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The differences between cost analysts and pricing analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a cost analyst, becoming a pricing analyst takes usually requires 4-6 years. Additionally, a pricing analyst has an average salary of $64,168, which is higher than the $54,158 average annual salary of a cost analyst.
The top three skills for a cost analyst include cost analysis, financial analysis and cost estimates. The most important skills for a pricing analyst are pricing strategy, strong analytical, and customer service.
| Cost Analyst | Pricing Analyst | |
| Yearly salary | $54,158 | $64,168 |
| Hourly rate | $26.04 | $30.85 |
| Growth rate | 3% | 19% |
| Number of jobs | 60,034 | 73,462 |
| Job satisfaction | - | 5 |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 75% |
| Average age | 47 | 37 |
| Years of experience | 4 | 6 |
Cost Analysts are employees with a strong background in finance or accounting. They are in charge of collecting financial data and analyzing the entries. They study the company's expenses and prepare pertinent reports. Cost Analysts look for inconsistencies in the financial data. This way, they can assist in auditing the company's spending. Cost Analysts also look for inefficiencies. They do so by tracking item costs and department budgets and monitoring department expenses. They are also involved in budget-setting activities.
Pricing analysts are responsible for examining competitors' pricing strategies and industry standards to aid businesses in determining and setting competitive pricing. These professionals study consumer habits and behavior to gauge their willingness to pay for products and examine consumer spending. They conduct impact and mathematical analyses, and large-scale research to come up with their conclusions. Other duties and responsibilities include developing revenue forecasts and statistical models, monitoring industry trends, and developing pricing tools that can quickly respond to the rapidly changing market trends and needs.
Cost analysts and pricing analysts have different pay scales, as shown below.
| Cost Analyst | Pricing Analyst | |
| Average salary | $54,158 | $64,168 |
| Salary range | Between $39,000 And $73,000 | Between $46,000 And $89,000 |
| Highest paying City | Washington, DC | Seattle, WA |
| Highest paying state | Virginia | Washington |
| Best paying company | General Motors | Apple |
| Best paying industry | Automotive | Finance |
There are a few differences between a cost analyst and a pricing analyst in terms of educational background:
| Cost Analyst | Pricing Analyst | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 75% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between cost analysts' and pricing analysts' demographics:
| Cost Analyst | Pricing Analyst | |
| Average age | 47 | 37 |
| Gender ratio | Male, 54.2% Female, 45.8% | Male, 53.3% Female, 46.7% |
| Race ratio | Black or African American, 10.1% Unknown, 4.7% Hispanic or Latino, 16.1% Asian, 8.6% White, 59.5% American Indian and Alaska Native, 1.0% | Black or African American, 5.0% Unknown, 5.0% Hispanic or Latino, 12.0% Asian, 13.0% White, 64.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 13% | 10% |