Average Salary Range of a Compensation Analyst
Compensation analysts are responsible for developing and managing employee compensation and benefit plans, ensuring that they are competitive and conform to applicable laws and regulations. As a result, these professionals typically earn a good salary.
The salary range for compensation analysts varies significantly depending on geographical location, experience level, and employer.
According to the Bureau of Labor Statistics, the median annual wage for these professionals was $65,630 in May 2019. The lowest 10 percent earned less than $42,120 while the highest 10 percent earned more than $113,110.
In terms of geographical location, compensation analysts in the metropolitan areas of San Jose, California; Hartford, Connecticut; and Washington, D.C. currently earn the highest wages.
The median salary for those working in San Jose is $87,400, while the median salary for those in Hartford and Washington, D.C. is $86,000 and $81,000 respectively.
Compensation analysts with more experience also tend to earn higher salaries. Those with five or more years of experience can expect to earn up to $80,000 while those with 10 or more years of experience can earn upwards of $100,000.
Finally, salaries for compensation analysts also vary by employer. For example, those working for large companies typically earn higher salaries than those in smaller companies.
Additionally, those working in fields such as finance, banking, and insurance typically earn higher salaries than those in other industries.
Overall, compensation analysts can expect to earn a good salary, with the range varying significantly depending on a variety of factors. With the right qualifications and experience, these professionals can expect to earn upwards of $100,000.