Pricing analysts research the market and analyze data to understand the most profitable prices for the products of their company that stay in sync with market demands and yet allows for achieving sufficient revenues. They contribute to developing pricing models and sales strategies while striving to increase the company's competitiveness.
You will have to assess data from various sources to gain insight into market trends and competitors' pricing, market shares and margins, and customers' preferences. Based on these findings, you will advise your company on appropriate pricing strategies.
As a pricing analyst, you will work in an office and use standard office equipment and software. Your input will be important in forecasting trends and avoiding financial risk, allowing your business to quickly and successfully adapt to changes in the market.
There is more than meets the eye when it comes to being a Pricing Analyst. For example, did you know that they make an average of $32.73 an hour? That's $68,074 a year!
Between 2018 and 2028, the career is expected to grow 20% and produce 139,200 job opportunities across the U.S.
There are certain skills that many Pricing Analysts have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed Detail oriented, Analytical skills and Communication skills.
If you're interested in becoming a Pricing Analyst, one of the first things to consider is how much education you need. We've determined that 74.9% of Pricing Analysts have a bachelor's degree. In terms of higher education levels, we found that 13.1% of Pricing Analysts have master's degrees. Even though most Pricing Analysts have a college degree, it's possible to become one with only a high school degree or GED.
Choosing the right major is always an important step when researching how to become a Pricing Analyst. When we researched the most common majors for a Pricing Analyst, we found that they most commonly earn Bachelor's Degree degrees or Master's Degree degrees. Other degrees that we often see on Pricing Analyst resumes include Associate Degree degrees or High School Diploma degrees.
You may find that experience in other jobs will help you become a Pricing Analyst. In fact, many Pricing Analyst jobs require experience in a role such as Finance Analyst. Meanwhile, many Pricing Analysts also have previous career experience in roles such as Customer Service Representative or Internship.