Compliance analysts coordinate the operation of companies and organizations in order to ensure that they comply with government regulations. The minimum educational requirement for this kind of position is a bachelor's degree. They also need a fair amount of field experience in order to be successful.
Compliance analysts, also known as compliance officers, work to ensure that the activities of their employing companies adhere to guidelines established by the government or non-profit agencies that regulate them. These professionals generally need bachelor's degrees and years of experience to obtain employment. Detail-oriented people who want to help businesses and organizations meet regulatory expectations may want to look into this job.
|Required Education||Bachelor's degree|
|Other Requirements||Field experience; writing and communication skills; computer skills|
|Projected Job Growth (2014-2024)*||3%|
|Median Salary (2015)*||$65,640|
Source: *U.S. Bureau of Labor Statistics
Compliance Analyst Job Description
Exact responsibilities for a compliance analyst will vary depending on industry. In general, a compliance analyst plans and coordinates the operational activities of a given company or organization to guarantee compliance with governmental regulations and ordinances. Analysts are needed in nearly all types of settings, including corporations, government agencies, non-profits, hospitals, and schools.
Some specific duties for a compliance analyst may include ensuring that all policies and procedures are implemented and well documented, performing occasional internal reviews, and identifying compliance problems that call for formal attention. They also develop risk management strategies to avoid non-compliance and file compliance reports with regulatory bodies.
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Compliance Analyst Educational Requirements
According to November 2013 CareerBuilder.com job listings for compliance analysts, employers tend to prefer applicants who hold bachelor's degrees in accounting, business, or related fields. Employers may also consider applicants who hold degrees related to the industries in which they work. For example, an analyst who works in the crop farming industry might hold a degree in agriculture. Employers also prefer candidates with at least three years of industry-specific experience.
Since compliance analysts often implement operational functions at the highest level of management, excellent communication, and writing skills are generally required. Also, familiarity with basic computer functions is necessary. Strong problem-solving and decision-making skills may prove beneficial as well.
Salary and Economic Outlook for Compliance Analyst
According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage earned by compliance officers was $65,640 in May 2015. The executive branch of the federal government was the greatest employer of individuals in this field and paid an average annual wage of $76,580 that year. The BLS also reports that employment of compliance officers was expected to grow at a slower-than-average rate from 2014-2024.
Compliance analysts making sure their employers comply with industry and government regulations. Compliance analysts need to have at least a bachelor's degree for entry-level positions. They also need at least three years of industry-specific experience in order to be truly competitive in the job market.