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Compensation Consultant Careers

Compensation consultants assist companies in creating and implementing realistic and beneficial compensation packages for their employees. They provide expert advice regarding the development and modification of benefits packages that the company can afford while also providing competitive benefits that attract new employees and retain existing ones.

Their duties include executive compensation design, salary structures, and custom market pricing, ensuring compensation practices adhere to labor legislation, performing data analysis to ensure equitability, reviewing and assessing pay scales and incentives, and ensuring compensation plans align with the company's profitability goals among others. Educational requirements include a bachelor's degree in human resources management, finance, or relevant field, along with proven experience. Moreover, familiarity with payroll software, excellent analytical and qualitative skills are also preferable.

The average annual salary for this position is $98,271. For a traditional work week, that estimates to $47.25 an hour. The career is expected to grow in the near future and produce opportunities across the United States.

There is more than meets the eye when it comes to being a compensation consultant. For example, did you know that they make an average of $45.68 an hour? That's $95,008 a year!

Between 2018 and 2028, the career is expected to grow 3% and produce 500 job opportunities across the U.S.

What Does a Compensation Consultant Do

There are certain skills that many compensation consultants have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed leadership skills, analytical skills and business skills.

When it comes to the most important skills required to be a compensation consultant, we found that a lot of resumes listed 14.9% of compensation consultants included compensation programs, while 9.0% of resumes included human resources, and 6.7% of resumes included business partners. Hard skills like these are helpful to have when it comes to performing essential job responsibilities.

When it comes to searching for a job, many search for a key term or phrase. Instead, it might be more helpful to search by industry, as you might be missing jobs that you never thought about in industries that you didn't even think offered positions related to the compensation consultant job title. But what industry to start with? Most compensation consultants actually find jobs in the insurance and finance industries.

How To Become a Compensation Consultant

If you're interested in becoming a compensation consultant, one of the first things to consider is how much education you need. We've determined that 67.8% of compensation consultants have a bachelor's degree. In terms of higher education levels, we found that 19.9% of compensation consultants have master's degrees. Even though most compensation consultants have a college degree, it's possible to become one with only a high school degree or GED.

Choosing the right major is always an important step when researching how to become a compensation consultant. When we researched the most common majors for a compensation consultant, we found that they most commonly earn bachelor's degree degrees or master's degree degrees. Other degrees that we often see on compensation consultant resumes include associate degree degrees or doctoral degree degrees.

You may find that experience in other jobs will help you become a compensation consultant. In fact, many compensation consultant jobs require experience in a role such as compensation analyst. Meanwhile, many compensation consultants also have previous career experience in roles such as senior compensation analyst or compensation manager.

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Average Salary
$95,008
Average Salary
Job Growth Rate
3%
Job Growth Rate
Job Openings
7,365
Job Openings

Compensation Consultant Career Paths

Top Careers Before Compensation Consultant

Top Careers After Compensation Consultant

Compensation Consultant Jobs You Might Like

What is the right job for my career path?

Tell us your goals and we'll match you with the rights job to get there.

Average Salary for a Compensation Consultant

Compensation Consultants in America make an average salary of $95,008 per year or $46 per hour. The top 10 percent makes over $137,000 per year, while the bottom 10 percent under $65,000 per year.
Average Salary
$95,008
Find Your Salary Estimate
How much should you be earning as an Architect? Use Zippia's Salary Calculator to get an estimation of how much you should be earning.

Best Paying Cities

City
ascdesc
Average Salarydesc
Santa Rosa, CA
Salary Range87k - 141k$111k$111,495
Redmond, WA
Salary Range86k - 133k$107k$107,442
New York, NY
Salary Range78k - 126k$100k$99,599
Waukesha, WI
Salary Range78k - 123k$98k$98,117
Kansas City, MO
Salary Range74k - 118k$94k$93,917
Denver, CO
Salary Range75k - 116k$94k$93,896
$46k
$141k

Recently Added Salaries

Job TitleCompanyascdescCompanyascdescStart DateascdescSalaryascdesc
Senior Compensation Consultant-Employee Rewards
Senior Compensation Consultant-Employee Rewards
Aon Corporation
Aon Corporation
05/18/2021
05/18/2021
$120,00005/18/2021
$120,000
Senior Compensation Consultant-Employee Rewards
Senior Compensation Consultant-Employee Rewards
Aon Corporation
Aon Corporation
05/18/2021
05/18/2021
$120,00005/18/2021
$120,000
Senior Compensation Consultant-Employee Rewards
Senior Compensation Consultant-Employee Rewards
Aon Corporation
Aon Corporation
05/18/2021
05/18/2021
$120,00005/18/2021
$120,000
Senior Compensation Consultant-Employee Rewards
Senior Compensation Consultant-Employee Rewards
Aon Corporation
Aon Corporation
05/18/2021
05/18/2021
$120,00005/18/2021
$120,000
Compensation Consultant
Compensation Consultant
TTEC
TTEC
05/14/2021
05/14/2021
$80,00005/14/2021
$80,000
See More Recent Salaries

