Are you looking for a career that allows you to work independently in a challenging and fast-paced setting where every project is different and results equal success? If this type of work sounds enjoyable, consider a career as a pricing analyst.
Here, you can learn more about the job opportunities for pricing analysts, along with potential salary, job duties, and the education and training required to pursue this occupation. Enrolling in the online Master of Science (MS) in Supply Chain Management program from Florida Institute of Technology is a great first step toward this rewarding career.
Pricing Analyst Job Description
Pricing analysts help their employers achieve the best possible bottom line by utilizing data to make sound decisions on purchases, manufacturing operations and sales activities. Also known as cost estimators, these professionals spend their days crunching numbers while gathering and analyzing data to determine the best possible price for selling and buying goods without going below or above profitable levels.
Pricing analysts use statistical processes and analytics to develop prices, margins and market share. They might work with data supplied by the sales or marketing team, competitor information and other data sources. Pricing analysts also create reports and detailed analyses of product sales and margins and identify opportunities to increase them.
What Does a Pricing Analyst Do and Why Does It Matter?
Every company needs to make a profit. Pricing analysis helps businesses do this by increasing the efficiency of supply chain management and operations and enabling stakeholders to make informed decisions. Pricing analysts use their specialized skills to review past performance, analyze current operations and recommend alternative courses of action.
A skilled pricing analyst can impact a company’s bottom line in several ways. These professionals may create forecasts that demonstrate alternative and money-saving methods of buying materials, manufacturing products or distributing goods. Pricing analysts often recommend new markets to break into or demonstrate that current customers are willing to pay a higher price for the company’s products.
Pricing analysts also collaborate with purchasing directors and procurement specialists, collectively determining the best course of action and advising other departments on how to run operations more efficiently to meet business objectives. Companies that work with government agencies also rely on pricing analysts to ensure compliance with purchasing and contracting regulations to avoid errors and fines.
Where Can I Find Jobs as a Pricing Analyst?
Pricing analysts find employment across the spectrum of industries for multinational corporations, regional firms, local businesses and government agencies. The scope of their practices is broad, as are the applications of what they do.
Examples of organizations that value pricing analyst expertise include manufacturers and distributors, pharmaceutical companies, utilities providers, aerospace and defense contractors, and information technology firms. In general, any group concerned with the bottom line can benefit from the skills and contributions of pricing analysts.
Pricing Analyst Education Preparation
The path to a pricing analyst career can begin with researching the educational and training requirements common among employers in this field. While specific requirements will vary, pricing analyst jobs typically require a bachelor’s degree at minimum, although substantial work experience may be suitable for entry-level positions.
However, according to the Indeed Career Guide, professionals with a master’s degree in a related field may have improved career prospects. For instance, employers may prefer candidates with a master’s degree in supply chain management when hiring for managerial positions.
Programs like Florida Tech’s online MS in Supply Chain Management provide in-depth coursework in areas like cost and economic analysis, corporate finance, managerial accounting, material acquisition management, operations management, and advanced techniques in supply chain management. This type of program prepares pricing analysts and cost estimators to excel in management-level positions.
Pricing Analyst Career Path, Training and Other Qualifications
Completing a degree program is a significant step in preparing for a pricing analyst position. Employers, however, will also assess your experience, technical skills and other abilities to ensure you’ll add value to the company.
A pricing analyst must be able to manipulate, validate and creatively analyze large sets of data. They need systems analysis skills and the aptitude to learn new software applications quickly. Employers may also call for experience with statistical spreadsheet and database packages. Pricing analysts often work closely with other teams, such as marketing, finance, sales, corporate strategy and business development, making interpersonal skills very important. In addition, employers hiring pricing analysts often list the following requirements:
- Strong organizational skills
- The ability to work independently or on a team
- The ability to simultaneously manage multiple projects and stakeholders on a deadline
- Excellent verbal and written communication skills
Advancing as a pricing analyst often depends on work experience and additional education. Employer-provided tuition assistance and reimbursement programs may be available to professionals seeking a master’s degree while remaining employed with their company. Further, online programs like Florida Tech’s offer the convenience and flexibility to continue working while earning your degree.
Potential Salary for Pricing Analyst Positions
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for employees listed in the job classification of cost estimators was $77,070 in 2024. The lowest-paid 10% earned less than $46,330 annually, while the highest-paid 10% earned more than $128,640 per year.
This variance in pay is due to numerous factors. Logically, entry-level jobs pay at the lower end of the range, while management positions pay upper-level salaries. Additionally, salary potential may vary depending on industry type, size and location, and a candidate’s education and experience. Aspiring pricing analysts should conduct independent research to determine actual earning potential given their region, industry of choice and level of education.
Are You a Good Fit for a Pricing Analyst Career?
If you thrive in a fast-paced environment and enjoy math, business and data analysis, you may be a candidate for a career as a pricing analyst. In addition to a penchant for number crunching and analysis, you’ll need excellent interpersonal skills and a comprehensive understanding of supply chain, finance, distribution, logistics, operations and purchasing processes.
You can hone your skills and study the nuances of these processes in the MS in Supply Chain Management program from Florida Tech. Start by planning your educational path according to your interests, factoring in the qualifications and skills sought by employers, and you can set yourself on the path to a successful pricing analyst career.
Learn more about Florida Tech’s online MS in Supply Chain Management program.
