Compliance Associate Salary
Compliance Associates in the United States take home an average $56K annually. Cash earnings for Compliance Associates — which occasionally include more than $15K from bonuses and more than $17K from profit sharing — stretch from around $32K to approximately $93K. The most important factor affecting compensation for this group is location, followed by the specific employer and tenure. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to more than half. Female Compliance Associates are more common than men among those who completed the survey; more than half (61 percent) are women. For the most part, Compliance Associates enjoy their work and report high levels of job satisfaction. The figures in this rundown are based on the results of PayScale's salary questionnaire.
Job Description for Compliance Associate
A compliance associate ensures that their company’s employees comply with all guidelines, management directives, and human resources policies. They make sure staff members conform to industry practices and professional standards in all activities, with specific practices and standards depending on the company and field. Other tasks completed by the compliance associate include investigating and resolving compliance issues, implementing procedures for monitoring compliance guidelines, maintaining files and databases of all records relating to compliance and risk, and participating in compliance audits. They are also responsible for reviewing agency reports, formulating responses and corrective actions regarding agency reports, and distributing information regarding new and ongoing requirements. Compliance associates generally work full time in an office setting; these professionals may work in a variety of fields.Read More...
A bachelor's degree in accounting, finance, or a related field is often required for this role; a master's degree and/or relevant certifications (in areas such as internal audits and forensic accounting) may be needed as well. A compliance associate must be a proven leader, possess excellent communication skills, and be able to analyze complex initiatives, reports, and data. They also need to be able to develop criteria for gathering and reporting data, develop criteria for tools and techniques related to projects, and review and verify data for complete accuracy.
Compliance Associate Tasks
- Discipline and/or re-train employees in the event of compliance guideline violations.
- Assist with training new employees on compliance procedures and answer questions regarding policies.
- Conduct monthly and yearly branch/departmental compliance reviews.
- Research and report on regulatory changes to ensure compliance.
Compliance Associate Job Listings
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Popular Employer Salaries for Compliance Associate
Popular Skills for Compliance Associate
Survey results show that Compliance Associates use a fair number of skills. Most notably, facility with Internal Audit, Legal Compliance, and Anti-Money Laundering (AML) are correlated to pay that is significantly above average, leading to increases of 22 percent, 12 percent, and 11 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Auditing and Data Analysis. Most people familiar with Compliance also know Anti-Money Laundering (AML).
Pay by Experience Level for Compliance Associate
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for the relatively untried average out to around $49K, but survey participants with five to 10 years of experience earn a significantly higher median of $66K. After working for 10 to 20 years, Compliance Associates make a median salary of $66K. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $78K.
Pay Difference by Location
Home to some of the best pay for Compliance Associates, New York offers exceptional salaries, 47 percent above the national average. Compliance Associates can also look forward to large paychecks in cities like Boston (+33 percent), Dallas (+31 percent), Houston (+27 percent), and Jacksonville (+26 percent). Compliance Associates in Washington take home the lowest salaries, earning a whopping 26 percent less than the national average. Employers pay around 23 percent less in Pittsburgh and 15 percent less in Austin, below-median salaries for those in this field.