How to Become a Compensation Analyst: Education, Certifications, & Career Path
With companies constantly competing for top talent, HR and compensation professionals are always in demand and serve critical roles in organizations of all sizes. Compensation Analysts are relied upon to examine compensation data which, if done successfully, helps to attract, retain, and motivate employees. If you are applying for a new job in Human Resources or have you recently taken on new duties in compensation planning, then now may be the right time to consider a career as a Compensation Analyst.
What Is a Compensation Analyst?
As defined in the extensive database of job descriptions in ERI SalaryExpert’s Assessor Platform, a Compensation Analyst assesses and performs analysis on collected compensation data and prepares wage and salary data to facilitate compensation and management functions of an organization.
What Does a Compensation Analyst Do?
According to the Compensation Analyst job description in ERI SalaryExpert’s Assessor Platform, they confer with management to determine the type, scope, and purpose of analyses. Their duties include examining and evaluating both executive and non-executive positions. The responsibilities of a Compensation Analyst are of a professional level and require understanding of both compensation theory and practice. Additionally, these are the typical functions of a Compensation Analyst:
- Works with computers or other analytic tools.
- Prepares reports and analyses.
- Works with other analysts and supervisors to complete assigned project work.
- Studies current organizational wage and salary data and compiles reports, organization and flow charts, and other information.
- Collects and analyzes occupational data, such as physical, mental, and training requirements of jobs and workers and develops written summaries, such as job descriptions, job specifications, and lines of career movement.
- Audits and recommends changes to salary structures and position classifications.
- Utilizes developed occupational data to evaluate or improve methods and techniques for recruiting, selecting, promoting, evaluating, and training workers, as well as administration of related personnel programs.
- Reviews wage and salary adjustments for conformance to policy.
- May observe jobs and interview workers and supervisory personnel to determine job and worker requirements.
How Do You Become a Compensation Analyst?
Those interested in a career as a Compensation Analyst often gain a degree in Human Resources (HR), though that is not necessarily required for some positions. Alternatively, many pursue professional HR certifications. Certifications, particularly those administered online, are often very flexible, allowing the individual to work at their own pace and fit studies around existing responsibilities. Compensational Analyst training, specifically, may include completion of a Compensation Analyst Credential (CAC).
How Do You Get Certified as a Compensation Analyst?
ERI SalaryExpert’s Distance Learning Center (DLC) offers a number of continuing education opportunities, including the Compensation Analyst Credential (CAC). The Compensation Analyst Credential designation is a convenient way to learn the fundamentals of this discipline without ever leaving the office. This online credential teaches the basics of salary planning and administration. By earning a CAC, you will prove to employers that you have demonstrated expertise in the field of compensation. Employers will know that you have received high-quality training in the most fundamental areas of salary planning.
Why Should You Earn a Compensation Analyst Credential?
- Promotes career advancement
- Education without the time, expense, and inconvenience of travel
- Work at your own pace from anywhere you have an Internet connection
- Easily fits into your busy schedule
- Get Human Resources Certification Institute (HRCI) and Society of Human Resources Management (SHRM) recertification credit simultaneously at no additional cost
What Are the CAC Requirements?
In order to earn a CAC from ERI SalaryExpert’s Distance Learning Center, you must complete 12 courses and pass their exams for CAC credit. A passing score requires a grade of at least 80% on the final exam (8 out of 10 questions answered correctly). You may retake a course's CAC exam as many times as necessary to pass, but you will not get the same questions every time. (There is no charge for retaking an exam, either to get a pass or to get a different type of credit.)
How Do You Get Started?
To get started, order the CAC. Then, go to your Training History and begin taking these courses:
Read through the course text, answering each memory jogger question correctly to proceed to the next page. You may exit a course at any time and later return to the page you left by clicking the Page Index link in the course’s left-hand navigation.
When you are ready to take the Final Exam, you will be asked to select a credit type. Select Compensation Analyst Credential and your location (state, province, or country). After you have passed the exam, go to your Training History to view and print your certificate of completion.
How Do You Get a CAC Application?
After you have passed the 12 required CAC courses (listed above), please print this CAC application form and fill it out. Then email it to ERI SalaryExpert’s Distance Learning Center. We will review your application and mail you your CAC certificate. You will have one year from the date of purchase to complete the CAC.
What Else Does the Distance Learning Center Offer?
ERI SalaryExpert’s Distance Learning Center offers these resources for HR online compensation training:
Free Human Resources Training Courses: The content of 36 self-study courses is offered at no charge. Exams and credit are not available for these free courses. ERI SalaryExpert’s Distance Learning Center self-study courses cover the following topics:
- Total Rewards Foundation
- Job Analysis, Descriptions, and Evaluation
- Salary Structures
- Salary Administration
- Variable Pay
- Executive Compensation
- Global Compensation
- Employee Benefits
Webinars: The DLC offers webinars related to salary planning, compensation benchmarking, geographical differentials, and more that qualify for recertification credit from the HRCI, SHRM, and WorldatWork. These salary administration webinars are currently available:
Distance Learning Center Credentials: You may purchase courses to earn one of our credentials, either the Compensation Analyst Credential (CAC) or the Compensation Committee Certification (CCC). Earn HRCI and SHRM recertification credits simultaneously at no additional cost.
Recertification and Continuing Education Credit: HRCI and SHRM credits may be earned simultaneously. WorldatWork recertification and National Association of State Boards of Accountancy (NASBA) continuing education credits are also available. Credit eligible courses may be purchased in bundles of five or more.
Further Information
If you have any questions about the Compensation Analyst Credential (CAC) designation or other resources provided by ERI SalaryExpert’s Distance Learning Center, please email [email protected]