What are the different career opportunities/jobs available in your sector? Who is Compliance suited for?
The demand is for the next generation of compliance specialists: ideally those that have started in the field as new graduates or are making the transition at a junior-mid career level and with lots of room to develop / grow.
Compliance work involves maintaining high ethical standards, and people need to have the fortitude to directly challenge any issues that arise if required. Compliance officers therefore also require excellent interpersonal skills, as the work involves a great deal of internal communication with various stakeholders, as well as external ones in the form of regulatory and other public authorities.
Why consider a career in Compliance?
Compliance is an occupation with a lot of career advancement potential. It often covers interesting work with an important objective to protect the organisation from within. It is a perfect way to get into the industry and understand how the business works.
Compliance can also become more of a hybrid function, which occupies an increasingly significant spot at the heart of the organisation with close connections to Legal, HR, Operations & Technology, Risk & Audit, as well as the Business. Depending on the role, the responsibilities and scope are likely to span across many of these areas, with roles that are diversified and foster personal development.
What is demand looking like in your sector? How do you think this will change in the future?
As businesses race to address an array of consumer-focused compliance requirements, from anti-money laundering laws to corporate accounting mandates, the demand for compliance officers continues to grow.
What skills and qualities are desired in a candidate joining your sector?
Given Compliance’s core purpose is to protect the organisation, it is an obvious fit for those with a good risk mindset and interest in problem solving and/or conflict management. Personal characteristics could include being astute and prudent, and having a high attention to detail, as well as the ability to think rationally and logically.
What is the approximate salary range can people earn?
Starting salaries for compliance officers range from £18,000 to £35,000. Compliance managers can earn between £30,000 and £75,000. Senior managers in compliance can earn up to, and more than, £100,000.
Some reasons why you should be a compliance officer.
- There is a career path from entry-level to the board. Not only do graduate trainee programmes now include compliance in their schedule, but entry level roles are available (often termed as an analyst) in the vast majority of compliance monitoring departments.
- You are the customer’s champion. One of the fundamental objectives of regulation is consumer protection.
- You are the organisation’s ethical heart: ‘doing the right thing’.
- Regulation is never going to go away; therefore, job security!
- The skills required are highly transferable across roles, industries, and jurisdictions. The key skills and attributes required of a compliance professional are easily transferable as your career develops: communication skills, business knowledge and acumen, pragmatism and risk management are all much sought-after in multiple industries and roles.
- Demand for skilled compliance professionals outstrips supply.
- It’s never boring!
Any advice you would give to a young person wanting to join your sector?
Compliance is an occupation with a lot of career advancement potential. It often covers interesting work with an important objective to protect the organisation from within. Salary levels are also attractive compared to Operations, Risk, and administrative Legal positions.