Career Definition of a Regulatory Consultant
Regulatory consultants make sure that companies follow applicable government regulations. They may work in a number of different industries so they may specialize in dealing with financial regulations or environmental regulations, for example. One of their primary tasks involves ensuring that company employees are familiar with applicable regulations. They may also consult with staff on different projects to ensure that production methods or design plans will comply with regulations.
The regulatory consultant will take a leadership role in developing policies that are designed to maintain regulation compliance. They may also establish procedural guidelines. Their duties also involve gathering reports and paperwork that is required to demonstrate that their organization follows the applicable regulations. They submit materials to government agencies as required.
|Educational Requirements||Bachelor's degree|
|Job Skills||Problem-solving skills, customer service skills, creativity, attention to detail, communication skills, investigative skills, interpersonal skills, teamwork skills, time management skills|
|Median Salary (2018)*||$68,500|
|Job Outlook (2016-2026)**||8% (managers, all other)|
Sources: *PayScale; **U.S. Bureau of Labor Statistics
It's typical for employers to expect regulatory consultants to have a bachelor's degree. Since regulatory consultants can work in a number of fields, including finance and healthcare, they may pursue degrees in a variety of disciplines. All may benefit from taking some legal and business courses. Some pursuing this type of work choose to continue studies and earn a master's degree or a graduate certificate. Becoming a Certified Compliance and Regulatory Professional may be an asset to those who are planning to work in the financial sector or whose role will involve conducting audits or working in risk management.
Regulatory consultants need to have strong communication skills and interpersonal skills because they need to be able to communicate with a large number of staff to ensure that they have the information they need about applicable regulations. They also need communication skills to develop clear policies. These consultants need problem-solving skills to come up with procedures and policies that will address issues their organization has with regulation compliance. They also need to have teamwork skills because their work can involve collaborating with other departments. Analytical skills are needed to review existing procedures, and regulatory consultants also need to have time management skills to meet deadlines and file paperwork on schedule.
Career Outlook and Salary
As of 2018, regulatory consultants took home an annual median salary of $68,500, according to PayScale. The U.S. Bureau of Labor Statistics (BLS) includes regulatory consultants with their occupational data for 'managers, all other'. Over the ten-year period of 2016 to 2026 the BLS forecasts this group of employees will see job growth of 8%. This is comparable to the average job growth rate for all occupations that the BLS predicts during this time period, which is 7%.
If a career as a regulatory consultant sounds appealing then other occupations that involve enforcing regulations may appeal to you. Learn more about a number of different careers related to regulatory compliance through the links listed below.