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The differences between benefits consultants and compensation managers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a benefits consultant and a compensation manager. Additionally, a compensation manager has an average salary of $100,119, which is higher than the $79,068 average annual salary of a benefits consultant.
The top three skills for a benefits consultant include HR, customer service and life insurance. The most important skills for a compensation manager are human resources, HRIS, and compensation policies.
| Benefits Consultant | Compensation Manager | |
| Yearly salary | $79,068 | $100,119 |
| Hourly rate | $38.01 | $48.13 |
| Growth rate | 2% | 2% |
| Number of jobs | 19,308 | 7,941 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 71% |
| Average age | 46 | 46 |
| Years of experience | 6 | 6 |
Benefits consultants are executives who carry out many services for individuals and businesses. The consultants draft and organize policies within the organization. They handle vendors and manage the renewal of negotiations of HMO plans. It is their job to establish agency relationships with marketing representatives. They coordinate programs that involve self-funded or administered long-term and short-term disability, life insurance, and a cafeteria plan. Also, they prepare enterprises to meet health care law changes.
A compensation manager is primarily responsible for developing and establishing a company's payment scale and system, ensuring all employees are well-compensated while putting the company's welfare into consideration. Moreover, a compensation manager must ensure to distribute benefits and pay rate in adherence to the laws and regulations, identify the wage rate of competitor companies, monitor the budget, and oversee the payroll and payment processes, ensuring accuracy and timeliness. Furthermore, as a manager, it is essential to lead the team, all while implementing the company's policies and regulations.
Benefits consultants and compensation managers have different pay scales, as shown below.
| Benefits Consultant | Compensation Manager | |
| Average salary | $79,068 | $100,119 |
| Salary range | Between $51,000 And $121,000 | Between $71,000 And $139,000 |
| Highest paying City | New York, NY | Sacramento, CA |
| Highest paying state | New York | Massachusetts |
| Best paying company | BMO Capital Markets | DLA Piper |
| Best paying industry | Manufacturing | Technology |
There are a few differences between a benefits consultant and a compensation manager in terms of educational background:
| Benefits Consultant | Compensation Manager | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 71% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between benefits consultants' and compensation managers' demographics:
| Benefits Consultant | Compensation Manager | |
| Average age | 46 | 46 |
| Gender ratio | Male, 46.7% Female, 53.3% | Male, 43.1% Female, 56.9% |
| Race ratio | Black or African American, 11.2% Unknown, 3.4% Hispanic or Latino, 10.0% Asian, 8.0% White, 66.9% American Indian and Alaska Native, 0.4% | Black or African American, 11.2% Unknown, 3.4% Hispanic or Latino, 10.0% Asian, 8.4% White, 66.6% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 35% | 35% |