What is Needed to Be a Pricing Analyst
In order to become a proposal pricing analyst you should first think about the career path and determine if this is something you really want to do. If you really enjoy working with numbers, statistics and general math calculations, if you an analytical mind when it comes to business or you have a lot of experience working with databases and management, then you might be a good candidate. The cost and price analysis in government contracts can be pretty tricky to follow sometimes and you really need to enjoy what you are doing in order to get down to the nitty gritty of the fine print. Proposal pricing software can be difficult to understand and the job in general is very fast paced and fairly stressful. There is a constant demand on the accuracy of the numbers as well as the need to be accountable for your work.
In order to become a pricing analyst you will probably need a bachelor’s degree. If you are wanting to move up to a senior level position, an MBA will be necessary. The education requirements will probably differ by employer but generally speaking you will want to get your bachelor’s in either math, statistics, e-con, marketing, finance or some kind of program specializing in pricing analysis. While your major is the most important degree to have in the specified field, your minors should also be geared in that direction in order to show any potential employer that you are fully invested in this line of work.
Pricing analysts are expected to provide data and analytic information that supports the measurements and determinations to show what kind of profitability is coming from the company’s product and how the development of pricing strategies will support future plans. They are also supposed to track metrics and market trends in order to establish, maintain and analyze price references. This is so the key market and pricing insights can be uncovered and pricing strategies can be updated and redone depending on how they will affect a customers and any competitors. It is up to the pricing analyst to use proposal pricing software to come up with information recommendations for pricing. The prices would be based on analysis and data that is inputted into proposal pricing software in order to come up with accurate numbers. This will help the company to make well informed pricing choices.
IF you want to be a successful pricing analyst you need to know about more the proposal pricing software and federal contracting. There are certain characteristics or personality traits that employers look for in potential employees. Some of these traits would be something like:
- A genuine interest in data analysis
- A customer centered attitude
- A desire to work with numbers
- An ability to never stop learning
- A goal to stay in the line of work for a life long career
You should also:
- Have excellent abilities when it comes to written and verbal communication
- Have a detail oriented mind
- Be a team player
- Have previous experience in this industry
- Be able to show your vast skills
- Know and be comfortable with pricing software
It’s hard to get a job without experience and you won’t get any experience without the job, so it’s a sort of catch 22 situation. However, even if you already have your master’s degree, you may find it best to start at the bottom as a junior pricing analyst or really any kind of finance position in order to start building your portfolio. As a junior level analyst, you will probably only need about a year of experience in any kind of finance related job as well as your bachelor’s degree. A great plan is to go for your master’s while you are building that low level experience. Then, once you graduate with your master’s, you will be able to start applying for mid and senior level pricing analyst positions.
Being an analyst is not an easy job but if you enjoy it, it can be very rewarding. You just need to know that is it something you are going to enjoy and be able to do in the long run. It is not a short term career or a stepping stone; it should be nothing less than the end goal for your career search.