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The differences between pricing analysts and contract analysts can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become a pricing analyst, becoming a contract analyst takes usually requires 2-4 years. Additionally, a pricing analyst has an average salary of $64,168, which is higher than the $54,544 average annual salary of a contract analyst.
The top three skills for a pricing analyst include pricing strategy, strong analytical and customer service. The most important skills for a contract analyst are customer service, contract management, and contract terms.
| Pricing Analyst | Contract Analyst | |
| Yearly salary | $64,168 | $54,544 |
| Hourly rate | $30.85 | $26.22 |
| Growth rate | 19% | 9% |
| Number of jobs | 73,462 | 58,593 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 67% |
| Average age | 37 | 40 |
| Years of experience | 6 | 4 |
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.
A contract analyst is primarily in charge of thoroughly reviewing contract terms and conditions, negotiating and addressing changes on behalf of a company or an individual, and avoiding financial disadvantages or any disputes. They are responsible for consulting with clients, analyzing clauses and liabilities, recommending amendments, documenting all transactions, and monitoring every change in the contract. Furthermore, there are instances when a contract analyst must coordinate with all department officers, advising them of any significant changes that the contracts might bring.
Pricing analysts and contract analysts have different pay scales, as shown below.
| Pricing Analyst | Contract Analyst | |
| Average salary | $64,168 | $54,544 |
| Salary range | Between $46,000 And $89,000 | Between $39,000 And $74,000 |
| Highest paying City | Seattle, WA | Jersey City, NJ |
| Highest paying state | Washington | New Jersey |
| Best paying company | Apple | AstraZeneca |
| Best paying industry | Finance | Pharmaceutical |
There are a few differences between a pricing analyst and a contract analyst in terms of educational background:
| Pricing Analyst | Contract Analyst | |
| Most common degree | Bachelor's Degree, 75% | Bachelor's Degree, 67% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between pricing analysts' and contract analysts' demographics:
| Pricing Analyst | Contract Analyst | |
| Average age | 37 | 40 |
| Gender ratio | Male, 53.3% Female, 46.7% | Male, 41.2% Female, 58.8% |
| Race ratio | 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% | Black or African American, 5.6% Unknown, 4.5% Hispanic or Latino, 7.7% Asian, 14.1% White, 68.0% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 10% | 7% |