Benefits Analyst Requirements:
- Bachelor's degree in human resources.
- A master's or doctoral degree in human resources or business is preferred by some companies for senior positions.
- 3-7 years of experience in benefits processes and retirement planning.
- Knowledge of state and federal laws and regulations with regard to the processing of health and retirement benefits.
- Experience in managing leave of absence, time-off, and workers’ compensation programs.
- Experience in Microsoft Suite, Excel, Word, and PowerPoint.
- In-depth understanding of state and local laws governing leave such as ERISA, HIPAA, COBRA, and FMLA to ensure compliance.
- Excellent analytical skills to research and evaluate benefits programs to make informed choices.
- The ability to present information clearly and in a manner that is understandable to managers and employees and to answer questions.
- Excellent writing skills for reports and benefits information.
- Bachelor's degree in human resources.
- A master's or doctoral degree in human resources or business is preferred by some companies for senior positions.
- 3-7 years of experience in benefits processes and retirement planning.
How do I become a compensation and benefits analyst?
Even though most Compensation And Benefits Analysts have a college degree, it's possible to become one with only a high school degree or GED. Choosing the right major is always an important step when researching how to become a Compensation And Benefits Analyst.
What does a benefits analyst do?
A benefits analyst evaluates, recommends, and administers employee benefit programs and has sound knowledge of laws governing benefits compliance. They communicate the advantages of benefit packages to management and staff and have to stay abreast of employee benefits information.
What does it take to become a benefits specialist?
To be successful as a benefits specialist, you need to know the specific details of your company's programs, including pension plans, 401 (k) savings plans, dental health insurance plans or any number of different specialized programs available today. What Education Do I Need?
How do I become a certified employee benefit specialist (CEBs)?
The International Foundation of Employee Benefits Plans (IFEBP) offers the Certified Employee Benefit Specialist (CEBS) designation ( www.ifebp.org ). You earn the CEBS title after completing the eight-course program and receiving a passing score on the examination.
What do benefits analyst do?
What Do Benefits Analysts Do? Ensure benefit plans are administered according to plan provisions and company's regulatory guidelines. Work with insurance carriers to resolve issues regarding eligibility and claims. Provide ongoing analysis on trends, legislative changes and best practices within the benefits field.
How do I become a compensation and benefits analyst?
Prospective compensation and benefits managers should begin by pursuing a bachelor's degree in human resources or a related field, such as business, finance, or management. Taking courses related to finance, administration, information technology, and management is a plus.
Is benefit analyst a good career?
The benefits analyst field has a projected growth of 9 percent between 2016 and 2026. That's similar to the average growth of all occupations, making it a solid career path. Companies will always need analysts to help create the best benefits plans to attract top talent.
What qualifications does an analyst need?
You'll need:business management skills.analytical thinking skills.knowledge of teaching and the ability to design courses.to be flexible and open to change.the ability to use your initiative.customer service skills.the ability to work well with others.excellent verbal communication skills.More items...
What is an HR benefits analyst?
Benefit analysts review and analyze employee benefits plans and policies, as well as compensation packages. They recommend the best programs for their organizations to use, ideally attractive to prospective employees as well as good for the company's bottom line. The job of a benefits analyst touches so many employees.
What degree does a compensation analyst need?
Most compensation analysts will be required to hold a bachelor's degree at a minimum. A bachelor's of science in business administration with a major in human resource management, is one of the most popular degree paths, as it sets analysts up particularly well for the HR department.
What is health and benefits analyst?
Summary: This position is responsible for supporting senior analysts and consultants who manage client accounts by requesting and analyzing data from various vendors, researching compliance issues, and evaluating benefit plans and programs.
What does a retirement benefit analyst do?
A benefits analyst evaluates, recommends, and administers employee benefit programs and has sound knowledge of laws governing benefits compliance. They communicate the advantages of benefit packages to management and staff and have to stay abreast of employee benefits information.
What does a benefit manager do?
Benefits managers administer an organization's employee benefits program, which may include retirement plans, leave policies, wellness programs, and insurance policies such as health, life, and disability.
How do I become an analyst with no experience?
Key Things To Do To Become a Business Analyst With No ExperienceLearn Business Processes. ... Get Domain Knowledge. ... Get Familiar With The Key Software. ... Learn Data Analysis. ... Get Familiar With Glossaries. ... Improve Your Communication Skills. ... Don't Underestimate The Power Of Documentation. ... Internship Opportunity.More items...
Can I be a data analyst without a degree?
You don't need a full-blown degree to become a data analyst, but you do need a structured and formal approach to learning the necessary skills. The best (and most flexible) way to do so is through a project-based course.
How do I become a data analyst with no experience?
How to Become a Data Analyst with No ExperienceStart with Self-Study. The internet has a wealth of knowledge that you can access for free oftentimes. ... Try Out Data Analytics Projects. It's time to apply your knowledge with hands-on projects. ... Create a Portfolio. ... Apply for Internships and Jobs.
What Does a Benefits Analyst Do?
A benefits analyst manages corporate benefits and compensation programs for a human resources department. As a business benefits analyst, your job...
How to Become a Benefits Analyst
The minimum qualifications you need for a career as a business analyst are a bachelor’s degree in business administration, human resources manageme...
Benefits Analyst Job Description Sample
With this Benefits Analyst job description sample, you can get a good idea of what employers are looking for when hiring for this position. Remembe...
What degree do I need to become a benefits analyst?
