Compliance Officer Salary
Median pay for Compliance Officers in the United States is around $66K annually. With some bonuses approaching $19K and certain profit sharing proceeds approaching $10K, overall incomes of Compliance Officers spread between $37K and $110K depending on individual performance. The most influential factor affecting pay for this group is residence, though the specific employer and experience level have a (lesser) impact as well. Most enjoy medical while a strong majority get dental coverage. Vision coverage is also available to the greater part. Job satisfaction is reported as high by the vast majority of workers. Women account for the majority of Compliance Officers who responded to the questionnaire — 65 percent to be exact.
|Salary||$41,542 - $110,688|
|Bonus||$484 - $19,482|
|Profit Sharing||$0.00 - $7,169|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$36,969 - $112,606|
|Hourly Rate||$13.19 - $28.74|
|Overtime||$17.53 - $41.31|
|Bonus||$484 - $19,482|
|Profit Sharing||$0.00 - $7,169|
|Total Pay (||$36,969 - $112,606|
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. (Copyright 2017 PayScale.com)
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
Though some Compliance Officers move into positions like VP of Compliance (where the average salary is $104K), this progression is not the norm. The most common next step for a Compliance Officer is to become a Chief Compliance Officer or a Senior Compliance Officer. The former position pays an additional $41K per year on average, and the latter position pays $13K more per year.
Compliance Officer Job Listings
Popular Employer Salaries for Compliance Officer
J.P. Morgan Chase & Co. (JPMCC), Wells Fargo & Co., Citibank, MassMutual Financial Group, and Ameriprise Financial, Inc. are top-notch employers for Compliance Officers in this area. For Compliance Officers, comfortable salaries can be found at Citigroup, Inc.; in fact, median earnings sit around $93K, the highest in the area. Compliance Officers will also find cushy salaries at Deutsche Bank (+$90K), Citibank (+$80K), and J.P. Morgan Chase & Co. (JPMCC) (+$77K).
Others at the bottom of the scale for this job include Wells Fargo & Co. at $66K, Fifth Third Bank (5/3 Bank) at $68K, and The Northwestern Mutual Life Insurance Company, where $68K is the norm.
Popular Skills for Compliance Officer
Compliance Officers seem to wield many skills on the job. Most notably, skills in Legal Compliance, Risk Management / Risk Control, Compliance, and Anti-Money Laundering are correlated to pay that is above average, with boosts between 6 percent and 12 percent. Those listing Safety Compliance as a skill should be prepared for drastically lower pay. Project Management and Trade Compliance also typically command lower compensation. Those familiar with Compliance also tend to know Legal Compliance and Auditing. Those familiar with Regulatory Compliance tend to be well versed in Auditing and Legal Compliance.
Pay by Experience Level for Compliance Officer
Pay by Experience for a Compliance Officer has a positive trend. An entry-level Compliance Officer with less than 5 years of experience can expect to earn an average total compensation of $54,000 based on 982 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Compliance Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $66,000 based on 620 salaries. An experienced Compliance Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $80,000 based on 479 salaries. A Compliance Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $79,000 based on 192 salaries.
Pay Difference by Location
For Compliance Officers, busy San Francisco offers a higher-than-average pay rate, 59 percent above the national average. Compliance Officers can also look forward to large paychecks in cities like New York (+47 percent), Los Angeles (+26 percent), Seattle (+24 percent), and Chicago (+22 percent). Those in the field find the lowest salaries in Houston, 17 percent below the national average. Employers in Atlanta and Phoenix also lean toward paying below-median salaries (16 percent lower and 10 percent lower, respectively).
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