual median wages, are:
- Publishing industries (except internet) $79,040
- Management of companies and enterprises $77,110
- Finance and insurance $73,800
- Wholesale trade $64,170
- Management, scientific, and technical consulting $62,400
What Jobs are Available for Business Research Specialists?
A quick perusal of the internet for business research specialist jobs found the following opportunities:
- Senior Research Associate – Hudson Ferris, Inc., remote; salary $50,000 annually
- Business Analyst/Researcher – IBM, Research Triangle Park, NC; salary $94,000 to $177,00 annually
- Business Development Associate – Hanover Research, Arlington, VA; salary $55,000 to $65,000 annually
- Research Analyst – Harvard University, Cambridge, MA; salary not specified
- New Product Development Researcher – State Farm, Dunwoody, VA; salary not specified
- Marketing Product Specialist – Spanco, Inc., Morgantown, PA; salary $40,000 to $45,000 annually
- Research Program Specialist – National Center for State Courts, Virginia; salary $46,769 annually
- Business Services Specialist – University of Maryland, Baltimore, MD; salary $45,554 to $52,683 annually
- Business Advising Engagement Specialist – Pacific Community Ventures, remote; salary $22 per hour
- Business Research Specialist/Economist – US Bureau of Labor Statistics, Salt Lake City, UT; salary $108,885 to $141,548 annually
