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Financial ServicesISCO 2431

Pricing specialist

A pricing specialist is a person who analyses production costs, market trends and the competition in order to set the right price for a product, taking the brand and the marketing concept into account. The output is a price that can be justified by the data.

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Rate 5 of the 18 essential skills of this occupation (European ESCO data). No account needed.

maintain pricing database

set up pricing strategies

perform risk analysis

perform data analysis

prepare cost-plus pricing models

About pricing specialist

Analysis is the core of the role. The specialist performs data analysis, applies data mining methods to find the patterns in what has already been sold, and carries out risk analysis on what a price change could do: volume lost, margin gained, a competitor's response. Identifying price adjustment opportunities means finding the products and segments where the current price is leaving money on the table or driving customers away.

Strategy turns the analysis into policy. The specialist develops pricing strategies, works inside the company policies that constrain what may be charged and to whom, and keeps the price consistent with how the brand is positioned.

Communicating the result matters as much as reaching it. The specialist presents reports to the people who decide, and communicates price changes to the parts of the company that have to apply them, from sales to billing. This keeps new prices applied consistently across the company.

Do You Have the Skills for This Role?

Core competency requirements inferred from the occupation's skill profile. Take the free assessment to see how you match.

Must-Have Skills (Advanced)

Sense MakingAdvanced

Supporting Skills

CommunicationIntermediate
Problem SolvingIntermediate
Self ManagementIntermediate
Digital FluencyIntermediate
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European Skills Framework

Skills and knowledge areas required for this occupation based on European classification.

Essential (18)

data mining methodsdata mining methodsData mining techniques used to determine and analyse the relationship between different elements of economy and marketing.company policiescompany policiesThe set of rules that govern the activity of a company.maintain pricing databasemaintain pricing databaseMaintain internal and external database to ensure that all pricing data are permanently accurate and up-to-date.set up pricing strategiesset up pricing strategiesApply methods used for setting product value taking into consideration market conditions, competitor actions, input costs, and others.perform risk analysisperform risk analysisIdentify and assess factors that may jeopardise the success of a project or threaten the organisation's functioning. Implement procedures to avoid or minimise their impact.perform data analysisperform data analysisCollect data and statistics to test and evaluate in order to generate assertions and pattern predictions, with the aim of discovering useful information in a decision-making process.prepare cost-plus pricing modelsprepare cost-plus pricing modelsMake up cost and pricing models on a regular basis by taking into account the cost of materials and supply chain, personnel and operating costs.perform financial analysis on price strategiesperform financial analysis on price strategiesMake up a thorough financial analysis for a business. Monitor pricing actions and strategies.manage profitabilitymanage profitabilityRegularly review sales and profit performance.manage yieldmanage yieldAbility to conceive a pricing strategy based on understanding, anticipating, and influencing consumer behaviour in order to maximise revenue or profit from a fixed perishable resource from airline res...comprehend financial business terminologycomprehend financial business terminologyGrasp the meaning of basic financial concepts and terms used in businesses and financial institutions or organisations.make price recommendationsmake price recommendationsMake price recommendations based on factors such as standard costs, promotions, freight, margin expectations, and customer relationships.identify pricing opportunitiesidentify pricing opportunitiesAdapt prices to maximize revenue, including price-marked packs, for brand performance and business development.carry out statistical forecastscarry out statistical forecastsUndertake a systematic statistical examination of data representing past observed behaviour of the system to be forecast, including observations of useful predictors outside the system.present reportspresent reportsDisplay results, statistics and conclusions to an audience in a transparent and straightforward way.communicate price changescommunicate price changesTransparent, straightforward and effective communication with all departments involved; clearly communicate about price changes and their possible consequences.maintain financial recordsmaintain financial recordsKeep track of and finalise all formal documents representing the financial transactions of a business or project.perform market researchperform market researchGather, assess and represent data about target market and customers in order to facilitate strategic development and feasibility studies. Identify market trends.
Optional (11) — show
data visualisation softwaredata visualisation softwareA computer tool or application that creates a graphical and visual representation of data, allowing a better understanding and interpretation of complex data through visual elements such as maps, char...anti-dumping lawanti-dumping lawThe policies and regulations that govern the activity of charging a lower price for goods in a foreign market than one charges for the same goods in a domestic market.international taxation of transfer pricesinternational taxation of transfer pricesThe requirements and regulations of the transfer prices of goods and services between legal entities, especially in an international setting.teamwork principlesteamwork principlesThe cooperation between people characterised by a unified commitment to achieving a given goal, participating equally, maintaining open communication, facilitating effective usage of ideas etc.value-added tax lawvalue-added tax lawTaxes imposed on the purchase prices of goods and the legislation that governs this activity.competition lawcompetition lawThe legal regulations that maintain market competition by regulating anti-competitive behaviour of companies and organisations.product comprehensionproduct comprehensionThe offered products, their functionalities, properties and legal and regulatory requirements.communication principlescommunication principlesThe set of commonly shared principles in regards with communication such as active listening, establish rapport, adjusting the register, and respecting the intervention of others.manage contractsmanage contractsNegotiate the terms, conditions, costs and other specifications of a contract while making sure they comply with legal requirements and are legally enforceable. Oversee the execution of the contract, ...have computer literacyhave computer literacyUtilise computers, IT equipment and modern day technology in an efficient way.build business relationshipsbuild business relationshipsEstablish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the orga...

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Frequently asked questions

What does a pricing specialist do?

Pricing specialists analyse production prices, market trends and competitors in order to establish the right price, taking brand and marketing concepts into consideration.

What skills does a pricing specialist need?

A pricing specialist needs 18 essential skills, including data mining methods, company policies, maintain pricing database, set up pricing strategies, perform risk analysis.

Will AI replace pricing specialist jobs?

The AI disruption score for pricing specialist is 78/100 (very high risk). Skills most exposed to automation: value-added tax law, maintain pricing database, comprehend financial business terminology. Most resilient: teamwork principles, communication principles, build business relationships.

AI Replacement Risk

78/ 100
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Quick Facts

SectorFinancial Services
ISCO GroupBusiness and administration professionals
Essential Skills18
Core Skills5

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