What Does a Pricing Analyst Do?
Pricing Analysts typically work for corporations across industries to establish market prices for products that allow corporations to profit while also staying competitive. They work closely with the sales, marketing, finance and product engineering teams to determine how to price company products effectively. Their job is to evaluate product quality, competitor pricing and customer reviews to create appropriate market prices for products or services. They may also be responsible for establishing sales prices and working with the sales and marketing teams to develop ideas for seasonal sales opportunities.
Pricing Analyst Skills and Qualifications
Successful Pricing Analyst possess several skills and qualifications, including:
- Analytical: Strong analytical skills are necessary to compare sales trends and determine market data.
- Communication: Excellent written and verbal communication skills are important, as pricing analysts work with team members at all levels, including store associates, office staff and executive team members.
- Detail-oriented: The ability to pay close attention to detail while remaining accurate is crucial in the analysis of large collections of data.
- Problem-solving: Pricing analysts use problem-solving skills to identify declining sales trends and devise strategies to improve them.
Pricing Analyst Salary Expectations
The average yearly salary for a Pricing Analyst is $60,984 per year. Pricing Analyst salaries may range depending on geographical location, the size of the organization and the experience of the analyst. A Pricing Analyst that works for a large organization making recommendations on pricing for large ticket items will typically earn more than one who works for a smaller company and is one of many analysts. The industry in which the analyst works will further affect salary expectations. Analysts who work in an industry with specialized business-to-business experience can expect to earn a higher salary.
Pricing Analyst Education and Training Requirements
A minimum of a bachelor’s degree is often a requirement to become a Pricing Analyst. Some hiring managers prefer that candidates have a master’s degree, especially if they will be in charge of the pricing for higher-priced items. Students interested in pricing analysis can expect to major in market research, business administration or finance. They can expect to take classes in statistics, mathematics, market research and marketing. Many students will receive industry training while completing an internship in their bachelor’s or master’s degree program.
Pricing Analyst Experience Requirements
Hiring managers will often expect candidates to have some previous experience as a pricing analyst. Previous experience working in a similar industry might also be a requirement. Some candidates will come from related industries like data research or finance. Entry-level Pricing Analyst might work on a team with other analysts as they develop important field skills and experience, and they may later take on additional responsibilities. They might also pursue a career as a Pricing Analyst in a different industry.
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