Compliance Manager Salary
Job Description for Compliance Manager
Compliance managers work on a company's legal, management, and compliance issues. They make sure that their company is up to date with all the regulatory requirements. Their tasks include conducting audits, identifying issues, filing reports, consulting with attorneys, assisting employees, analyzing sales, investigating customer complaints, guiding and teaching fellow employees, overseeing compliance systems, and verifying policies. Compliance managers typically need to be strong leaders, as well as strong communicators. This job is communication-heavy and requires frequent verbal and written communication with others. It is also helpful to be persuasive and an excellent problem solver; compliance managers generally have to analyze data and explain results to - and potentially persuade - higher management or attorneys.Read More...
Compliance managers generally work alongside human resources, higher management, attorneys outside the company, and employees within the office. Most positions for compliance managers are full-time, day-shift jobs with long hours. Extended hours are usually required, and long distance and/or overnight travel may be possible. A bachelor's degree in accounting, business, finance, or a related field is needed, as well as five to seven years of related experience. Depending on the company's field, other certifications may be required.
Compliance Manager Tasks
- Create, implement, administer, and enforce policies, procedures and laws required for a company to operate in accordance with the law and regulations.
- Establish and update a compliance manual.
- Perform routine internal audits to ensure that business is operating in accordance with regulations.
- Consult with company about processes, practices, and systems and areas of improvement.
Common Career Paths for Compliance Manager
Compliance Managers sometimes assume positions such as Compliance VPs. That role pays $104K per year on average. Compliance Directors or Chief Compliance Officers are common next-step roles for Compliance Managers moving up in their careers; annual pay for Compliance Directors is $23K higher on average, and it's $27K higher for Chief Compliance Officers.
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Popular Employer Salaries for Compliance Manager
For Compliance Managers, comfortable salaries can be found at Morgan Stanley; in fact, median earnings sit around $106K, the highest in the area.
Popular Skills for Compliance Manager
Survey respondents exploit a significant toolbox of skills in their work. Most notably, skills in Anti-Money Laundering, Trade Compliance, Compliance, and Legal Research are correlated to pay that is above average, with boosts between 4 percent and 11 percent. Skills that are correlated to lower pay, on the other hand, include Safety Compliance, Program Management, and HIPAA Compliance. Most people skilled in Risk Management / Risk Control are similarly competent in Project Management. Those familiar with Regulatory Compliance also tend to know Legal Compliance, Project Management, and Compliance (Financial).
Pay by Experience Level for Compliance Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries of relatively inexperienced workers fall in the neighborhood of $63K, but folks who have racked up five to 10 years see a notably higher median of $79K. Compliance Managers bring in $88K after working for 10 to 20 years. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $85K by contrast.
Pay Difference by Location
Compliance Managers will find that San Francisco offers an impressive pay rate, one which exceeds the national average by 50 percent. Compliance Managers will also find cushy salaries in New York (+26 percent), Boston (+24 percent), Baltimore (+21 percent), and Houston (+20 percent). Phoenix ranks last in the field for pay, reporting salaries 3 percent below the national average. Employers also pay below the national average in Seattle and Denver (2 percent lower).
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