What Education Pedigree is Required for Pricing Analysts?
If you love manipulating data and approach challenges with enthusiasm, then you already have half the abilities to be a successful pricing analyst. You also need to have the right training and expertise. Your education and pedigree is tantamount to getting a job within this fast-paced field. Simply put, pricing analysts are hired to make money for a company. There are all kinds of markets, opportunities and software that pricing analyst work with on a daily basis, building and analyzing spreadsheets, slicing and dicing through data and producing quality research that will appeal to market holders and upper management. It’s a position with a lot of cross-functional and varied applications, and you can make a huge impact at the entry level. In some cases, all you need is a bachelor’s degree and experience to work as a pricing analyst. In more competitive positions, a master’s degree can take you even farther.
Most pricing analysts get started on their careers as finance or marketing majors. These are the degrees that truly teach the fundamentals and advanced training necessary to analyze data and produce quality statistics from less than perfect information. In addition, students learn how to work with Excel, Word, PowerPoint and research software to develop highly analytical and stratified spreadsheets, necessary for showing data and submitting proposals.
Business courses are also essential for possessing a working knowledge of Federal Acquisition Regulation, also known as FAR. This is an essential component to being able to understand how goods and services are sold and how the government regulates these activities. Expert knowledge in this alone can get you noticed by many companies.
In addition, pricing analysts take business courses in order to better understand how markets work and knowing the value of different products. In addition, pricing analysis is all about understanding your competition and where you fall in the marketplace. The right price and product can make a huge difference for your company, but knowing how to conduct the research and combine with business strategy takes skill and practice.
Finance and marketing majors aren’t the one-stop-shop to landing a pricing analyst career. Students often go on to getting a master’s degree in statistics. Airlines, hotels and retail businesses thrive on the advanced science of statistics. While these jobs have higher responsibilities, the pay is much higher than what you’ll find in other positions only requiring a bachelor’s degree. Right now, the average pay for a pricing analyst with a bachelor’s degree is around $40,000, but those with MBAs in finance can earn over $80,000 per year.
Much of the markets are changing. Pricing analysts who want to remain competitive must adapt to the online marketplace and Internet marketing strategies that are currently moving trends. Research is more extensive and personal as well, as analysts must be able to boost revenues and awareness from products not just through simple marketing campaigns on television but through innovative online forums, which are not always forgiving if something goes awry. With a strong background and education pedigree in finance and marketing, one can make an incredible difference for any company, but it takes eagerness and a true love of research and analysis to make it at the top.
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