Hot Jobs for MBAs: Becoming a Pricing Analyst
MBA graduates looking to apply their skills to a fast-growing and high-paying career may be interested in pursuing a role in Pricing Analysis. Named among the 100 best jobs in America by CNN, working as a Pricing Analyst is a perfect way for an MBA graduate to make use of their strong education combining skills in marketing, finance, and analytics.
With a predicted 10-year job growth of 41.2 percent and roughly 280,000 total jobs available, business students who think they might be interested this fast-growing career can start preparing while still in school through specialized study in marketing or finance. Armed with the special skills in data analysis in addition to the strong business background of an MBA, students looking to enter the field after graduation will have a competitive advantage as they begin their career.
We’ve rounded up the most important things to know about a career in Pricing Analysis to help you decide if it’s the right role for you.
What is a Pricing Analyst?
A company’s pricing analyst is responsible for figuring out the appropriate price for a business to place on a product or service. Using a variety of data and different metrics, the Pricing Analyst will determine the perfect price that will both appeal to consumers and produce an appropriate profit for the company.
Pricing Analysts must be able to track marketplace trends and implement a strategy that will benefit both the company and consumer. Someone in this role must be able to effectively communicate to a number of other departments such as supply chain, sales, marketing, finance, and be able to work with these groups in making pricing recommendations and decisions based on their analysis.
Pricing Analysts may be needed at wide variety of companies and organizations, ranging from construction companies, colleges and universities, banks and financial institutions, pharmaceutical companies, and more.
What Skills Does a Pricing Analyst Need?
Those who succeed in the role of Pricing Analyst typically have strong skills in mathematics, analytical thinking and problem solving. It is also important that Pricing Analysts are able to effectively communicate, as they are often required to explain their research and analysis to others in order to make important decisions.
Other skills employers may seek in a Pricing Analyst may be:
- An interest and skill working with numbers and data.
- Being a detail oriented and proactive worker.
- Have the ability to work with minimal supervision.
- Experience in back-office and billing systems and database management programs,
Pricing Analyst Salary
Pricing Analyst salaries, according to PayScale, may vary according to a number of factors, such as education, terms of the job, and type of employer. On average, Pricing Analysts can earn anywhere from $52,000-61,000 depending on their level of experience. In cities like New York and Boston, that number is slightly higher.
A recent study from Deloitte found even more impressive figures: 62 percent of respondents in a survey of pricing professionals reported salaries of greater than $100,000 and 83 percent of respondents said they were also eligible for an annual bonus.
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MBAs For Pricing Analysts
While most MBA programs do not offer a direct concentration in pricing analysis, a number of programs still provide specialized pricing education through other departments, like finance and business analytics. Below are just a few examples of pricing-related courses available at some of the top MBA programs in the country:
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Scheller College of Business – Georgia Institute of Technology
The Scheller College of Business offers a course in pricing strategy as part of their Business Analytics MBA concentration. The course, marketing Analytics and Pricing Strategy, helps students gain skills in making effective pricing decisions through the understanding of important economic and analytical concepts associated with customer behavior and competition.
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The Wharton School – University of Pennsylvania
FNCE717, or Financial Derivatives, at the Wharton School focuses students on making strategic corporate decisions, particularly when it comes to pricing. Students will learn several different approaches to pricing and how to apply such skills for investment and risk-management.
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Rutgers School of Business, Newark and New Brunswick
The MBA program at Rutgers’ Newark and New Brunswick location offers a class in Supply Chain Pricing Strategy. The course recognizes the importance of pricing in driving profits and the extreme negative impact poor pricing decisions can have. Students will learn how to approach pricing from both a strategic and tactical level and be able to apply it to a number of fields and industries.
Do You Actually Need an MBA for the Job?
While an MBA is not necessarily a requirement of all Pricing Analyst jobs, it is by far the most common degree held by those in this role. According to the aforementioned Deloitte survey, 43 percent of respondents held MBA degrees, while just 26 percent—the next highest percentage—held undergraduate degrees in business. Earning an MBA and demonstrating specialized coursework in pricing will give those in the field a competitive edge and open the door to higher level management positions in the field.
Searching for the World’s Top MBA Recruiters: Comcast
Ever year, new MBA graduates are entering the workforce, and companies throughout the world seek new ways to benefit from their educational experience and knowledge. Major companies like the Comcast Corporation seek young professionals to contribute their talent to the company in a number of different ways.
