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The differences between compensation specialists 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 specialist and a retirement plan specialist. Additionally, a compensation specialist has an average salary of $67,722, which is higher than the $60,611 average annual salary of a retirement plan specialist.
The top three skills for a compensation specialist include human resources, compensation programs and customer service. The most important skills for a retirement plan specialist are life insurance, financial products, and FINRA.
| Compensation Specialist | Retirement Plan Specialist | |
| Yearly salary | $67,722 | $60,611 |
| Hourly rate | $32.56 | $29.14 |
| Growth rate | 7% | 7% |
| Number of jobs | 32,642 | 9,336 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A compensation specialist is responsible for evaluating the organization's benefits package for the employees, following the state regulations and legislation procedures. Compensation specialists identify the staff needs and develop opportunities that would maximize productivity and increase efficiency. They also analyze the market performance to adjust compensation rates according to roles as needed with the coordination of the finance department. A compensation specialist facilitates orientations for new programs and informs the employees about any changes in the payment system.
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 specialists and retirement plan specialists have different pay scales, as shown below.
| Compensation Specialist | Retirement Plan Specialist | |
| Average salary | $67,722 | $60,611 |
| Salary range | Between $41,000 And $110,000 | Between $41,000 And $88,000 |
| Highest paying City | San Francisco, CA | - |
| Highest paying state | Washington | - |
| Best paying company | Microsoft | - |
| Best paying industry | - | - |
There are a few differences between a compensation specialist and a retirement plan specialist in terms of educational background:
| Compensation Specialist | Retirement Plan Specialist | |
| Most common degree | Bachelor's Degree, 63% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between compensation specialists' and retirement plan specialists' demographics:
| Compensation Specialist | Retirement Plan Specialist | |
| Average age | 45 | 45 |
| Gender ratio | Male, 25.3% Female, 74.7% | Male, 54.4% Female, 45.6% |
| Race ratio | Black or African American, 10.6% Unknown, 3.7% Hispanic or Latino, 15.4% Asian, 7.4% White, 62.6% American Indian and Alaska Native, 0.4% | 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% |