May require a bachelor's degree. Additionally, Benefits Analyst typically reports to a manager. The Benefits Analyst works on projects/matters of limited complexity in a support role. Work is closely managed. To be a Benefits Analyst typically requires 0-2 years of related experience.
What do benefits analysts need to know?
Insurance knowledge – benefits analysts must have a deep understanding of the insurance industry and its core concepts. Understanding of basic math – successful analysts need to know how to add, subtract, divide, and multiply.
How much does a benefit analyst make?
How much does a Benefits Analyst make? The average salary range for a Benefits Analyst is from $54,156 to $66,803. The salary will change depending on your location, job level, experience, education, and skills.
What does a benefit analyst do?
What does a Benefits Analyst do? A Benefits Analyst researches, analyzes, evaluates, and administers corporate benefit plans and programs. Monitors benefit trends in the business environment and must stay abreast of applicable benefits legislation.
What Does a Benefits Analyst Do?
A benefits analyst manages corporate benefits and compensation programs for a human resources department.
How to Become a Benefits Analyst
The minimum qualifications you need for a career as a business analyst are a bachelor’s degree in business administration, human resources management, or organizational psychology, and experience working in the human resources field.
Benefits Analyst Job Description Sample
With this Benefits Analyst job description sample, you can get a good idea of what employers are looking for when hiring for this position. Remember, every employer is different and each will have unique qualifications when they hire for a Benefits Analyst role.
Earn a degree
To begin your Benefits Specialist career path, a Bachelor's Degree in Business Administration or a related field is usually necessary in order to remain a competitive option for employers.
Choose speciality
As an Benefits Specialist, you may be required to choose a specialty within your field. Determine which part of the Benefits Specialist field you feel strongest in, and continue taking active steps toward growing in your chosen Benefits Specialist specialty.
Get an entry level
Once you've acquired a Bachelor's Degree in Business Administration or a related field, you'll typically begin your career as an entry-level Benefits Specialist. In general, you can become a Benefits Specialist after completing your 4 year Bachelor's Degree in a related discipline.
Advance in career
Following entry-level, there are several Benefits Specialist career path levels to advance into. It can take 2 years as an entry-level Benefits Specialist to progress to the senior benefits specialist position.
Continued education opportunities
Not all industries and companies require continued education to advance your Benefits Specialist career path. However, earning this degree may help you advance to higher-earning positions more quickly. Earning a Graduate Degree in Business Administration can take 4 years to complete.
How much does a compensation analyst make?
Compensation And Benefits Analysts in America make an average salary of $63,108 per year or $30 per hour. The top 10 percent makes over $85,000 per year, while the bottom 10 percent under $46,000 per year.
What are the best states to work in compensation and benefits?
The best states for people in this position are Rhode Island, New Hampshire, New York, and Nevada. Compensation and benefits analysts make the most in Rhode Island with an average salary of $81,801. Whereas in New Hampshire and New York , they would average $80,547 and $79,319, respectively. While compensation and benefits analysts would only make an average of $78,977 in Nevada , you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
Benefits Analyst Career Path
Learn how to become a Benefits Analyst, what skills and education you need to succeed, and what level of pay to expect at each step on your career path.
Benefits Analyst Insights
Read what Benefits Analyst professionals have to say about their job experiences and view top companies for this career.
What is a certified benefits specialist?
A certified benefits specialist manages a company's employee benefits programs. They must stay up-to-date with the most current benefits policies in order to make sure that their organization's policies are up-to-date and competitive. They also analyze employees' jobs and roles within the company to determine their pay scale and classification.
How much does a CEBS make?
In November 2019, PayScale reported that benefits specialists with the CEBS designation made an annual salary of $78,000. If you have a bachelor's degree and are interested in a more managerial position, you could pursue a job as a compensation and benefits manager.
Why is it important to analyze employees' jobs and roles within the company?
They also analyze employees' jobs and roles within the company to determine their pay scale and classification. It is also important for them to be able to work with outside insurance and benefits companies to be able to provide their employees with the best packages possible.
What degree do I need to become a benefits analyst?
May require a bachelor's degree. Additionally, Benefits Analyst I typically reports to a manager. The Benefits Analyst I works on projects/matters of limited complexity in a support role. Work is closely managed. To be a Benefits Analyst I typically requires 0-2 years of related experience.
What is benefits analyst?
Benefits Analyst I researches, analyzes, evaluates, and administers corporate benefit plans and programs. Monitors benefit trends in the business environment and must stay abreast of applicable benefits legislation. Being a Benefits Analyst I assists in determining impact of new policies or provisions. May require a bachelor's degree. Additionally, Benefits Analyst I typically reports to a manager. The Benefits Analyst I works on projects/matters of limited complexity in a support role. Work is closely managed. To be a Benefits Analyst I typically requires 0-2 years of related experience.
What is benefits analyst?
A benefits analyst evaluates, recommends, and administers employee benefit programs and has sound knowledge of laws governing benefits compliance. They communicate the advantages of benefit packages to management and staff and have to stay abreast of employee benefits information. Benefits analysts manage benefits transactions ...
What is the job of a benefits officer?
Providing information to explain changes in benefits to employees and answering employee queries about benefits policies. Identifying and practicing proven strategies to attract desirable personnel. Ensuring that policies are renewed on time so that they do not lapse.
What is an analytical skills?
Excellent analytical skills to research and evaluate benefits programs to make informed choices. The ability to present information clearly and in a manner that is understandable to managers and employees and to answer questions. Excellent writing skills for reports and benefits information.
