What Is a Pricing Analyst? (Plus Salary and Job Outlook Info)

Are you looking for a career that allows you to work independently in a challenging and fast-paced setting where every project is different and results equal success? If this sounds like the type of work you would enjoy, then you might consider a career as a pricing analyst. Here, you can learn more about the job opportunities for pricing analysts, along with potential salary, job duties and the education and training required to pursue this occupation.

Pursuing a career as a pricing analyst is a promising professional path. According to the BLS, the demand for financial analysts, such as pricing analysts, will rise by about 11% between 2016 and 2026, which is faster than the average for all jobs. There are several reasons for this projected growth.

Pricing Analyst- Unconventional fields in Finance | #CareerCoversations

What does a pricing analyst do?

A pricing analyst is responsible for establishing appropriate prices for items, products, services or programs and ensuring profit maximization. In this role, professionals use their expertise to review previous and current market trends to determine the history of products or programs and define an established price at which to price particular items. Once they accomplish this, they relay their findings to managers, stakeholders or other authoritative personnel, and these professionals determine whether they want to set their prices according to a price analysts advice.

Once a company establishes the price for a product or service, a pricing analyst tracks its sales over a set period of time and records this information. They can make changes to a products price as needed to generate as much revenue as possible as a market fluctuates or new information arises regarding proper pricing practices. A pricing analyst then reviews their post-sale findings and uses that information for reference when researching another product or program to price.

What is a pricing analyst?

A pricing analyst is a finance professional who researches market trends to determine the proper amount of money to charge for specific products or services. In this role, professionals collaborate with companies and organizations to determine which recurring revenue models work best to sell products, programs or other items. They complete these tasks in an effort to maximize their employers profits within their market.

Pricing analysts also track how well their chosen revenue model functions during implementation, throughout a sales period and after a sales period concludes to determine any required changes or other models to use in the future.

What’s the common career path for a pricing analyst?

There are certain career path steps that are important to follow to become a pricing analyst. Typically, there are education requirements, experience, internships and certifications that individuals pursue and obtain to become a pricing analyst, including:

Formal education

Educational requirements for professional pricing analysts can vary. Commonly, professionals in this role have at least a bachelors degree in finance, accounting or business. Employers dont always require candidates to earn a four-year degree, but its a common requirement for these roles. Earning a bachelors degree and even a masters degree in finance or a related field can potentially increase your likelihood of securing pricing analyst roles and earning a higher salary.

Experience and internships

It can be especially beneficial to earn experience in finance or related industries while trying to pursue a career as a pricing analyst. To earn this experience, you may consider pursuing an internship in sales or finance while in college or after graduating. Completing these programs can help you earn experience in the field, expand your knowledge of the industry and help you develop job-specific skills required to succeed in this role.

Certifications

You may also consider earning certifications in pricing analysis and related disciplines before pursuing pricing analyst roles. Earning a certification can help you learn more about the field and the specific role, possibly offering you added credibility as a prospective pricing analyst and increasing your employment options within the field. Here are some certifications that are common for professionals in this role to obtain:

Please note that none of the companies or certifications mentioned in this article are affiliated with Indeed.

Salary and job outlook for pricing analysts

Typically, effective pricing analysts possess similar skills that allow them to succeed in their role. These skills include:

FAQ

Is a pricing analyst a good job?

Yes, being a pricing analyst is a good job.

Pricing analysts may see between a 15-20% rise in demand for their services within the next decade. These positions are well-sought after since many companies are now engaging in more market competition.

What is the career path for a product analyst?

Advancement Prospects

Some product analysts eventually move into other business roles, such as marketing, product management, or consulting. To advance their careers, product analysts should consider pursuing advanced degrees in business, economics, or statistics.

How do I become a good price analyst?

Personality Traits of a great pricing analyst
  1. A natural aptitude for mathematics and statistics.
  2. Ability to think analytically.
  3. Attention to detail.
  4. Ability to solve complex problems that involve competing priorities.
  5. Excellent written and verbal communication skills and business acumen.
  6. Customer-centric attitude.

What does a pricing strategy analyst do?

A pricing analyst works with complex data examining industry standards and pricing strategies of competitors to help businesses determine and set competitive prices. They study consumer habits to determine how much people are willing to pay for various products and look for patterns in consumer spending.

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