Compensation Managers: How to Become One
If you were to ask a group of compensation managers about how they arrived at their current job, there's a good chance you would get several different answers about the paths and steps that each person took.
That said, there are still ways that you can develop a baseline understanding of the preparation that is necessary to become one.
The Best Adult Colleges and Careers Guide has gathered data to provide you with insight into the type of education that's commonly required for compensation managers to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of compensation managers expect candidates to have. In the end, this information will help you create an education or professional development plan that aligns with your career aspirations.
Keep reading to learn more about career steps for compensation managers.
What Education & Experience is Needed for Compensation Managers?
Do compensation managers need a degree? What kind of experience do compensation managers typically need? Thanks to data sourced from Lightcast™ from real job postings, we can get some clarity on those questions, as well as the level of education that is commonly required for compensation managers to secure jobs.
Education Level Required in Job Postings for Compensation Managers
Jobs Postings for Compensation Managers By Education
- No Education Listed: 26,698 (41%)
- Bachelor's degree: 23,599 (37%)
- Master's degree: 7,795 (12%)
- High School or GED: 4,877 (8%)
- Ph.D. or professional degree: 1,411 (2%)
No education was listed by most employers of compensation managers. According to job data, no education was required for 41% of positions. In 37% of job listings a bachelor's degree was required and in 12% of postings a master's degree was required.
Experience Level Required in Job Postings for Compensation Managers
Jobs Postings for Compensation Managers By Experience
- 0-1 Years: 2,457 (9%)
- 2-3 Years: 7,116 (26%)
- 4-6 Years: 9,540 (35%)
- 7-9 Years: 4,522 (17%)
- 10+ Years: 3,710 (14%)
While the amount of required experience will vary based on the responsibility and seniority of the position, an aggregate view of job posting data can help paint a picture of the experience level sought for most job openings for compensation managers. In 35% of job postings for Compensation Managers, employers were looking for candidates with 4-6 years of experience. In 26% of listings employers were looking for candidates with 2-3 years of experience, while 7-9 years of experience was sought in 17% of job postings for compensation managers.
What Kind of Degree Do Compensation Managers Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for compensation managers, but what type of education or degree will help prepare you for a career in the field?
According to occupational data obtained through Lightcast,™ there are 1 key academic programs that can help prepare prospective compensation managers, and in 2023 a total of 16,602 of those programs were completed at institutions in the United States.
Check out the information below to learn more about the specific programs that should be considered by prospective compensation managers.
Top Degree Programs for Compensation Managers
Top 5 Degree Programs for Compensation Managers (2023)
| Program | Completions |
|---|---|
| Human Resources Management/Personnel Administration, General. | 16,602 |
Top Online College For Working Adults
Franklin University is a top choice for adults who need to balance school with busy lives. Founded in 1902 in Columbus, Ohio, Franklin's main focus has been serving adult students and tailoring education to fit their needs. Nonprofit and accredited by the Higher Learning Commission (hlcommission.org/800.621.7440), Franklin offers more than 50 affordable bachelor's, master's, and doctoral programs — all available 100% online.
Degree Options for Compensation Managers
Find ways to attract, train, and retain the very best talent by implementing effective benefits and labor-relations strategies.
- Class Type: 100% online
- Cost Per Credit: $398
- Accreditation: IACBE
- Class Type: 100% online
- Years To Complete: 3
Learn the strategic skills needed to be a leader in the evolving field of Human Resources.
- Class Type: 100% online
- Months To Complete: 14
- Accreditation: IACBE
- Placement Tests: GMAT/GRE not required for admission
What Skills Do Compensation Managers Need?
Education and experience have been covered, so what are the specific skills and traits needed by compensation managers to secure a job?
A good way to understand this is to examine actual job postings for skills commonly sought by employers. Continue reading for a breakdown of specialized skills found in job postings for compensation managers, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Compensation Managers
Based on 55,614 job postings
Top 5 Specialized Skills for Compensation Managers
| Skills | Postings | % of Total Postings |
|---|---|---|
| Project Management | 7,860 | 14% |
| Finance | 6,557 | 12% |
| Auditing | 5,759 | 10% |
| Marketing | 5,587 | 10% |
| Human Resources Information System (HRIS) | 3,919 | 7% |
Top 5 Common Skills for Compensation Managers
| Skills | Postings | % of Total Postings |
|---|---|---|
| Communication | 19,552 | 35% |
| Management | 16,627 | 30% |
| Leadership | 14,456 | 26% |
| Customer Service | 11,474 | 21% |
| Operations | 8,768 | 16% |
Based on 55,614 job postings related to compensation managers, project management was the top specialized skill sought by employers, with 14% of all postings looking for that skillset. Skills for finance, auditing, marketing, human resources information system (hris) and accounting were also highly sought.
As for common skills, communication was the most desired skill found in job postings for compensation managers, followed by management, leadership, customer service, operations and microsoft excel.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Project Management | 7,860 | 14% |
| Finance | 6,557 | 12% |
| Auditing | 5,759 | 10% |
| Marketing | 5,587 | 10% |
| Human Resources Information System (HRIS) | 3,919 | 7% |
| Accounting | 3,863 | 7% |
| Billing | 3,261 | 6% |
| Process Improvement | 3,155 | 6% |
| Benefits Enrollment Processes | 3,022 | 5% |
| Data Analysis | 2,739 | 5% |
| Medicare | 2,519 | 5% |
| Medicaid | 2,501 | 4% |
| Benefits Administration | 2,498 | 4% |
| Workflow Management | 2,445 | 4% |
| Brand Management | 2,358 | 4% |
| Continuous Improvement Process | 2,076 | 4% |
| Workday (Software) | 2,072 | 4% |
| Compensation Strategy | 2,026 | 4% |
| Benchmarking | 2,006 | 4% |
| Employee Retirement Income Security Act | 1,974 | 4% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Communication | 19,552 | 35% |
| Management | 16,627 | 30% |
| Leadership | 14,456 | 26% |
| Customer Service | 11,474 | 21% |
| Operations | 8,768 | 16% |
| Microsoft Excel | 8,520 | 15% |
| Sales | 8,429 | 15% |
| Problem Solving | 8,198 | 15% |
| Detail Oriented | 7,535 | 14% |
| Presentations | 7,288 | 13% |
| Planning | 7,279 | 13% |
| Writing | 6,327 | 11% |
| Microsoft Office | 5,761 | 10% |
| Microsoft PowerPoint | 5,634 | 10% |
| Research | 5,028 | 9% |
| Interpersonal Communications | 4,858 | 9% |
| Influencing Skills | 4,404 | 8% |
| Organizational Skills | 3,871 | 7% |
| Verbal Communication Skills | 3,845 | 7% |
| Coordinating | 3,838 | 7% |
Additional Links
Ready to dig deeper into career information about compensation managers? Visit our other pages focused on salary and education for compensation managers.
What do compensation managers do?
How much do compensation managers make?
All Occupations
The Best Adult Colleges and Careers Guide has compiled data for dozens of in-demand jobs. Explore our full catalog of occupation data by visiting the link below.