5 Signs You Should Be a Compliance Analyst
Are you cut out for a career as a compliance analyst? Though the role can vary immensely based on your industry, job level, company, and department, compliance analyst jobs tend to possess one commonality: No two days are alike. Compliance analysts must juggle many responsibilities and adapt to evolving industry regulations, all while serving as a beacon of ethics and integrity.
If the following five statements ring true, you may want to strongly consider pursuing a career as a compliance analyst.
1. You crave variety in your role.
Compliance analyst jobs typically call for a wide variety of professional skills, including but not limited to analytical, research, communication, relationship-building, critical-thinking, and problem-solving skills. An effective compliance analyst will possess equal doses of integrity, people skills, and the ability to decipher complex data sets.1
The job requires such a delicate balance of hard and soft skills because compliance analysts wear many hats. On any given day, you may be required to perform detailed data analysis, prepare exhaustive reports, implement new policies and procedures, lead an employee training, present to the C-suite, or track the progress of testing activities.
Compliance analyst jobs are best suited for lifelong learners who can quickly and adeptly synthesize their existing knowledge with on-the-job learnings.
2. You have no problem enforcing the rules.
In fact, as a compliance analyst, enforcing rules and regulations is part of the job. In addition to staying on top of ever-evolving industry regulations and serving as a subject matter expert on matters of compliance at your company, you must also have the gumption to handle internal compliance breaches when they occur.
Compliance analysts must maintain working knowledge of all internal policies, and, depending on the position and job level, must act appropriately when an employee violates the code of conduct or other policies. This might mean elevating the violation to your supervisor or speaking personally with the employee to determine the next course of action.
3. People trust you.
Certainly, trust is an important trait for any employee, but it is especially crucial if you want to succeed in compliance. From junior compliance associates to chief compliance officers, every employee with proximity to sensitive information must uphold the highest ethical standards. Employees should feel comfortable and safe reaching out to their compliance department, either with questions of their own or to blow the whistle on unethical behavior.
Gaining the trust of your coworkers is an important step in building your compliance career.
4. You want to earn more.
According to national data from Robert Half, a compliance analyst within the legal field can expect to make $58,000 and $115,250 depending on years of experience and credentials.2 In financial services, compliance analyst jobs typically pay $67,750 on the low end and $128,750 on the high end. In corporate accounting, compliance analyst salaries range from $63,500 on the low end to $102,500 on the high end, and senior compliance analyst salaries range from $72,750 to $124,000.
These salaries reflect national averages. When you adjust for market variance across cities, senior compliance analyst salaries for those in the 95th percentile amount to an impressive $163,680 in Los Angeles and $174,840 in San Francisco.
5. You are ambitious.
Most compliance analysts are called on not only to audit and report on an organization’s compliance but also to help streamline processes. When starting out as a compliance analyst, don’t be shy! Be proactive and vocal about how to continually improve reporting and measurement tactics to demonstrate your value in your current role and shine a light on your vast potential.
Proving yourself as a compliance analyst can open the doors to senior-level positions with more responsibility—and the pay that comes along with it. For instance, chief compliance officers (CCOs) working in the financial services industry can expect to earn $164,750 on the low end and $313,500 on the high end according to data from Robert Half. When you adjust for market variance, the 95th percentile salary for a CCO in the San Francisco area equates to $442,035.3
Are you ready to pursue a career in compliance?
An advanced compliance credential, such as the Online Master of Legal Studies (MLS) in Corporate Compliance from Santa Clara University School of Law, can give you the regulatory knowledge you need to launch a bright career in compliance. It also signals to employers that you are serious about your compliance career. Explore our curriculum and read about our virtual learning resources.
1. Retrieved on July 11, 2019, from moneygramjobs.com/7-must-have-qualities-of-good-compliance-analyst
2. Retrieved on July 19, 2019, from roberthalf.com/sites/default/files/documents_not_indexed/2019_Salary_Guide_Legal_NA_5.pdf
3. Retrieved on June 19, 2019, from roberthalf.com/sites/default/files/documents_not_indexed/2019_Salary_Guide_Financial_US_0.pdf