Top 11 Compensation Specialist Certifications

Certifications are important for a compensation specialist in the job market because they demonstrate specialized knowledge and skills in the field. They provide proof of expertise that employers can rely on when making hiring decisions. Certified compensation specialists have a higher level of credibility and are more likely to be chosen over non-certified applicants. Certifications also allow compensation specialists to stay up-to-date on best practices and industry trends, which can help them make better decisions when setting employee compensation levels. Finally, certifications can often lead to increased earning potential as employers may be willing to pay a premium for certified professionals.

The purpose of this article is to provide a review of the top certifications for Compensation Specialists and explain how they can enhance one's career prospects.

What are Compensation Specialist Certifications?

Compensation specialist certification is a professional certification that recognizes individuals who have achieved an advanced level of knowledge and expertise in the field of compensation. This certification provides recognition to those who demonstrate a comprehensive understanding of the principles, practices, and strategies associated with designing, developing, and administering compensation systems for organizations. In addition, it helps validate their experience in the area of compensation management.

The certification is based on a series of competency-based exams which assess the individual’s capacity to analyze various types of compensation plans, develop policies and procedures related to employee pay structures and overall compensation packages, interpret labor laws, regulations, and collective bargaining agreements as they relate to compensations issues; provide advice on executive pay packages and other sensitive matters; understand best practices in job analysis and job evaluation; evaluate performance management systems; design incentives plans; identify total rewards options; manage salary surveys; conduct market studies; manage benefit programs; create effective communication strategies related to compensation issues; lead process improvement initiatives related to compensation functions; analyze financial data related to compensation costs; monitor legal compliance with federal/state laws regarding wages/salaries/benefits/incentives/stock options/other forms of pay equity measures.

Having this certification can help individuals stand out among their peers when applying for positions within the human resources field dealing with HR-related activities such as recruitment or personnel administration. The credential also serves as evidence of an individual's commitment to staying up-to-date with industry standards in order to increase their value as an employee or consultant. Additionally, having this certification can help employers make more informed decisions when considering candidates for roles involving compensation planning or management.

Pro Tip: When considering a compensation specialist certification, make sure to do your research and find an accredited program that will provide you with the necessary knowledge and skills to be successful in the field. Additionally, look for programs that offer continuing education opportunities so that you can stay up-to-date on the latest trends and best practices in compensation.

Related: What does a Compensation Specialist do?

Top 11 Compensation Specialist Certifications

Here’s our list of the best certifications available to Compensation Specialists today.

1. Certified Compensation Professional (CCP)

Certified Compensation Professional (CCP) is a professional certification program offered by the WorldatWork Society of Certified Professionals. It is designed to recognize and promote the highest level of professional knowledge, skills, and abilities in total rewards. The CCP certification is based on a comprehensive body of knowledge that covers all aspects of compensation including strategy, design, implementation, administration, communication, and compliance.

It typically takes 3-6 months to prepare for the CCP exam. Candidates must have at least five years of experience in the field of compensation or related areas such as benefits or human resources management. Additionally, candidates must complete at least three courses from the WorldatWork Total Rewards curriculum prior to taking the exam.

The CCP exam is offered twice a year in April and October. The cost for taking the exam is $795 USD for members of WorldatWork and $995 USD for non-members.

2. Global Remuneration Professional (GRP)

Global Remuneration Professional (GRP) is a certification awarded by the WorldatWork Society of Certified Professionals. It is designed to recognize individuals who have achieved a high level of expertise in the field of global remuneration. The GRP certification demonstrates that an individual has mastered the knowledge and skills necessary to design, implement, and administer global compensation programs.

To become certified as a Global Remuneration Professional, an individual must pass a comprehensive exam administered by WorldatWork. The exam covers topics such as international labor law, tax regulations, employee benefits, and more. The exam consists of multiple-choice questions and takes approximately four hours to complete.

In order to be eligible for the GRP certification, individuals must have at least five years of professional experience in the field of global remuneration or related areas. Additionally, they must have completed at least 40 hours of continuing education credits within the last three years related to global remuneration topics.