Based in Philadelphia, PA, Comcast is a telecommunications conglomerate that has been taking over the globe since its founding fifty-four years ago in Tupelo, Mississippi. From internet provider to producers of feature films through the NBCUniversal (another one of our favorite MBA recruiters) division, Comcast has an expansive number of markets it can reach.
Today, Comcast makes more than $19.7 billion in media revenue, 88 percent of which comes from its NBCUniversal division. The remaining revenue comes from its cable business and from ownership of the streaming service Hulu. As of December 2016, Comcast employed 153,000 people among its various divisions. Ever looking to expand its reach, Comcast offers a number of opportunities for ambitious MBAs to gain experience and start careers at one of the world’s top media conglomerates.
Why Work at Comcast?
The appeal of working at a company like Comcast can be seen in the numbers: close to one million people have applied for a job at Comcast or one of its divisions every year since 2012. One reason may be the diversity in the kind of work one can do at the company—from creating new television shows to creating new apps and innovative products. With roughly 2,000 positions available at any given time, Comcast is always seeking passionate and entrepreneurial individuals who will help shape the company as it continues to grow and change.
Comcast also offers employees a number of opportunities to grow in their careers and at the company. Valuing teamwork, creativity and entrepreneurship, the company is always looking to empower individuals that represent these features and provide opportunities for them to use their talents in more ways.
Getting Started
Current MBAs looking to get their foot in the door at Comcast have a couple of different ways to do so. Students in the first year of their MBA program have the chance to pursue an internship at the company’s headquarters in Philadelphia. The preferred candidate for this specific internship would be between their first and second year of an MBA program, and have more than five years of professional work experience. Internship focuses for MBA students can occur in a wide variety of fields, including:
- HQ Functions
- Video Business Unit Strategy
- Internet Product Strategy
- Sales & Marketing
- Marketing Intelligence & Insights
- Corporate Strategy
- Integrated Talent Management
MBA students in their second year may also pursue a slot in Comcast’s MBA Rotational Leadership Program, which offers individualized placement into career-accelerating positions after a two-year rotational period. Students will have the ability to work on critical business projects in a variety of areas within Comcast and NBCUniversal, receive exposure to senior leadership through projects and development sessions, and gain access to mentorship through the programs cohort structure and interaction with peer advisors, mentors and program managers.
The ideal candidate for the MBA Rotational Leadership program has more than five years relevant work experience and a track record of academic excellence. The perfect MBA for this role must be a self starter, communicate effectively, and be passionate about innovation.
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What Types of Jobs are Available?
MBA students and graduates applying for jobs at Comcast after earning their degree will find a number of opportunities available. Here are just a couple roles currently open for MBA students and graduates:
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Director of Contracts Management — Technical Operations
The Director of Contracts management will be responsible for the drafting, evaluation, negotiation, and execution of all types of contracts. The director will monitor all contract work to ensure progress, assist in the training and development of a qualified frontline staff and manage the outsourcing of contract drafting and negotiations. The estimated salary for a Director of Contracts Management is between $98,000 and $144,000 per year, according to user statistics provided by Glassdoor.
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Pricing Analyst
The role of Pricing Analyst at Comcast helps to provide insights to the finance and marketing departments to make decisions for pricing in the Comcast Business division. The person in this role will use business analysis to help gather data and create reports that can help provide business leaders with continued recommendation leaders. The role requires a deep understanding of operational processes, marketing strategy, and strong interpersonal communication abilities.
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Senior Business Operations Manager
Currently open for applicants in the Philadelphia and New York City metro, the Senior Business Operations Manager role with FreeWheel, Comcast’s premium distribution advertising company, is part of the team “responsible for monitoring and providing insights into the health of the overall business.”
The role typically requires six or more years of professional experience and an MBA degree is preferred for the specific responsibilities of the position. According to user statistics provided by Glassdoor, Senior Business Operations Manager tend to make close to or more than six figures per year in the U.S.
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Director, Strategic Analytics
This role, currently open in the Philadelphia metro, unsurprisingly requires a lengthy and comprehensive understanding of business analytics, down to requisite knowledge of tools like R, SAS, and SQL, as well as 10 or more years of professional experience in the fields of computer science, finance, marketing, statistics, economics, and other related fields. Like the Senior Business Operations Manager role mentioned above, an MBA degree is not explicitly required, but Comcast notes it is “strongly preferred” for the position.
Check out more of Comcast’s currently open positions for MBA students and graduates today.