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Compensation Consultant Demographics

Gender

female

59.3 %

male

36.6 %

unknown

4.2 %

Ethnicity

White

67.8 %

Black or African American

12.5 %

Hispanic or Latino

11.4 %

Foreign Languages Spoken

Spanish

40.9 %

French

13.6 %

Comanche

4.5 %
See More Demographics

Compensation Consultant Education

Majors

Business
31.6 %

Degrees

Bachelors

67.8 %

Masters

19.9 %

Associate

5.4 %

Top Colleges for Compensation Consultants

1. University of Pennsylvania

Philadelphia, PA • Private

In-State Tuition
$55,584
Enrollment
10,764

2. Boston University

Boston, MA • Private

In-State Tuition
$53,948
Enrollment
17,238

3. University of Minnesota - Twin Cities

Minneapolis, MN • Public

In-State Tuition
$14,760
Enrollment
31,451

4. SUNY College at Oswego

Oswego, NY • Public

In-State Tuition
$8,440
Enrollment
7,039

5. Northwestern University

Evanston, IL • Private

In-State Tuition
$54,568
Enrollment
8,451

6. Baylor University

Waco, TX • Private

In-State Tuition
$45,542
Enrollment
14,159

7. Ball State University

Muncie, IN • Public

In-State Tuition
$9,896
Enrollment
15,529

8. University of Southern California

Los Angeles, CA • Private

In-State Tuition
$56,225
Enrollment
19,548

9. Villanova University

Villanova, PA • Private

In-State Tuition
$53,308
Enrollment
6,819

10. San Diego State University

San Diego, CA • Public

In-State Tuition
$7,488
Enrollment
30,018
See More Education Info

Online Courses For Compensation Consultant That You May Like

Workers' Compensation
ed2go

Workers' Compensation...

Managing Employee Compensation
coursera

Whether you're writing paychecks or wondering where yours comes from, this course is for you! We begin by asking: "To succeed, what kind of a person does your organization need to attract, retain, and motivate?" From there, we'll explain how to align your organization's objectives, its pay philosophy, and ultimately the way it designs and implements its salary structure, short-term incentives, long-term incentives, and benefits. Interested in learning more about the technical aspects of compensa...

Certification Course in Human Resource Management
udemy
4.1
(463)

Curriculum commensurate to Top B Schools Management Program: with downloadable resources, quiz, assessments & exercise...

See more
Job type you want
Full Time
Part Time
Internship
Temporary

Top Skills For a Compensation Consultant

The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 14.9% of compensation consultants listed compensation programs on their resume, but soft skills such as leadership skills and analytical skills are important as well.

Best States For a Compensation Consultant

Some places are better than others when it comes to starting a career as a compensation consultant. The best states for people in this position are New Jersey, Alaska, Maine, and Washington. Compensation consultants make the most in New Jersey with an average salary of $109,868. Whereas in Alaska and Maine, they would average $109,462 and $106,690, respectively. While compensation consultants would only make an average of $106,329 in Washington, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.

1. Rhode Island

Total Compensation Consultant Jobs:
64
Highest 10% Earn:
$158,000
Location Quotient:
1.13
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

2. Washington

Total Compensation Consultant Jobs:
388
Highest 10% Earn:
$159,000
Location Quotient:
1.14
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here

3. New Jersey

Total Compensation Consultant Jobs:
383
Highest 10% Earn:
$170,000
Location Quotient:
1.04
Location Quotient is a measure used by the Bureau of Labor Statistics (BLS) to determine how concentrated a certain industry is in a single state compared to the nation as a whole. You can read more about how BLS calculates location quotients here
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Top Compensation Consultant Employers

We've made finding a great employer to work for easy by doing the hard work for you. We looked into employers that employ compensation consultants and discovered their number of compensation consultant opportunities and average salary. Through our research, we concluded that Wells Fargo was the best, especially with an average salary of $70,257. Mercer follows up with an average salary of $94,393, and then comes Bank of America with an average of $70,290. In addition, we know most people would rather work from home. So instead of having to change careers, we identified the best employers for remote work as a compensation consultant. The employers include Beaumont Health, Korn Ferry, and Cerner

1. Wells Fargo
4.7
Avg. Salary: 
$70,257
Compensation Consultants Hired: 
22+
2. Mercer
4.7
Avg. Salary: 
$94,393
Compensation Consultants Hired: 
21+
3. Bank of America
4.8
Avg. Salary: 
$70,290
Compensation Consultants Hired: 
13+
4. John Hancock Life Insurance Company
4.6
Avg. Salary: 
$93,776
Compensation Consultants Hired: 
12+
5. Kaiser Permanente
4.8
Avg. Salary: 
$84,616
Compensation Consultants Hired: 
11+
6. Lincoln National
4.8
Avg. Salary: 
$102,011
Compensation Consultants Hired: 
10+

Compensation Consultant Videos

Updated October 2, 2020