What is a career as a Pricing Analyst?
In today's competitive market, businesses rely heavily on data-driven decisions to stay ahead. At Admiral, our pricing teams do just that. As a Pricing Analyst, you will determine and adjust the prices we charge our customers through logic-based reasoning and statistical analysis.
Here is what to expect in a standard Pricing Analyst job description:
- You will build and run pricing models,
- make recommendations for rate changes,
- and set the rates that create competitive prices.
Pricing and Analytics is an intellectually challenging, interesting and enjoyable area at the very heart of the company.
Learn about the requirements and skills to start your Pricing Analyst career and how to frame your CV to stand out.
Pricing Analyst job requirements
Education
A career as a Pricing Analyst typically requires a solid foundation in mathematics, economics, finance, statistics, or a related field. Most employers expect candidates to hold at least a bachelor's degree.
Experience with programming languages
In addition to formal education, experience with data analysis tools and software such as Excel, SQL, and various statistical packages is crucial. At Admiral, pricing analysts often work with complex datasets to inform pricing strategies, so familiarity with programming languages like Python or R can be a significant advantage.
Industry knowledge
Furthermore, a good understanding of the industry you’re entering - whether it’s insurance or any other sector - is essential, as this knowledge helps you make informed recommendations based on market trends and consumer behaviour.
Pricing Analyst skills
To succeed in this role, you’ll need more than technical knowledge. You’ll need the following skills to tackle the challenges in this role:
Analytical skills - this is the ability to analyse large amounts of data and extract actionable insights. You’ll need to be able to identify trends, understand complex financial models, and predict how changes in price can affect demand.
Attention to detail - a meticulous approach to data analysis and reporting is crucial. Small errors can lead to significant financial consequences, so precision is key.
Collaboration and communication - while much of your work will involve independent analysis, you’ll also need to collaborate with various departments, including marketing, sales, and finance to present your findings. These stakeholders may not have a technical background, so clear and concise communication is key.
How to frame your pricing Analyst CV
When applying for a Pricing Analyst position, your CV is your first opportunity to make a strong impression. To stand out from the competition, it’s essential to tailor your CV to highlight your most relevant skills, experience, and accomplishments.
Craft a targeted professional summary
Start with a professional summary that is tailored specifically to the pricing analyst role. Highlight your experience in data analysis, pricing strategies, or financial modelling.
For example, “Data-driven Pricing Analyst with over 2 years of experience in optimising pricing strategies using statistical techniques and market analysis. Proficient in SQL, Python, and Excel, with a proven track record of increasing company revenue by identifying pricing opportunities.”
Emphasise relevant technical skills
Create a dedicated section for technical skills, and list the tools and software that are most relevant to pricing analysis.
This might include Excel (advanced functions), SQL, Python, R, Tableau, or any specific pricing software you’ve used.
If you’ve completed projects or used these tools in a work setting, briefly mention the context, such as, “Utilised Python to develop predictive pricing models that improved accuracy by 15%.”
Tailor your experience to the job description
Carefully read the job description and tailor your CV to match the required skills and experiences.
Use similar language and keywords found in the job posting. For instance, if the job requires experience with pricing optimisation, ensure you mention any relevant experience, even if it was part of a broader role.
Start your Pricing Analyst career with Admiral
If you have a strong analytical mindset, a keen eye for detail, and a passion for problem-solving, this could be the perfect career path for you.
At Admiral, we’re always looking for talented individuals to join our dynamic insurance team. If you’re ready to take the next step in your career as a pricing analyst, explore our Pricing and Analytics jobs and find the role that’s right for you.
