A bachelor’s degree in finance or a related field is typically required to work as a compensation analyst. Candidates with a Master of Business Administration (MBA) degree may be preferred by some employers, and industry experience can be extremely valuable. Certifications are available for those interested in pursuing careers in this field, and they may be advantageous for positions that are highly competitive. They aren’t usually required by law, and they’re not always expected by prospective employers.
Compensation analysts assist companies in determining how much pay and benefits to offer. To keep pay competitive and affordable for their employers, they consider a variety of factors. Some work for large corporations with significant human resource requirements. Others may work as consultants for staffing and hiring firms, and they can provide compensation advice to a variety of businesses. In all cases, someone who wants to work as a compensation analyst should be familiar with compensation package industry standards.
To work as a compensation analyst, you’ll need a bachelor’s degree in business, finance, or human resources. Some people have degrees and experience in fields such as accounting. Human resource entry-level positions can provide people with experience and skills that they can use to apply for more senior positions. These can eventually lead to a position as a compensation analyst for a member of staff. Although some companies may consider people with extensive experience but no degree, a combination of degree and experience is usually required.
An MBA is not usually required, but it may be in some cases, especially for positions at very large corporations. This advanced degree can help a potential compensation analyst stand out from the crowd. While pursuing a part-time MBA, it may be possible to begin working in human resources or a related field. This can assist people in gaining experience and professional connections while pursuing their degrees. They can apply for compensation analyst positions right after graduation.
Certification is another option to consider. There are certification programs for human resources professionals in a number of countries, including some for compensation analysts. A compensation analyst who has completed a short course or passed an examination can earn a certificate. This can be used to boost an applicant’s credibility and experience on a job application. Candidates with additional credentials, experience, and advanced degrees may have an advantage over others when competition for a position is fierce.