Pricing Manager Salary
Median pay for Pricing Managers in the United States is around $83K per year. Total cash compensation to Pricing Managers approaches anywhere from $46K on the lower end to $123K on the higher end; in exceptional cases, this can include more than $16K from bonuses and upwards of $8K from profit sharing. Geography and years of experience each impact pay for this group, with the former having the largest influence. The majority of Pricing Managers claim high levels of job satisfaction. Medical benefits are awarded to almost all, and a large number earn dental coverage. Men make up a slight majority of Pricing Managers (54 percent) who responded to the survey. Figures cited in this summary are based on replies to 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 show that Pricing Managers use a fair number of skills. 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 11 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Microsoft Office, People Management, and Business Analysis. Most people familiar with Data Analysis also know Microsoft Excel.
Pay by Experience Level for Pricing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $76K; however, individuals with five to 10 years of experience bring in $87K on average — a distinctly larger sum. Pricing Managers who work for 10 to 20 years in their occupation tend to earn about $94K. Folks who claim more than 20 years of relevant experience actually report a comparatively lower median income of $89K.
Pay Difference by Location
Pricing Managers will find that Washington offers an impressive pay rate, one which exceeds the national average by 40 percent. Pricing Managers will also find cushy salaries in San Francisco (+32 percent), Philadelphia (+27 percent), Raleigh (+26 percent), and Atlanta (+16 percent). The lowest-paying market is Seattle, which sits 18 percent below the national average. Phoenix and New York are a couple other places where companies are known to pay below the median — salaries are 13 percent lower and 6 percent lower, respectively.
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Key Stats for Pricing Manager
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