A rate analyst is responsible for monitoring the expenses related to various industries such as shipping, energy and insurance. If you want to become a rate analyst, you must have a strong mind for numbers and research. There are very few specific educational requirements, but school still is important for this job. The job also incorporates elements of audits and negotiation to create work that ultimately helps a company save money.
Rate analyst jobs vary in educational needs from simply requiring a high school diploma to requiring a bachelor's degree. No matter the educational requirement, lessons from school are used every day. If you want to become a rate analyst, you need to have a strong aptitude for numbers and a great way to foster this skill is by studying math, accounting and economics. Understanding logistics is another useful educational tool that many business courses offer.
Regardless of your background in school, you need to be an expert on your company's products if you want to become a rate analyst. If you are a rate analyst for a factory, you must know what products are being produced and shipped out to consumers. If you work for a utility company, you will need to have a full understanding of how, for example, the electricity is produced and distributed. In an insurance setting, you will have to know the ins and outs of all of the types of coverages.
Research is crucial if you want to become a rate analyst. After you understand what your company provides its customers, it is your job to play detective and look at all of the associated expenses. For example, if you worked for an insurance company, you would need to look at the rates you charge a customer. You would research what ages are served, how frequently services are used and how many customers meet deductibles so you can get a clear picture of expenses.
Auditing will be another frequent responsibility if you become a rate analyst. For example, if you work for a tire company, you will look at past shipping records to get a solid understanding of previous expenses. You will need to analyze whether the company has been wasting money or if the current shipping rates are helpful to the bottom line.
Finally, you also will be the chief negotiator in many rate changes. You are an expert on the product and could be called on to talk with new vendors and customers or negotiate new terms with current vendors and customers. This duty, combined with research and auditing, makes rate analysts important to a company's prosperity.
