Breaking into any industry can be tough, regardless of what the job market looks like at the time. Whether you are entering the job market for the first time or you’re making a career change, the question remains: how do you break into the field of financial compliance?
Below, we’ll discuss steps to take to dive into your new career. Break into higher-paying roles and learn how Seattle University School of Law can get you there. Our MLS program in compliance and risk management provides training in legal methods, analysis, and communication. This, in turn, helps our students advance their careers.
Compliance Officer: The Foundation
The Bureau of Labor Statistics defines compliance officers as individuals who ensure that people and organizations meet legal and regulatory requirements. Individuals who work in financial compliance typically work for financial institutions, such as banks and investment firms. They may also work in government and non-profit roles.
Compliance is a career that is living, breathing, and constantly evolving. Financial compliance officers working for institutions such as banks, brokerages, or investment management firms ensure that all employees and officers comply with Securities and Exchange Commission (SEC) regulations and Financial Industry Regulatory Authority (FINRA) rules. As financial markets become more intricate (cryptocurrency only came around in the last few years, for example), the technology must become more advanced to allow us greater protection. Unfortunately, there are always new ways for financial crimes to occur. Laundering, bribing, tax evasion, embezzlement, and identity theft are only a few on the list of ways someone can destroy an institution or affect someone’s life.
If you’re looking for job opportunities in financial compliance, most employers have specific educational requirements. According to the Bureau of Labor Statistics, compliance officers typically need a bachelor’s degree to enter the occupation. Strategic degrees to pursue include:
- Law
- Economics
- Finance
- Management
These not only look good on your resume, but they also become the building blocks of the legal and financial knowledge necessary as you enter the workforce.
What Do You Do Next?
Once you’ve completed your bachelor’s degree, you have the option to continue schooling or begin working and gaining real-world experience. Additionally, some compliance roles require securities licenses. Often, there is still training needed on the job. And many employers prefer experience, especially as you continue up the ladder towards chief compliance officer.
Whether you go straight into the workforce or pursue an advanced degree, each path has pros and cons. You may choose to obtain your master’s degree at a later time, to gain experience in the workforce, and start building your resume right away. You may also opt to pursue certifications to enhance your qualifications while you continue working.
Earning a master’s degree gives you more specialized knowledge and can open up a network of professional connections as well. In pursuing your master’s degree, you can obtain a degree in compliance and focus on the sector that you want to work in. A master’s degree in compliance also makes you a stronger candidate for companies and higher-paying roles. The additional cost and time in school may not fit easily into your life, so it is important to evaluate your other commitments and determine which is the best path for you. Programs that are part-time or online may offer the flexibility you need to work and continue your education at the same time.
In an increasingly regulated global environment, becoming a trusted expert on the critical nuances of compliance and risk management carries weight. Remember, many employers want some type of experience or specialized knowledge in this field.
There are also a variety of skills that are important to this field of work and are essential for succeeding in a competitive, high-stakes environment. Compliance professionals must :
- be detail-oriented
- have sharp analytical skills
- quickly analyze large data sets
- interpret complex information
- possess leadership qualities if you supervise a team
- possess strong communication skills
- identify risk across functional areas and stakeholders
- think critically to creatively solve problems
You will continue to refine these skills throughout your studies as well as in the workplace.
Aiming High
Once you have your foot in the door, the climb begins. In May 2024, the Bureau of Labor Statistics reported the median annual wage for compliance officers was $78,420. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent of compliance officers earned less than $46,230, and the highest 10 percent earned more than $130,030. Compliance roles in finance and insurance industries reported a median wage of $79,920; top salaries were over $100,000 annually.
Pursuing this field can set you up for well-paying careers in financial compliance, a goal shared by many students. A study done by the Professional Evaluation and Certification Board (PECB) in 2023 showed five of the top-paying jobs to be:
- Chief Compliance Officer: The average annual U.S. salary of a chief compliance officer is $176,710. The chief compliance officer develops, implements, and monitors compliance programs. They keep current with regulatory changes as they educate employees. Compliance officers also lead investigations into any suspected attacks, unethical behavior, or fraud.
