As businesses race to address an array of consumer-focused compliance requirements, from anti-money laundering laws to corporate accounting mandates, the demand for compliance officers continues to grow. Across industries, from retail and real estate to healthcare and government, these professionals remain in short supply.
What is compliance, exactly? A simple definition of compliance is fully following the laws, regulations and reporting obligations governing the financial sector in a transparent, time-sensitive manner that reinforces the confidence of customers, clients, shareholders and the general public. Competition is intense, especially for candidates well-versed in accounting laws and regulations and those adept at identifying and managing regulatory risk and collaborating across departments.
The requirements companies must juggle to keep current with global and domestic regulatory standards—amid the rise of cryptocurrency, fraud prevention, online retail, data protection and privacy—show no signs of abating. The good news for compliance officers is this: Jobs will be plentiful for the foreseeable future, and the compliance officer salary will remain favorable among roles in the financial services field.
Skills and qualifications for compliance officer success
For these roles, employers are seeking:
Organized, inquisitive, innovative problem solvers with the ability to perceive, understand and interpret facts quickly and precisely
Professionals with solid time management skills, the ability to multitask and see the big picture
Diplomacy as a necessary soft skill (A compliance officer must explain in layman’s terms the nature of a problem, offer a correction plan, invite stakeholders to provide solutions and then monitor for remediation.)
Professionals who stay abreast of technology advancements, and who offer a work history of preventing, detecting and remediating compliance violations
Deep understanding of the company’s culture
Industry experience can be a key attribute as well, particularly in highly regulated areas such as financial services. While the details of specific mandates can be learned, companies can benefit from hiring compliance officers who are knowledgeable about the broader regulatory landscape for their specific sector. A college degree in finance and accounting is preferred although many professionals in compliance have transitioned from legal, real estate, banking, private equity or startup career backgrounds.
Many employers also value a master’s degree in business administration or an in-demand certification such as the CPA credential. Other beneficial certifications include the CCEP (Certified Compliance & Ethics Professional) and IACCP (Investment Adviser Certified Compliance Professional).
