Pricing Analyst Salary
Job Description for Pricing Analyst
Pricing analysts study pricing to determine the best target price for their business. While many businesses hire a full-time pricing analyst, some are hired as consultants to work on a single project or for a short amount of time.Read More...
Pricing analysts are expected to determine the best price point of a service or product for their business. They examine the competition and industry standards, identifying any specific strategies that the competition is using. They may graph data indicating pricing trends over time, which help determine if a company can charge more at a specific time of year or during a certain season. This information can also help the company identify the best time to roll out a new product or concept.
While tracking consumer habits is an important aspect of the pricing analyst’s job, they must also observe the internal costs of a product or service. They must take note of the cost it takes to develop, make, and package a product, as well as marketing costs. The quality of a product or service may also increase the price that a consumer is willing to pay.
Pricing analysts typically hold at least a bachelor's degree in business or a related field. Pricing analysis is a specialized field, so people generally do not enter in an entry-level position; pricing analysts are usually employees who have been with a company for many years and receive targeted training to help them work as effectively as possible.
Pricing Analyst Tasks
- Identify, scope and execute strategic price process improvement projects.
- Proactively communicate metrics and project objectives, status, barriers and results to all levels of the organization.
- Work with cross functional teams to define floor, target and ceiling pricing for project job components.
- Scope the issue then define, build and implement solution to measure price effectively.
Common Career Paths for Pricing Analyst
While not commonly seen, Pricing Analysts who transition into a Pricing Manager position may see a rise in pay. The median salary for Pricing Managers is $83K per year. Pricing Analysts most often move into positions as Senior Pricing Analysts or Senior Financial Analysts; those groups report median salaries that are $17K higher and $22K higher, respectively.
Pricing Analyst Job Listings
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Popular Employer Salaries for Pricing Analyst
Science Applications International Corporation (SAIC), Nationwide Mutual Insurance Company, Sears Holdings Corporation, J.P. Morgan Chase & Co. (JPMCC), and Wesco International, Inc. are leaders in the field that employ a large number of Pricing Analysts. Northrop Grumman Corporation attracts talent by shelling out the biggest paychecks in the area — the median in that office is $67K. Other big spenders include Science Applications International Corporation (SAIC), Ricoh Corporation, and Nationwide Mutual Insurance Company, top-paying firms where Pricing Analysts see paychecks nearing $62K, $59K, or $58K.
Advance Auto Parts, Inc., J.P. Morgan Chase & Co. (JPMCC), and Sears Holdings Corporation also scrape the bottom of the pay scale, with median earnings hovering around $45K, $52K, and $56K.
Popular Skills for Pricing Analyst
Survey results imply that Pricing Analysts deploy a deep pool of skills on the job. Most notably, facility with Data Modeling, Tableau Software, and Project Management are correlated to pay that is significantly above average, leading to increases of 21 percent, 16 percent, and 11 percent, respectively. Skills that pay less than market rate include Set Pricing Levels and Salesforce. Those educated in Data Analysis tend to be well versed in Pricing.
Pay by Experience Level for Pricing Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
More years of relevant experience do not necessarily translate to higher paychecks. The average worker who claims fewer than five years of experience earns around $51K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $60K. After working for 10 to 20 years, Pricing Analysts make a median salary of $63K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $64K on average.
Pay Difference by Location
New York offers some of the highest pay in the country for Pricing Analysts, 19 percent above the national average. Pricing Analysts will also find cushy salaries in San Diego (+15 percent), Boston (+14 percent), Washington (+12 percent), and Chicago (+10 percent). Irvine is home to the smallest salaries in the field, lagging the national average by 12 percent. Milwaukee and Minneapolis are a couple other places where companies are known to pay below the median — salaries tend to be 7 percent less than the median.
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