The cost for taking the exam is $495 USD for WorldatWork members and $595 USD for non-members. Once an individual passes the exam, there is an additional fee for receiving their certificate and becoming certified as a Global Remuneration Professional.

3. Certified Benefits Professional (CBP)

Certified Benefits Professional (CBP) is a professional certification program offered by the International Foundation of Employee Benefit Plans (IFEBP). The CBP credential is designed to recognize individuals who have achieved a high level of expertise in employee benefit plans and retirement planning.

The CBP program consists of four courses, each lasting three days. The courses cover topics such as plan design, administration, legal compliance, investment management, and communication. Participants must complete all four courses within two years in order to earn the CBP designation.

To become certified as a CBP, you must meet certain eligibility requirements including having at least three years of experience in employee benefits or retirement planning and passing an exam for each course. You can register for the courses through IFEBP's website or by phone.

The cost of the CBP program varies depending on whether you take individual courses or the full program. For individual courses, the cost ranges from $1,395 to $1,595 per course. For the full program (all four courses), the cost is $5,495.

4. Certified Payroll Professional (CPP)

A Certified Payroll Professional (CPP) is a professional designation that recognizes individuals who have demonstrated a high level of competency in payroll administration. The CPP credential is awarded by the American Payroll Association (APA). To become certified, individuals must pass an exam that covers topics such as payroll laws and regulations, payroll processing and reporting, and payroll systems.

It typically takes about three to six months to prepare for the CPP exam. During this time, individuals should review the APA’s study materials and practice tests, attend APA-sponsored seminars or webinars, join local APA chapters, and take advantage of other resources available online or through books.

To get the CPP credential, individuals must submit an application to the APA along with their exam fee. The fee varies depending on whether you are an APA member or not; members pay $295 while non-members pay $395. Once approved, applicants must then take the exam at a designated testing center. Upon passing the exam with a score of 70% or higher, applicants will receive their CPP certificate in approximately four weeks.

5. Certified Employee Benefits Specialist (CEBS)

Certified Employee Benefits Specialist (CEBS) is a professional designation that recognizes those who have achieved a high level of expertise in the field of employee benefits. This certification is offered by the International Foundation of Employee Benefit Plans and is recognized as one of the most prestigious certifications in the industry.

The CEBS program consists of five courses, each focusing on a different area of employee benefits: Group Benefits, Retirement Plans, Compensation Management, Health Care Reform, and Financial Management. The program also includes an exam at the end of each course to assess knowledge and understanding. To become certified, candidates must complete all five courses and pass all exams with a minimum passing grade.

It typically takes between 12-18 months to complete the CEBS program, depending on how quickly you can complete each course and exam. To begin your studies for CEBS certification, you must first register with the International Foundation for Employee Benefit Plans. Once registered, you will be able to access study materials and take practice exams online.

The cost for CEBS certification varies based on whether or not you are a member of the International Foundation for Employee Benefit Plans. If you are not a member, then it will cost $1,795 plus taxes to enroll in the program and take all five courses. If you are a member then it will cost $1,595 plus taxes to enroll in the program and take all five courses.

6. WorldatWork Total Rewards Certification (TWC)

WorldatWork Total Rewards Certification (TWC) is an internationally recognized certification program designed to help human resources professionals develop and demonstrate their knowledge of total rewards. It is the most comprehensive and widely-recognized credential in the field of total rewards.

The TWC program consists of two exams: the Total Rewards Foundation Exam and the Total Rewards Professional Exam. The Foundation Exam covers topics such as total rewards strategy, compensation, benefits, work-life, performance management, recognition, and communication. The Professional Exam focuses on more complex topics such as global reward strategies, executive compensation, long-term incentives, retirement plans, health care reform, and legal compliance.

It typically takes about three to six months to complete both exams. To get started with the TWC program you must first register for an account on WorldatWork's website. Once your account is created you can purchase the exam materials which include a study guide and practice exams.

