Compliance Officer Salary
For Compliance Officers, yearly average wages total $65K annually. Cash earnings for Compliance Officers — which occasionally include more than $17K from bonuses and more than $10K from profit sharing — stretch from around $36K to approximately $108K. Compensation for this group is mainly affected by residence, but the specific employer and years of experience are influential factors as well. Most report receiving medical coverage from their employers and a strong majority collect dental insurance. The majority of Compliance Officers (64 percent) who took the survey are women. Most workers in this position report high levels of job satisfaction.
Job Description for Compliance Officer
A company's compliance officer generally is in charge of supervising and handling issues related to compliance with laws or regulations, including making sure that the company is up to date with its licensing requirements. Often, they must report their findings to the organization's governing body and recommend any needed changes. This job is particularly essential in heavily regulated industries such as health care and financial services.Read More...
Compliance officers can work directly for the company they are servicing or for a contracting company. There are a wide range of work environments for compliance officers, who may work in an office or in the field.
This position typically requires a minimum of a bachelor's degree. Depending on the requirements of the specific field with which the compliance officer works, prior experience may be necessary. Most positions require some sort of a certification, such as a Certified Medical Compliance Officer credential for the healthcare field,or a Certified Compliance and Regulatory Professional credential for overseas banks operating in the United States. Compliance officers usually must take continuing education programs to stay up to date with laws and other information they need for effectively monitoring compliance.
Compliance Officer Tasks
- Assess product, compliance, or operational risks and develop risk management strategies.
- Conduct periodic internal reviews or audits to ensure that compliance procedures are followed.
- Conduct or direct the internal investigation of compliance issues.
- Oversee and monitor activities for compliance with company, state and federal regulations.
Common Career Paths for Compliance Officer
Compliance Officers who advance into the role of a VP of Compliance are fairly uncommon. Compliance VPs on average earn $104K per year. Compliance Officers most often move into positions as Chief Compliance Officers or Senior Compliance Officers; those groups report median salaries that are $40K higher and $13K higher, respectively.
Compliance Officer (but not Agriculture, Construction, Health / Safety, or Transportation) Job Listings
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Popular Employer Salaries for Compliance Officer
J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., Citibank, Ameriprise Financial, Inc., and Citigroup, Inc. are all popular places to work. Citigroup, Inc. offers the highest compensation with a median salary of $93K. Compliance Officers can also look forward to large paychecks at Deutsche Bank ($90K), Citibank ($80K), and J.P. Morgan Chase & Co. (JPMCC) ($76K).
A few other companies with smaller-than-average paychecks include Wells Fargo & Co. ($66K), Fifth Third Bank (5/3 Bank) ($68K), and Wells Fargo Bank ($73K).
Popular Skills for Compliance Officer
Compliance Officers seem to require a rather large skill set. Most notably, skills in Legal Compliance, Risk Management / Risk Control, Anti-Money Laundering, and Compliance are correlated to pay that is above average, with boosts between 6 percent and 13 percent. Those listing Safety Compliance as a skill should be prepared for drastically lower pay. Training and Project Management also typically command lower compensation. Skill sets containing Regulatory Compliance also tend to include Auditing and Legal Compliance. Most people who know Compliance also know Legal Compliance and Auditing.
Pay by Experience Level for Compliance Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Salaries for inexperienced workers average out to $65K, and those with five to 10 years' experience earn a higher median of $55K. The average pay reported by folks with 10 to 20 years of experience is around $78K. Compliance Officers with more than 20 years of experience report incomes that are no higher than those with 10 to 20 years on the job.
Pay Difference by Location
For Compliance Officers, working in the bustling city of San Francisco has its advantages, including an above-average pay rate. Compliance Officers can also look forward to large paychecks in cities like New York (+47 percent), Los Angeles (+28 percent), Chicago (+22 percent), and Seattle (+16 percent). In Atlanta, salaries are 9 percent below the national average and represent the lowest-paying market. Two other places where employers offer below-median salaries are Phoenix (7 percent less) and Houston (6 percent less).
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