The following article discusses the career path of Pricing Manager. Learn about how to become one, education requirements, job duties, traits and qualities, national salary outlook as well as top national employers of Pricing Managers.
Pricing managers help with the pricing and accounting aspects of the company. They supervise and work with the accounting department, other employees, and external vendors. They monitor market and price movements, ensure all local, state, federal, and internal policies and regulations are adhered to, and control any associated risks. Furthermore, they develop pricing policies and change them as and when needed to remain compliant with industry standards. They troubleshoot processes, analyze changes in prices, support internal and external auditors, and ensure prices are fully optimized.
They are also responsible for resolving problems and keeping risks to a minimum. They coach staff and evaluate their performance. They communicate with vendors and other managers, and foster relationships. In order to do this, they must assess values, review books, and calculate pricing rates. They work in close liaison with partners, staff, and accountants in order to make sure every aspect of personal development and pricing alike is conducted effectively and timely.
Other job duties of a pricing manager are:
- To conduct financial modeling exercises, analyzing results to set appropriate prices
- To supervise and train other staff, including pricing analysts
- To ensure all products remain competitive by working together with product developers
- To monitor the competition and make changes to the pricing strategies in order to reflect market changes and remain competitive
Where We Work
According to the U.S. Bureau of Labor Statistics, there were 385,500 sales managers in 2016. The largest employers of these professionals were:
- Wholesale trade: 20%
- Retail trade: 18%
- Manufacturing: 12%
- Professional, scientific, and technical services: 10%
- Finance and insurance: 9%
How to Become
Usually, a pricing manager will hold a bachelor’s degree as a minimum. The subject of this degree varies, but it is preferred for them to have completed courses in statistics, marketing, mathematics, finance, accounting, economics, management, and business law. Work experience is usually of greater importance than education, however. Often, they will have at least five years of experience in the field. That said, it is more and more common for pricing managers to have completed an MBA.
The most effective pricing managers have the following traits to some degree or other:
- Strong analytical skills
- Excellent communication skills, both verbal and written
- Great customer service skills
- Strong leadership skills
- Excellent sales and marketing scales
- An in-depth understanding of financial and business models
- Strong knowledge of management operations and accounting
Traits & Qualities
The national average salary estimate for Pricing Manager was $88,102. This number is estimated from over 130,024 employees, users past and present job advertisements from Indeed.com. This equates to an hourly salary of $45.89 and monthly of $7,342.
- Most Reported
Salary by State
The following section lists Pricing Manager salaries in each state around the country. The figures are based on the total number of job postings through Indeed.com. For example, Massachusetts had the largest quoted salary of $115,457 while Oregon had the smallest quoted salary of $37,132.
|Florida||Minnesota||Pennsylvania|Top 20 National Employers
According to Indeed.com, the following states had employers looking to hire a Pricing Manager. The quoted salary figure represents the average salary from all job postings by this employer.
|Employer Name||Location||Average Salary|
|Kforce Finance and Accounting||New Jersey||$160,000|
|Pascale & LaMorte||Connecticut||$144,539|
|Robert Half Finance & Accounting||Minnesota||$134,174|
|Infinity Consulting Solutions, Inc.||Illinois||$130,615|
|Parker and Lynch||California||$129,617|
|Worldwide Placement Limited||Wisconsin||$125,000|
|The Judge Group||Massachusetts||$124,900|
|Premiere Global Financial Services Company||New York||$120,000|
|Career Name||Average Salary|
|Director of Purchasing||$90,585|
|Director of Marketing||$90,048|
|Systems Project Manager||$86,680|
|Supply Chain Manager||$85,591|