The cost of the TWC program varies depending on whether or not you are a WorldatWork member. For non-members it costs $1,250 for both exams while members pay $850 for both exams.

7. International Foundation of Employee Benefit Plans Designation (IFEBP-D)

The International Foundation of Employee Benefit Plans Designation (IFEBP-D) is a professional designation that recognizes individuals who have demonstrated a high level of knowledge and expertise in the administration and management of employee benefit plans. The IFEBP-D designation is awarded by the International Foundation of Employee Benefit Plans (IFEBP), a non-profit organization that provides education, training, and research to those involved in the field of employee benefits.

In order to obtain the IFEBP-D designation, applicants must complete an approved program which includes a comprehensive examination. This program typically requires approximately 150 hours of study and preparation time. Applicants must also demonstrate at least five years of experience in the employee benefits field in order to qualify for the designation.

In addition to completing the program, applicants must pass an exam administered by IFEBP which covers topics such as legal requirements for benefit plans, plan design and funding, investment strategies, communication techniques, and fiduciary responsibilities. Upon successful completion of the exam, applicants will receive their IFEBP-D designation.

The cost to apply for the IFEBP-D designation varies depending on whether or not you are an existing member of IFEBP. For non-members, there is an application fee of $250 plus an additional fee for taking the exam ($150). There may also be additional fees associated with any courses or materials required for successful completion of the program.

8. Certified Equity Professional (CEP)

Certified Equity Professional (CEP) is a professional designation offered by the National Association of Stock Plan Professionals (NASPP). It is designed to recognize individuals who have achieved a high level of expertise in the field of equity compensation. The CEP designation is awarded to those who demonstrate knowledge and experience in areas such as stock option plans, restricted stock awards, employee stock purchase plans, and other forms of equity compensation.

The CEP program consists of four courses: Introduction to Equity Compensation, Advanced Topics in Equity Compensation, Regulatory Compliance & Taxation, and Corporate Governance & Administration. Each course requires approximately 40 hours of study time and must be completed within two years. Once all four courses are successfully completed, applicants must pass an exam to earn the CEP designation.

To become a CEP, you must first join NASPP as a member. Membership fees vary depending on your profession and location. After joining NASPP, you can register for the CEP program online. The cost for registering for the program is $2,400 USD plus applicable taxes at the time of registration.

Once you have successfully completed all four courses and passed the exam, you will receive your CEP certificate from NASPP. You will also gain access to exclusive resources such as webinars and networking events that are only available to Certified Equity Professionals.

9. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation for management accountants and finance professionals. It is jointly issued by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). The CGMA designation recognizes the expertise and experience of management accountants in providing strategic financial advice to organizations.

To become a CGMA, you must have a bachelor’s degree in accounting or finance, three years of relevant work experience, pass an exam, and complete additional coursework. The exam consists of four parts: Financial Accounting, Managerial Accounting, Strategic Management Accounting, and Business Analysis & Valuation.

The total cost to obtain the CGMA designation is approximately $2,000 USD. This includes the cost of registration fees, exam fees, course materials, and any other related expenses. Depending on how quickly you can complete the required coursework and exams, it typically takes between six months to two years to become a CGMA.

Once you have obtained your CGMA designation, you will be able to demonstrate your knowledge and skills as a management accountant or finance professional. You will also gain access to exclusive resources such as networking opportunities with other CGMAs around the world and discounts on continuing education courses.

10. Human Resources Certification Institute’s Professional in Human Resources Certification (PHR/SPHR/GPHR)

The Human Resources Certification Institute (HRCI) is a professional organization that offers certifications for human resources professionals. The Professional in Human Resources (PHR/SPHR/GPHR) certification is the most widely recognized and respected HR certification available. It demonstrates an individual’s mastery of the technical and operational aspects of HR management, including knowledge of federal and state laws, practices, and regulations.

It typically takes between six months to one year to prepare for the PHR/SPHR/GPHR exam. Candidates must have at least two years of experience in a professional-level HR position or four years of experience in a specialist-level HR position to be eligible for the exam. Candidates can prepare for the exam by taking HRCI-approved courses or self-study using books, online resources, and other materials.

