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
- 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.
- 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.
Common Career Paths for Pricing Analyst
While Pricing Analysts do not often become Pricing Managers, the job pays $83K per year on average. When Pricing Analysts are ready for the next step in their careers, they often become Senior Pricing Analysts or Senior Financial Analysts. Those roles pay an additional $17K and $23K, respectively.
Pricing Analyst Job Listings
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Popular Employer Salaries for Pricing Analyst
Dominating the field, Science Applications International Corporation (SAIC), Nationwide Mutual Insurance Company, Sears Holdings Corporation, J.P. Morgan Chase & Co. (JPMCC), and Advance Auto Parts, Inc. are top firms with a reputation for hiring a great number of Pricing Analysts. Pricing Analysts seeking a sizable paycheck can earn the most at Northrop Grumman Corporation, where the average salary comes to $67K. Those in search of high salaries should also consider Science Applications International Corporation (SAIC), Ricoh Corporation, and Nationwide Mutual Insurance Company, top-paying firms where Pricing Analysts rake in a $62K, $59K, or $58K, respectively.
J.P. Morgan Chase & Co. (JPMCC), Advance Auto Parts, Inc., and Sears Holdings Corporation also rank near the bottom for pay, handing out $45K, $45K, and $56K-paychecks on average.
Popular Skills for Pricing Analyst
Pricing Analysts report using a large range of skills on the job. Most notably, skills in Microsoft Word, Project Management, SAS, and Financial Analysis are correlated to pay that is above average, with boosts between 8 percent and 17 percent. Skills that seem to negatively impact pay include Oral / Verbal Communication, Set Pricing Levels, and Salesforce. Most people experienced in Data Analysis also know Pricing.
Pay by Experience Level for Pricing Analyst
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Pricing Analysts do not generally earn higher incomes from more experience in the field. Respondents with less than five years' experience take home $51K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $60K. Pricing Analysts bring in $63K after working for 10 to 20 years. People who have worked for more than 20 years report a median income of $64K, which is barely higher than the median for folks with 10 to 20 years of experience.
Pay Difference by Location
With a pay rate for Pricing Analysts that is 27 percent greater than the national average, New York offers a comfortable salary for those in this profession. Pricing Analysts will also find cushy salaries in Boston (+18 percent), San Diego (+16 percent), Washington (+14 percent), and Chicago (+11 percent). Miami ranks last in the field for pay, reporting salaries 12 percent below the national average. Two other places where employers offer below-median salaries are Irvine (10 percent less) and Milwaukee (9 percent less).