Pricing Manager Salary
Pricing Managers in the United States take home approximately $82K per year on average. Including potential for bonuses and profit sharing — peaking near $16K and $9K, respectively — total cash payment to Pricing Managers can bottom out near $46K or peak near $122K depending on individual performance. Geographic location and tenure each impact pay for this group, with the former having the largest influence. Job satisfaction is reported as high by the vast majority of workers. Men working as Pricing Managers who took the survey just slightly outnumber women at 54 percent. Medical benefits are awarded to almost all, and a large number earn dental coverage. The figures in this overview were provided by individuals who took PayScale's salary questionnaire.
Job Description for Pricing Manager
Pricing managers assist with the accounting and pricing aspects of their organization. They work with the accounting staff, vendors, and employees to manage department workflow. This includes monitoring price and market movements, compliance with regulations and policies, and the control of associated risks. It also includes formulating and executing pricing policy changes in compliance with industry standards, analyzing price changes, troubleshooting processes, supporting audits, and conducting pricing optimization.Read More...
Pricing managers assist in the resolution of problems and help minimize risks, as well as evaluate and coach staff. Other duties for pricing managers may include vendor management, communication with other managers, and relationship management. To perform these (and other) duties, pricing managers may need to review books, assess values, and calculate rates. Pricing managers must communicate effectively with staff, partners, and accounting professionals to ensure that all aspects of pricing and employee development are taken care of in a timely and effective manner.
Generally, a bachelor's or master's degree in accounting, management, or a related field is required for this position. Experience in a similar position is generally needed as well. A combination of education and experience may be accepted in lieu of a degree. This job requires strong communication and leadership skills, sales and marketing skills, and strong attention to detail. Additionally, pricing managers must be able to understand and formulate business and financial models, and they must possess strong knowledge of accounting and management operations.
Pricing Manager Tasks
- Conduct financial modeling and analysis to determine prices for products.
- Train and supervise pricing analysts.
- Work with product developers to make sure products are competitive.
- Identify and monitor competitors and adapt pricing strategies to reflect changes in the market.
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Popular Skills for Pricing Manager
Survey results imply that Pricing Managers put a diverse skill set to use. Most notably, facility with Financial Modeling and Financial Analysis are correlated to pay that is significantly above average, leading to increases of 29 percent and 13 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Microsoft Office. For most people, competency in Data Analysis indicates knowledge of Microsoft Excel.
Pay by Experience Level for Pricing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $75K, but survey participants with five to 10 years of experience earn a significantly higher median of $86K. Pricing Managers see a median salary of $94K after reaching one to two decades on the job. For some reason, Pricing Managers with more than two decades of experience report lower paychecks overall; the median sum in this group sits near $88K.
Pay Difference by Location
With a pay rate for Pricing Managers that is 40 percent greater than the national average, Washington offers a comfortable salary for those in this profession. Pricing Managers will also find cushy salaries in San Francisco (+34 percent), Philadelphia (+29 percent), Raleigh (+27 percent), and Atlanta (+16 percent). The smallest paychecks in the market, 12 percent south of the national average, can be found in Phoenix. Workers in New York and Seattle earn less than others in this profession; their salaries fall short of the national average by 7 percent.
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Key Stats for Pricing Manager
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