Sr. Compliance Officer Salary
With one-half of Senior Compliance Officers in the United States reporting more than 10 years of experience, the field is heavily weighted toward experienced professionals. Average pay for Senior Compliance Officers is $86K per year and can range from $59K on the lower end to $156K per year near the higher end. Total cash earnings of Senior Compliance Officers range from $59K on the low end to $156K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $30K and $6K, respectively. The most important factor affecting compensation for this group is geography, followed by the company and years of experience. Almost all report receiving medical coverage from their employers and a large number collect dental insurance. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 59 percent. The majority of workers are highly satisfied with their job. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$60,247 - $141,236|
|Bonus||$1,984 - $29,738|
|Profit Sharing||$0.00 - $9,787|
|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).)
|$58,346 - $156,511|
|Bonus||$1,984 - $29,738|
|Profit Sharing||$0.00 - $9,787|
|Total Pay (||$58,346 - $156,511|
Job Description for Sr. Compliance Officer
A senior compliance officer is primarily responsible for the design and integration of their business’ merchandising, sourcing, and marketing framework. Knowledge of compliance and safety requirements is needed, as is the ability to develop strategies to respond to compliance risks. Another important responsibility of a senior compliance officer is to ensure the company is meeting all regulatory requirements for products and business reporting. They also assist others in working with department managers in developing and/or implementing plans of action to guarantee compliance.Read More...
A senior compliance officer must manage and maintain operations of the compliance team and provide additional support as needed. They must also be able to assign product filing tasks and be able to effectively manage deadlines for state reports. Communication skills are also necessary, as they partner with the product development team and help write policy language. A senior compliance officer manages legislative tracking funding in the compliance department, and they must be able to answer compliance questions from other departments.
Senior compliance officer positions typically require at least a bachelor’s degree in a related field, as well as substantial experience in the life insurance or health insurance industry. Several years of managerial experience in one of these industries are also needed, as is basic computer proficiency. Senior compliance officer also must have excellent organizational, multitasking, and technical writing skills. (Copyright 2017 PayScale.com)
Sr. Compliance Officer Tasks
- Inspect business to ensure standards, regulations and laws are followed by employees and management and provide issue reports to management.
- May establish a compliance committee.
- Oversee and monitor the implementation of the compliance program.
- Respond to compliance offenses, develop corrective action, and establish time frames for company to implement changes.
Common Career Paths for Sr. Compliance Officer
Although it's unusual, some Senior Compliance Officers transition into jobs as Compliance VPs. The latter group reports earning a slightly lower median of $104K per year, though. With an annual salary of $103K, Chief Compliance Officer is the most common role for Senior Compliance Officers to subsequently assume on their way up the ladder. Transitioning into a Compliance Manager role — which usually pays $74K — is also typical for Senior Compliance Officers, though less common by comparison.
Sr. Compliance Officer Job Listings
Popular Employer Salaries for Sr. Compliance Officer
Citigroup, Inc. offers the highest compensation with a median salary of $127K.
Pay by Experience Level for Sr. Compliance Officer
Pay by Experience for a Sr. Compliance Officer has a positive trend. An entry-level Sr. Compliance Officer with less than 5 years of experience can expect to earn an average total compensation of $79,000 based on 69 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Sr. 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 $94,000 based on 109 salaries. An experienced Sr. Compliance Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $97,000 based on 99 salaries. A Sr. 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 $99,000 based on 37 salaries.
Pay Difference by Location
Boston offers some of the highest pay in the country for Senior Compliance Officers, 48 percent above the national average. Senior Compliance Officers will also find cushy salaries in Los Angeles (+48 percent), San Francisco (+28 percent), Chicago (+27 percent), and New York (+26 percent). Senior Compliance Officers in San Antonio take home the lowest salaries, earning a whopping 32 percent less than the national average. Workers in Columbus and Atlanta earn salaries that trail the national average for those in this profession (25 percent less and 21 percent less, respectively).
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Key Stats for Sr. Compliance Officer
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