- Compliance Director: The average annual U.S. salary of a compliance director is $121,865. This position is similar to a chief compliance officer. Additionally, compliance directors often perform audits regularly to assess the effectiveness of the programs in place.
- Risk Management Director: The average annual U.S. salary of a risk management director is $115,615. Risk management directors focus on identifying and reducing potential risks to the company. They develop strategies to manage those risks, enforce risk policies, and work across departments to ensure alignment and shared understanding. Additionally, they analyze data to stay ahead of emerging risks and implement crisis management plans to deal with worst-case scenarios.
- Quality Assurance (QA) Manager: The average annual U.S. salary of a QA Manager is $95,363. QA Managers define quality standards, conduct audits, and keep production processes running smoothly to prevent defects. They train employees on quality protocols and work across teams to bring about improvement and tackle any issues.
- Internal Auditor: The average annual U.S. salary of an Internal Auditor is $79,218, but can go much higher, hitting the $130,000 range. Internal auditors dive deep into an organization’s financial records and operations to uncover any risks or inefficiencies. They assess compliance with laws and internal policies, identify anomalies, and provide suggestions for improvement. In addition to performing audits themselves, they also keep the records and conclusions of audits that are performed.
There are multiple pathways that can lead to these opportunities. Your education, the work experience you have, any certifications you’ve obtained, specialized knowledge you’ve gained, and your network are all stepping stones to your success.
We’ve spoken about the educational requirements needed for careers in financial compliance, but it is also important to highlight the benefits of a strong professional network. Networking benefits every career. A strong network can facilitate opportunities that may not have otherwise been available. Whether it’s notifying you of a new job opening, providing a positive reference for a job application, or sharing experience that they’ve gained, the people in your network are an invaluable resource throughout your career.
Attending conferences and events will not only keep you informed about evolving trends in the industry but also allow you to meet others in your field. Professional associations are also available in most industries and can provide fantastic networking opportunities. Additionally, if you choose to get your master’s degree, you’ll join an alumni network of professionals that can stretch across the country or even the world.
Things To Remember
Breaking into financial compliance might seem like a daunting task, but there are concrete steps that will get you on your way. Financial compliance can be competitive, but with the right skills and certifications, it’s a field full of opportunity. You can reach these opportunities through many different paths, including educational qualifications, on-the-job experience, and continuous professional development.
Compliance officers are industry professionals with specialized knowledge that protects sensitive information. Whether you work for a financial institution or a smaller organization, there will always be people who try to steal precious information and funds. Those working in compliance are the barrier between the two parties, and it is an important role, especially with technology evolving at its current rate.
How Seattle Law Can Help
If you’re currently thinking that getting your master’s degree is the right move for you, you’ve come to the right place. Seattle University School of Law has a Master’s of Legal Studies (MLS) program in compliance and risk management. Students in the MLS program can pursue one of our five specialized focus areas in compliance and risk management.
- Financial compliance
- Data and cybersecurity
- Healthcare compliance
- Sports law compliance
- Corporate compliance
With financial compliance as one of our specialized options, the MLS program is a great fit for those who want to get a leg up in their career. We provide training in legal methods, analysis, and communication. Our students and alumni use their practical legal training in a variety of industries to build robust compliance programs, without pursuing a traditional attorney path.
Another defining feature of our program is its flexibility. Our MLS in Compliance and Risk Management is a fully online program, and students may take classes from anywhere in the world. Program details include:
- Part-time and fully online
- 4 to 6 live (synchronous) classes per term
- No residency component
- Fall and Spring term starts
- 3 terms per year
- 14-week terms
- Complete within 2 years
This format of learning allows our students to keep up with their other life obligations while furthering their education. Notably, you can work as you take classes, meaning that you don’t lose the time between your undergraduate studies and working, and you start building your resume sooner. Your education molds to your life, instead of the other way around. This creates accessibility for our students and expands our alumni network. Seattle is one of the most dynamic business hubs, which is an advantage for local students. But with our alumni network reaching across the country, it’s just as likely you’ll run into a fellow alum elsewhere—maybe even in your workplace.
Our MLS program gives not only specialized knowledge that can advance your career, but it also gives you flexibility and resources you can carry with you for your lifetime. Contact our admissions office with any questions and apply today!