The cost of taking the PHR/SPHR/GPHR exam depends on which version of the exam you take: PHR ($395), SPHR ($495), or GPHR ($595). In addition to the cost of the exam itself, there may also be additional fees associated with preparing for it such as purchasing study materials or enrolling in an approved course.

Once candidates have successfully passed the examination, they will receive their official certification from HRCI which is valid for three years. To maintain their certification, individuals must complete continuing education requirements every year.

11. Society for Human Resource Management Senior Certified Professional Certification (SHRM-SCP).

The Society for Human Resource Management Senior Certified Professional (SHRM-SCP) certification is a credential designed to recognize professionals who have demonstrated mastery of the principles and practices of effective human resource management. It is one of two certifications offered by the Society for Human Resource Management (SHRM). The SHRM-SCP certification recognizes individuals who have achieved a high level of proficiency in the areas of strategic business management, organizational effectiveness, workforce planning and development, employee relations, and risk management.

In order to obtain the SHRM-SCP certification, applicants must meet certain criteria. First, they must have at least three years of experience in human resources or a related field. Second, they must pass an exam that covers topics such as understanding workplace trends and strategies, developing effective HR policies and procedures, managing employee performance and engagement, leading change initiatives, and managing risk. Finally, applicants must complete 60 professional development credits within three years prior to applying for the certification.

The SHRM-SCP certification process typically takes between six months to one year from start to finish. The cost of obtaining the SHRM-SCP certification varies depending on factors such as whether or not you are a current SHRM member and which study materials you choose to purchase. Generally speaking, it will cost between $400-$700 USD for non-members to obtain the SHRM-SCP certification.

Do You Really Need a Compensation Specialist Certificate?

The answer to this question will depend on the individual. A compensation specialist certificate can be beneficial for those who want to pursue a career in the field of compensation and benefits management. It can open up opportunities for higher-level positions, provide additional training, and give employers an assurance that you are qualified to handle complex compensation issues.

However, a certificate is not necessary for everyone. If you already have experience in the industry or are confident in your understanding of the principles of compensation, then it may not be necessary for you to obtain a certificate. Additionally, if you intend to continue working in an entry-level position with limited responsibilities, then there may not be much value in obtaining a certificate.

Ultimately, it is up to the individual to decide whether or not they need a compensation specialist certificate. While it can provide valuable credentials and knowledge, it may not always be necessary depending on your goals and current level of expertise.

Related: Compensation Specialist Resume Examples

FAQs About Compensation Specialist Certifications

1. What are the benefits of becoming a Compensation Specialist?

Answer: Becoming a Compensation Specialist can provide you with a strong foundation in the principles and practices of compensation, including salary surveys, job evaluation, performance management, and wage and salary administration. It can also help you develop skills that will be beneficial to your career in human resources.

2. How long does it take to become certified as a Compensation Specialist?

Answer: The length of time necessary to become certified as a Compensation Specialist can vary depending on the certification program you choose. However, most certification programs require between 30-40 hours of coursework or study and some may require an additional examination or other demonstration of competency.

3. Are there any prerequisites for becoming a Certified Compensation Specialist?

Answer: While there are no formal prerequisites for becoming certified as a Compensation Specialist, most programs do require applicants to have at least two years of professional experience in human resources or related fields. Additionally, many programs may have specific educational requirements such as having an undergraduate degree in business administration or human resources management.

4. What is the cost associated with obtaining Certification as a Compensation Specialist?

Answer: The cost associated with obtaining certification as a Compensation Specialist will vary depending on the program you choose and whether you decide to pursue self-study or classroom instruction. Generally speaking, costs for certification range from $500-$2000 USD; however, some programs offer discounts for groups or organizations looking to certify multiple individuals at once.

5. How often do I need to renew my Certification as a Compensation Specialist?

Answer: The frequency at which you need to renew your certification will depend on the particular program you enroll in; however, most certifications need to be renewed every three years in order for them to remain valid and recognized by employers and industry associations alike.