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The differences between senior 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 senior compensation analyst and a retirement plan specialist. Additionally, a senior compensation analyst has an average salary of $85,796, which is higher than the $60,611 average annual salary of a retirement plan specialist.
The top three skills for a senior compensation analyst include compensation programs, human resources and HRIS. The most important skills for a retirement plan specialist are life insurance, financial products, and FINRA.
| Senior Compensation Analyst | Retirement Plan Specialist | |
| Yearly salary | $85,796 | $60,611 |
| Hourly rate | $41.25 | $29.14 |
| Growth rate | 7% | 7% |
| Number of jobs | 17,361 | 9,336 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 6 | 6 |
A senior compensation analyst is primarily in charge of developing and maintaining compensation programs for a company's employees. Their responsibilities revolve around performing extensive research and analysis to identify employee needs, understanding the extent of every workforce position, conducting surveys, improving existing programs, and learning the compensation programs of competitors. Furthermore, as a senior compensation analyst, it is essential to lead and encourage teams to reach goals and serve as a mentor to junior analysts, all while implementing the company's policies and regulations.
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.
Senior compensation analysts and retirement plan specialists have different pay scales, as shown below.
| Senior Compensation Analyst | Retirement Plan Specialist | |
| Average salary | $85,796 | $60,611 |
| Salary range | Between $63,000 And $116,000 | Between $41,000 And $88,000 |
| Highest paying City | Sacramento, CA | - |
| Highest paying state | New Jersey | - |
| Best paying company | Wedbush Securities | - |
| Best paying industry | Real Estate | - |
There are a few differences between a senior compensation analyst and a retirement plan specialist in terms of educational background:
| Senior Compensation Analyst | Retirement Plan Specialist | |
| Most common degree | Bachelor's Degree, 71% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between senior compensation analysts' and retirement plan specialists' demographics:
| Senior Compensation Analyst | Retirement Plan Specialist | |
| Average age | 45 | 45 |
| Gender ratio | Male, 34.8% Female, 65.2% | Male, 54.4% Female, 45.6% |
| Race ratio | Black or African American, 10.6% Unknown, 3.9% Hispanic or Latino, 14.9% Asian, 7.7% White, 62.4% 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% |