What Education is Required to Become a Pricing Analyst?
One of the key people involved in determining cost and the factors influencing it is the pricing analyst. Read on to find out what education is needed to pursue a career in pricing analysis.
Career Overview
<p>Pricing analysts set pricing structures, analyze buying patterns, and create special promotions or programs to increase profitability. Pricing analysts can be found in a variety of industries, including retail, hospitality, gaming, manufacturing, telecommunications, energy, insurance, banking, and healthcare.
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<h3 id="section---ImportantFactsAboutThisOccupation">Important Facts about this Occupation</h3>
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<table border="1"><tr><td>Median Pay (2019)</td><td> The median annual wage for pricing analysts is around $55,980*</td></tr>
<tr><td>Entry-Level Education</td><td>Bachelor's degree</td></tr>
<tr><td>Work Environment</td><td>Work in this area can be fast paced. Pricing analysts must be able to work in teams.</td></tr>
<tr><td>Similar Occupations</td><td>Budget Analyst, Cost Estimator</td></tr>
</table><p><i>Source: *Payscale.com</i>
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<h3 id="section---EducationAndTraining">Education and Training</h3>
<p>The education required to become a pricing analyst varies according to the industry where the analyst plans to work. In general, a bachelor's degree in business, finance, marketing, accounting, or management provides the educational background for most entry-level positions. Students should complete pricing analysis coursework or gain related industry experience. For middle or senior-level positions, an MBA combined with field-specific experience is usually preferred. Most pricing analysts continue their educations throughout their employment by attending conferences, seminars, and workshops to learn about changes and innovations in the field.
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<h3 id="section---SkillsAndAbilities">Skills and Abilities</h3>
<p>While each industry will have its own special qualifications and requirements, there are some basic skills that are common among pricing analysts. These often include communication, organization, and interpersonal skills. A pricing analyst should be able to use Excel, Microsoft Access, Word, and related software programs. This career requires a comprehensive understanding of data research, collection, and evaluation. Aside from the ability to work in a team environment, price analysts also need the skills to conduct negotiations, make purchases, and bid for contracts.</p>