Pricing analysts perform a broad range of tasks that revolve around researching, establishing and updating pricing models for business products and services. They must work with a variety of departments, including sales, product management, marketing and accounting, to ensure that their methodology complies with company policies and maximises profitability.
A pricing analyst's primary function is to create, track and analyse pricing models to help his company's sales and marketing teams price products and services competitively. Pricing analysts must follow price trends in the marketplace using industry databases, catalogues and other industry sources. These professionals work closely with product managers to develop and roll out price models and strategies for their company's different product and service lines. Other duties that are included under a pricing analyst's job title include maintaining price lists, contributing content for sales proposals, reviewing price quotes, generating pricing reports on sales revenue and preparing revenue forecasts and budgets for project managers.
A pricing analyst position requires a bachelor's degree in business administration, finance, mathematics, accounting, economics or a closely related discipline. Depending on the structure and level of skill needed for the job, employers sometimes prefer candidates with up to six years of previous analyst experience.
Since pricing analysts constantly work with numbers and calculations, they must have excellent math and analytical skills. Candidates should have strong oral and written communication, multitasking and creative skills. Although pricing analysts may work under minimal supervision, they should also work well with teams and independently. The position requires a high proficiency with computer spreadsheet, word processing and presentation software, as well as software that deals with pricing models.
At November 2009, competitive pricing analysts earned a median salary of £33,998 with a median salary range of £29,750 to £39,126. An April 2010 PayScale salary report places the salary range for pricing analysts between £26,980 and £36,533.
Job prospects are positive for professionals working within the biotechnology, medical, technology, marketing, engineering and human resources fields. Start-up internet companies will look to hire analysts who can advise on pricing strategies, inventory management, marketing services and employee relations. As pricing analysts build their skills and acquire more experience, they can advance to a pricing director role and supervise other junior-level pricing analysts.