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
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.
<h3 id="section---ImportantFactsAboutThisOccupation">Important Facts about this Occupation</h3><p></p><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>
</p><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.
</p><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>
