Incentive Compensation Analysts: How to Become One
If you were to ask a group of incentive compensation analysts 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 incentive compensation analysts to land a job. This page contains information, sourced from real job postings, that describes the experience levels and specific skills that employers of incentive compensation analysts 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 incentive compensation analysts.
What Education & Experience is Needed for Incentive Compensation Analysts?
Do incentive compensation analysts need a degree? What kind of experience do incentive compensation analysts 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 incentive compensation analysts to secure jobs.
Education Level Required in Job Postings for Incentive Compensation Analysts
Jobs Postings for Incentive Compensation Analysts By Education
- Bachelor's degree: 16,489 (58%)
- No Education Listed: 5,994 (21%)
- Master's degree: 4,355 (15%)
- High School or GED: 1,462 (5%)
- Ph.D. or professional degree: 371 (1%)
A bachelor's degree is the level of education sought the most by employers of incentive compensation analysts. According to job data, a bachelor's degree was required for 58% of positions. In 21% of job listings no education level was listed and in 15% of postings a master's degree was required.
Experience Level Required in Job Postings for Incentive Compensation Analysts
Jobs Postings for Incentive Compensation Analysts By Experience
- 0-1 Years: 1,036 (6%)
- 2-3 Years: 2,910 (16%)
- 4-6 Years: 7,125 (40%)
- 7-9 Years: 3,657 (21%)
- 10+ Years: 2,973 (17%)
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 incentive compensation analysts. In 40% of job postings for Incentive Compensation Analysts, employers were looking for candidates with 4-6 years of experience. In 21% of listings employers were looking for candidates with 7-9 years of experience, while 10+ years of experience was sought in 17% of job postings for incentive compensation analysts.
What Kind of Degree Do Incentive Compensation Analysts Need?
So far this page has provided detail into the level of education and the amount of experience required in job openings for incentive compensation analysts, 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 incentive compensation analysts, and in 2021 a total of 18,408 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 incentive compensation analysts.
Top Degree Programs for Incentive Compensation Analysts
Top 5 Degree Programs for Incentive Compensation Analysts (2021)
| Program | Completions |
|---|---|
| Human Resources Management/Personnel Administration, General. | 18,408 |
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 Incentive Compensation Analysts
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 Incentive Compensation Analysts Need?
Education and experience have been covered, so what are the specific skills and traits needed by incentive compensation analysts 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 incentive compensation analysts, as well as common skills that can help you thrive in the workplace.
In-Demand Skills for Today's Incentive Compensation Analysts
Based on 23,698 job postings
Top 5 Specialized Skills for Incentive Compensation Analysts
| Skills | Postings | % of Total Postings |
|---|---|---|
| Finance | 5,616 | 24% |
| Project Management | 5,209 | 22% |
| Auditing | 4,558 | 19% |
| Human Resources Information System (HRIS) | 4,049 | 17% |
| Accounting | 2,899 | 12% |
Top 5 Common Skills for Incentive Compensation Analysts
| Skills | Postings | % of Total Postings |
|---|---|---|
| Communications | 12,916 | 55% |
| Management | 10,902 | 46% |
| Leadership | 9,402 | 40% |
| Microsoft Excel | 6,594 | 28% |
| Detail Oriented | 5,091 | 21% |
Based on 23,698 job postings related to incentive compensation analysts, finance was the top specialized skill sought by employers, with 24% of all postings looking for that skillset. Skills for project management, auditing, human resources information system (hris), accounting and data analysis were also highly sought.
As for common skills, communications was the most desired skill found in job postings for incentive compensation analysts, followed by management, leadership, microsoft excel, detail oriented and customer service.
| Skill | Postings | % of Total Postings |
|---|---|---|
| Finance | 5,616 | 24% |
| Project Management | 5,209 | 22% |
| Auditing | 4,558 | 19% |
| Human Resources Information System (HRIS) | 4,049 | 17% |
| Accounting | 2,899 | 12% |
| Data Analysis | 2,421 | 10% |
| Benefits Enrollment Processes | 2,412 | 10% |
| Marketing | 2,325 | 10% |
| Process Improvement | 2,270 | 10% |
| Workday (Software) | 2,268 | 10% |
| Benefits Administration | 2,173 | 9% |
| Compensation Strategy | 1,941 | 8% |
| Billing | 1,817 | 8% |
| Benchmarking | 1,750 | 7% |
| Business Strategies | 1,562 | 7% |
| Employee Retirement Income Security Act | 1,527 | 6% |
| Change Management | 1,395 | 6% |
| Human Resource Management | 1,358 | 6% |
| Workflow Management | 1,251 | 5% |
| Workers' Compensation | 1,195 | 5% |
| Skill | Postings | % of Total Postings |
|---|---|---|
| Communications | 12,916 | 55% |
| Management | 10,902 | 46% |
| Leadership | 9,402 | 40% |
| Microsoft Excel | 6,594 | 28% |
| Detail Oriented | 5,091 | 21% |
| Customer Service | 4,875 | 21% |
| Operations | 4,708 | 20% |
| Problem Solving | 4,700 | 20% |
| Presentations | 4,631 | 20% |
| Planning | 4,410 | 19% |
| Microsoft PowerPoint | 4,369 | 18% |
| Writing | 3,996 | 17% |
| Microsoft Office | 3,972 | 17% |
| Sales | 3,914 | 17% |
| Influencing Skills | 3,544 | 15% |
| Research | 3,272 | 14% |
| Analytical Skills | 3,015 | 13% |
| Interpersonal Communications | 2,937 | 12% |
| Innovation | 2,743 | 12% |
| Coordinating | 2,728 | 12% |
Additional Links
Ready to dig deeper into career information about incentive compensation analysts? Visit our other pages focused on salary and education for incentive compensation analysts.
What do incentive compensation analysts do?
How much do incentive compensation analysts make?
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