Pricing Analyst
Pricing a product, commodity or a service is a skill which is known to very few people. The job of a pricing analyst is to understand the market conditions perfectly and help in the fixation of price of the products manufactured by his company. In today's competitive business world, pricing your product correctly has become very important to outdo the competitors. The interviews for these jobs will be tough as companies would prefer to recruit the best staff for such jobs. Before we move on to details, let us know something about the job description in the next section.
Job Description of a Pricing Analyst
As said above, the pricing analysts help in deciding the prices of the products of the company for which they work. For this, they have to consider many factors such as the nature of the product, prices of goods of competitor companies and the paying ability of the consumers. These analysts have to find out how much a consumer is willing to pay and what service he expects by conducting intensive research. He has to determine or find out which are those products for which the consumers are willing to pay a higher price and what are the exact reasons for that. They are well are of the price trends prevailing in the market. For the purpose of research, they also refer to historical prices and data about the prices of commodities under different market conditions to arrive at correct conclusions. They work closely with the marketing team of the company.
Educational Qualifications
For becoming a pricing analyst, you ideally need to have a college degree in subjects such as mathematics, economics, marketing or statistics. With the help of a graduation degree in these fields, you will be able to enter this field quite easily. The institute from where you complete your course matters a lot when it comes to securing the best jobs in the industry. With a master's or doctoral degree in the above subjects, you can get the most coveted jobs in this field. Many of them are management graduates and post graduates from reputed universities. A good knowledge of accounting, price trend and effective communication skills can make you a successful pricing analyst.
Expected Salary
The salary of a pricing analyst largely depends on their educational qualifications, several years of practical experience, place of the job and type of employer. The ones working for top-notch companies in the financial services, production and manufacturing sectors can expect to earn a better salary than those working for the smaller companies. The salaries are much higher in the metropolitan cities as compared to the rural areas outside the cities. As per various salary surveys, the median salary for a pricing analyst is around $52,000 per year. On the whole, most of them earn between $42,000 to $55,000 per year. You can definitely earn more than this amount if you have the relevant work experience and have worked on large projects successfully. The salaries in major places such as New York, Texas, and California will be much higher.
Hopefully, this information will help you to plan a career in this field. So, work hard for a promising future. All the best!
