Compliance Officer Salary
An average Compliance Officer in the United States can expect to take home roughly $65K annually. Total incomes of Compliance Officers incorporate potential for, in a few cases, more than $17K from bonuses and close to $10K from profit sharing; these performance components cause packages to range between $36K and $108K. The most important factor affecting compensation for this group is the particular firm, followed by geography and years of experience. There are more female Compliance Officers who answered the questionnaire than male, making up 63 percent. Medical benefits are awarded to most, and a strong majority earn dental coverage. Job satisfaction is reported as high by the vast majority of workers. The figures in this rundown are based on the results of PayScale's salary questionnaire.
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
- Conduct or direct the internal investigation of compliance issues.
- Oversee and monitor activities for compliance with company, state and federal regulations.
- Assess product, compliance, or operational risks and develop risk management strategies.
- Conduct periodic internal reviews or audits to ensure that compliance procedures are followed.
Common Career Paths for Compliance Officer
Compliance Officers sometimes assume positions such as Compliance VPs. That role pays $103K per year on average. A common career progression for a Compliance Officer is to become a Chief Compliance Officer or a Senior Compliance Officer. Compared to Compliance Officers, the first group earns $40K more on average, and the second group earns $13K more.
Compliance Officer (but not Agriculture, Construction, Health / Safety, or Transportation) Job Listings
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Popular Employer Salaries for Compliance Officer
Well-known firms with a reputation for hiring numerous Compliance Officers include J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., Citibank, Ameriprise Financial, Inc., and Citigroup, Inc. The biggest paychecks can be found at Citibank — the median salary there is $97K. Soaring salaries can also be found at Citigroup, Inc., Deutsche Bank, and J.P. Morgan Chase & Co. (JPMCC), where earnings of $93K, $90K, or $75K are standard for Compliance Officers.
Employees at Wells Fargo & Co., Fifth Third Bank (5/3 Bank), and Wells Fargo Bank can also expect below-average earnings of $65K, $65K, and $73K.
Popular Skills for Compliance Officer
Compliance Officers seem to exploit a large range of skills on the job. Most notably, skills in Legal Compliance, Anti-Money Laundering, Risk Management / Risk Control, and Internal Audit are correlated to pay that is above average, with boosts between 7 percent and 15 percent. Those listing Safety Compliance as a skill should be prepared for drastically lower pay. Project Management and Training also typically command lower compensation. Most people who know Compliance also know Legal Compliance and Auditing. Most people skilled in Regulatory Compliance are similarly competent in Auditing and Legal Compliance.
Pay by Experience Level for Compliance Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average inexperienced worker's salary is approximately $55K, and people with five to 10 years of experience bring in more at around $65K on average. People with 10 to 20 years of experience make an average of about $77K in this role. Folks with more than two decades of experience actually report lower incomes overall; their average comes out to a mere $76K.
Pay Difference by Location
For Compliance Officers, San Francisco provides a pay rate that is 65 percent greater than the national average. Compliance Officers can also look forward to large paychecks in cities like New York (+48 percent), Los Angeles (+30 percent), Chicago (+23 percent), and Richmond (+22 percent). The lowest-paying market is Atlanta, which sits 9 percent below the national average. Phoenix and Houston are a couple other places where companies are known to pay below the median — salaries are 9 percent lower and 5 percent lower, respectively.