Compensation managers work in organizations of all sizes in almost every industry. They are responsible for developing and monitoring programs to determine the income of employees at various levels within the organization. Part of a compensation manager's job involves researching competitive wages and modifying compensation plans accordingly.
A bachelor's degree in business management, business administration, finance or a related field is the minimum education required for this job. Some organizations require applicants to have an MBA or a master's degree in human resources management or a finance related field. Strong business acumen and excellent analytical, decision-making, leadership and communication skills are essential attributes for this role. Doing an internship is the best way to get the necessary on the job experience, which most employers will be looking for.
At the interview for a compensation manager post, your interviewer will want to know details about your experience. How did you determine the compensation for employees of the organization that you worked for? What research did you do? How did you implement your plan? The more confidently you can answer all questions that the interviewer asks you, the better the chances of getting the job. To get a better idea of the types of questions asked at compensation manager interviews, look at mock interview questions. Spend some time thinking about how you are going to answer some of the more commonly asked questions. This should help you be well prepared when interview day comes around.