The Industry Analyst Business: A Need for a Code of Ethics

R “Ray” Wang, CEO & Principal Analyst of Constellation Research, writes an intriguing post for Enterprise Irregulars entitled “The Sad State of the Industry Analyst Business and the Need for a Code of Ethics.” Mr. Wang admits upfront “there is a massive self-interest in my putting this out there.” He makes transparent various business practices that uphold Constellation’s integrity and admits to losing a lot of business due to these ethical practices. Believing that the integrity of the analyst business is at stake he offers simple rules for starting a code of ethics that needs to work on both ends – vendors and analysts. Here are the rules (directly quoted):

Vendor Code

  1. Agree not to support the pay to play game.
  2. Call out bad behavior.
  3. Train and educate internal sponsors and stakeholders.
  4. Disclose the analysts you work with and are on paid contract.


Analyst Code

  1. Just say no to pay for play.
  2. Call out bad behavior.
  3. Train and educate your team.
  4. Disclose your vendor client list.


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