This article provides you all the information regarding the salary trends for a compliance officer job. Read on to know more.
As the name suggests, a compliance officer is a professional who makes sure that the rules and regulations of an organization or firm are complied with. They are, primarily, administrative personnel supervising compliance with federal and state laws, and regulations governing the sale of the organization’s products or services. They also issue guidelines for marketing the services to the public. Their salary is good and depends on one’s qualifications and work experience. It is certainly one of the most exciting career opportunities available in the corporate world.
Given the range of duties a compliance officer needs to perform, they are paid well. The salary varies according to their experience, job location, and size of the organization. For instance, a compliance officer in a reputed bank is paid higher vis-à-vis a smaller bank. Also, educational qualifications influence the entry-level pay package. The average salary in the US is about USD 75,000 per annum. There has been an increasing trend, especially in the financial and health care fields.
In the former, one can expect an average of USD 80,000 per annum, whereas in the latter it can go up to USD 85,000 per annum. However, these statistics also take into account the compensation of those at the chief compliance officer level. Initially, one can be offered anywhere between USD 30,000 to USD 70,000 depending on the individual’s educational qualifications. Let’s take a look at the state-wise and tenure-wise variation.
Job Location
The location acts as a big factor in determining the average salary trends. It varies due to the number of jobs available from state to state, and also according to the cost of living. For instance, the average salary in California is USD 80,000, which is around 10% higher than Florida, which is about USD 70,000. Also, great variations can be found even amongst neighboring states, for example, Wyoming goes as high as USD 90,000 compared to around USD 65,000 in Nebraska. This difference can be directly correlated to the cost of living factor in these states. Over 75% of these type of jobs are located in the urban or suburban region, which explains the variation in salary offered.
Experience
In any job, experience plays a major role in appraisals. As one gains experience in this role, the growth opportunities are enormously rewarding, with the average pay of a chief compliance officer being around USD 90,000 – 100,000. Especially in the banking field, a professional with a law degree can move on to become the top legal officer of the bank. Also, it is observed that people with a master’s degree earn a lot more than those with an associate or bachelor’s degree. A chief compliance officer with a master’s degree can earn anywhere from USD 100,000 to USD 150,000 annually.
If one gets an adequate background in legal accounting and audit alongside developing his/her interpersonal, research, and computer skills, then one can expect a higher pay. Overall, a compliance related role can turn out to be a good option for individuals interested in legal study, banking, or healthcare fields.