USA Career Guide- Compensation Benefits Managers
Education of Compensation Benefits ManagerCompensation and benefits managers need at least a bachelor’s degree for most positions, although some jobs require a master’s degree. Because not all undergraduate programs offer a degree in human resources, managers often have a bachelor’s degree in business administration, business management, finance, or a related field.
Many employers prefer to hire managers who have a master’s degree, particularly one with a concentration in human resources management, finance, or business administration (MBA).
Work ExperienceWork experience is essential for performance of complex financial analysis compensation and benefits managers. Work experience in other human resource fields, finance, or management is also helpful for getting a job as a benefits manager.
CertificationYou can take up certification programs to hone your skills and though not a requirement but certification show professional expertise and credibility. Many employers prefer to hire certified candidates, and some positions may require certification. Some associations offer specialized compensation and benefits certification programs are:
• the International Foundation of Employee Benefit Plans and
• World at Work
AdvancementSome compensation and benefits managers may advance to director of human resources or industrial relations, sometimes leading to top executive or managerial positions. Opening a business or joining a consulting firm are other ways to advance. With a PhD, some compensation and benefits managers later find success consulting, teaching or writing.
Pay of Compensation Benefits ManagersAs per BLS the median annual wage of compensation and benefits managers was $89,270 in May 2010. The lowest 10 percent earned less than $52,150, and the top 10 percent earned more than $151,090.
Job Prospects of Compensation Benefits Managers
Employment of compensation and benefits managers is expected to grow 3 percent from 2010 to 2020, slower than the average for all occupations. Candidates are expected to face competition for jobs. Those who have a master’s degree, certification, or experience working with compensation or benefits plans should have the best job prospects. Management, consulting and employment services companies will offer many jobs as more and more firms are contracting out compensation and benefits managers duties.
Industrial Overview of Compensation Benefits Managers
Compensation and benefits managers held about 31,800 jobs in 2010 and were employed throughout the economy. About 16 percent were employed in the management of companies and enterprises industry.
Some Job Titles
Employee Benefits Director
Human Resources Manager
Manager, Position Classification
Compensation and Benefits Manager
Director of Compensation
Employee Benefits Manage
Human Resources Coordinator
Employee Benefits Coordinator
Human Resources Director
Manager, Job Analysis
Wage and Salary