Explore jobs
Find specific jobs
Explore careers
Explore professions
Best companies
Explore companies
The differences between compensation analysts and retirement plan specialists can be seen in a few details. Each job has different responsibilities and duties. It typically takes 4-6 years to become both a compensation analyst and a retirement plan specialist. Additionally, a compensation analyst has an average salary of $66,487, which is higher than the $60,611 average annual salary of a retirement plan specialist.
The top three skills for a compensation analyst include HR, compensation programs and HRIS. The most important skills for a retirement plan specialist are life insurance, financial products, and FINRA.
| Compensation Analyst | Retirement Plan Specialist | |
| Yearly salary | $66,487 | $60,611 |
| Hourly rate | $31.96 | $29.14 |
| Growth rate | 7% | 7% |
| Number of jobs | 19,344 | 9,336 |
| Job satisfaction | 5 | - |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
Compensation analysts are responsible for managing company compensation programs by evaluating and analyzing employees' salaries, assist the planning and development of a new and modified sales compensation plan, as well as managing sales compensation short-term incentive programs. The compensation programs are used to improve hiring and boost employee retention. These analysts are skilled and knowledgeable about managing labor costs, benefits structures, and compensation analysis to determine if the employees are fairly compensated.
Retirement plan specialists are experts who plan out their client's financial needs for retirement. The specialist's design and implement savings, benefit, and pension programs for clients. They have to explain the complicated nature of compensation, investment, and retirement packages to employees clearly and concisely. They process retirement plans following company and federal regulations. Also, they often have a background in business or human resources, and they may choose to earn employee benefit certifications that may help with their career advancement.
Compensation analysts and retirement plan specialists have different pay scales, as shown below.
| Compensation Analyst | Retirement Plan Specialist | |
| Average salary | $66,487 | $60,611 |
| Salary range | Between $48,000 And $90,000 | Between $41,000 And $88,000 |
| Highest paying City | Sacramento, CA | - |
| Highest paying state | Washington | - |
| Best paying company | Meta | - |
| Best paying industry | Technology | - |
There are a few differences between a compensation analyst and a retirement plan specialist in terms of educational background:
| Compensation Analyst | Retirement Plan Specialist | |
| Most common degree | Bachelor's Degree, 73% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between compensation analysts' and retirement plan specialists' demographics:
| Compensation Analyst | Retirement Plan Specialist | |
| Average age | 45 | 45 |
| Gender ratio | Male, 36.2% Female, 63.8% | Male, 54.4% Female, 45.6% |
| Race ratio | Black or African American, 10.5% Unknown, 3.9% Hispanic or Latino, 15.0% Asian, 7.7% White, 62.3% American Indian and Alaska Native, 0.5% | Black or African American, 10.5% Unknown, 3.8% Hispanic or Latino, 15.2% Asian, 7.8% White, 62.2% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |