Compliance has become one of the biggest buzzwords in corporate America and one of the hottest areas of the job market. In some sectors, new compliance jobs are growing at rates that are more than double the growth rate for non-compliance jobs. Many of those jobs command six figure salaries and there is a big demand at every experience level. Jack Kelly of Compliance Search Group said, “Hiring has gone up across the board … from senior level to junior level and everything in between.”
WHAT THEY DO
Corporate compliance officers have a broad array of duties. The 2014 Compliance Trends Survey, conducted by Compliance Week and Deloitte, identified four core responsibilities that over 80% of survey respondents agreed were primary areas of focus:
Compliance with domestic regulation
Code of conduct
Complaints and whistleblower hotlines
With these primary concerns in mind, it is easy to see that you don’t have to be a compliance specialist to benefit from increasing your compliance knowledge. Businesses expect many non-compliance professionals to be more knowledgeable in this area. Human resource professionals, accountants, paralegals, and many other professionals have a growing need to understand the complexities of compliance requirements that apply to their work and their organization. The big key in compliance today is being proactive in order to prevent problems.
WHERE THEY WORK
One of the biggest growth sectors for compliance professionals is financial services. U.S. Bureau of Labor Statistics figures for compliance officer jobs in finance and insurance show projected growth of 11.1% through 2022. That’s more than double the projected growth rate for non-compliance jobs in this sector. Many other industries are also hiring a multitude of compliance professionals.
Accounting, technology and healthcare companies have a huge and growing need for compliance professionals. Industry leaders like PWC, Deloitte, Oracle Corporation, and Healthcare Corporation of America (HCA) are just a few that top the list of companies with major hiring initiatives.
HOW MUCH THEY MAKE
Salaries for compliance professionals are strong and growing. According to the staffing firm Robert Half, even without a law degree, salaries for compliance analysts at midsized companies are between $67,500 and $89,000. According to CareerBuilder, within accounting and finance, the median salary for regulatory compliance professionals is $93,550.
While a law degree is not required, there is huge demand for attorneys with compliance knowledge. “Compliance has opened up a whole new area for law school grads,” says Jason Wachtel, Managing Partner of executive search firm JW Michaels & Co. Chief Compliance Officers at large companies earn annual salaries in the range of $141,750 to $197,000. At large multinational companies, the salaries are even higher.
HOW TO PREPARE YOURSELF
Whether you want to become a compliance professional or you want to enhance your compliance knowledge to be more effective and marketable in another profession, the best way to gain that knowledge is through a compliance program like the one offered though the Charlotte School of Law. This will ensure that you get the right information about the most relevant compliance issues that are up-to-date, which is extremely important in the rapidly changing environment businesses operate in today.