Duties and responsibilities
The duties and responsibilities of a pricing analyst vary depending on their experience, employer and position in the company. However, some typical daily duties and responsibilities of a pricing analyst include:
- Providing analytical breakdowns of pricing structures and sales funnels of the products and services of similar competitors.
- To identify ideal pricing structures and sales funnels for the products sold by businesses.
- To work closely with sales and marketing teams to develop and enact competitive pricing strategies and to improve existing projects.
- Analyze data related to return in investment (ROI) for existing marketing and promotional programs, analyze customer response to marketing efforts and to determine more effective ways to research customers and gain market share.
- Develop pricing tools that can be used throughout the company to quickly respond to future marketing needs or trends.
- Play a role in helping companies forecast revenue and market share information by using a variety of statistical modeling methods to prepare reports that show the potential impact of various pricing strategies.
- To write reports to evaluate and explain findings and to present these reports, and make suggestions, to executives, marketing team and sales personnel. With this, comes the addressing of any issues and concerns raised by these people regarding pricing structures.
A Bachelor’s degree in business, or a related field, is typically required to become a pricing analyst.
Although a master’s degree is rarely essential to get a job as a pricing analyst, individuals with a master’s in business administration (MBA) will have the most opportunities for employment and development once they have secured a job in the field.
Skills and relevant work experience
Employers will often look for relevant work experience in the industry, or in competitor pricing and sales. Due to this, it is worth attempting to seek an internship in a related field.
Key skills that employers will look for include:
- Analytical and research skills: Pricing analyst need to be analytic and have strong research skills as they have to successfully examine and assess data from a variety of sources.
- Problem solving skills: Pricing analysts have to devise solutions to drive profitability, and to support and meet revenue and market share goals.
- Mathematics: Pricing analysts need to have excellent mathematical skills to derive insights from multiple data sources and use them to develop models and provide pricing advice.
- Communication skills: Pricing analysts have strong written and verbal skills as they need to communicate, present and report findings to others.
- Teamwork skills: Pricing analysts have to work closely with sales, marketing and operations teams. This means they must be able to work well as part of a team.
Pricing analysts work typical business hours (around 40 hours per week). However, they may have to work overtime on occasion.
The Bureau of Labour Statistics does not provide salary estimates for pricing analyst. However, the similar role of market research analyst predict that the average salary is around $63,230 per year. The highest 10% earn over $122,770 per year and the lowest earn less than $34,510.
Typically, pricing analysts progress to managerial roles or financial account management roles. There is also the path to becoming an actuary, where pricing analysts can sit a series of exams after completing their undergraduate degree and with their current knowledge to become accredited.
The list of fields that pricing analysts can be employed in is endless. However, some of the most popular include construction, agricultural, food and beverage, private health care facilities, colleges and universities, banks and other financial institutions, pharmaceutical companies, transport and logistics companies, professional service firms and offices.