If you’re looking for a job that combines the best of finance and law, consider becoming a Compliance Manager. Compliance managers are responsible for making sure an organization conforms with all applicable regulations, laws and customer requirements. It’s a critical job, and compliance manager salaries are high in recognition of the necessary skill set.
The average annual salary of a Compliance Manager is $79,313. Generally, compliance officer salaries range from $59,000 to $100,000 per year. Complicating matters, salary data is inconsistent as many Compliance Manager jobs offer additional benefits such as bonuses and stock options.
As with most other sectors, compliance manager salaries are higher in larger organizations. The biggest employers of compliance managers are banks and investment firms, followed by insurance companies, healthcare organizations, and other financial institutions. According to Glassdoor, the average two-year salary for Compliance Managers at larger organizations is about $90,000.
Location can also affect a Compliance Manager’s salary. For example, Compliance Managers in New York City tend to earn significantly more than those in smaller cities and regions. On the other hand, the cost of living is higher in major cities, so take this into account when considering salary figures.
Experience is another key factor affecting compliance manager salaries. Those with 5-10 years of experience generally make $90,000-$110,000 annually, while those with more than 10 years of experience may make $120,000 or more. In some cases, the salary of a senior compliance manager may exceed $175,000.
In terms of job growth, Compliance Manager roles have seen steady growth over the past few years. Regulatory compliance demands have become increasingly complex, and organizations are relying heavily on compliance managers to ensure their legal and financial obligations are met.
With its high salaries, steady growth, and exciting blend of finance and law, Compliance Manager jobs are a great fit for savvy finance and business professionals.
Compliance Manager Salary
A compliance manager is tasked with monitoring and enforcing the company compliance with regulations and legislation. Their salary will vary depending on their level of education, experience and company size, among other factors.
Average Salary
The median annual wage for compliance managers was $90,370 in May 2018. The average salary of entry-level compliance managers was $68,890, while salaries for more experienced roles could reach up to $134,218.
Factors Affecting Salary
The amount of money a compliance manager earns will vary by a number of factors, including but not limited to:
- Level of Education: Compliance managers with higher educational credentials may earn higher salaries.
- Experience: Compliance managers with more experience may benefit from higher salaries.
- Company Size: Compliance managers may earn higher wages in larger companies that have greater compliance needs.
- Location: Compliance managers may also benefit from higher wages in areas with higher living costs.
It can be seen that the salary of a compliance manager will depend on their qualifications, experience, the size and location of the company, and other factors.
Compliance Manager Salary
Salaries for compliance managers vary significantly depending on the company, the size of their department, and the client base. Generally speaking, an average compliance manager salary can range anywhere from $69,917*-$123,198** nationwide.
Factors that Affect Compliance Manager Salary
- Department Size: The size of a company’s compliance department has a significant impact on the salary potential of compliance managers. Companies with larger compliance departments typically have more resources, which leads to higher salaries for all workers, including compliance managers.
- Experience: Experience is a huge factor when it comes to salary potential. The more experience a compliance manager has, the higher the salary potential. Companies are often willing to pay more for a compliance manager with more experience, in order to ensure the company has the best possible compliance program.
- Location: Location can also have a large impact on compliance manager salary. Cities and states with a high concentration of compliance jobs often have higher salaries than other parts of the country.
- Company Size and Client Base: Companies that are larger and have a larger client base often tend to pay higher salaries to their compliance managers. This is due to the fact that they have more resources and need to ensure they have the most qualified compliance manager on board.
How to Increase Your Salary as a Compliance Manager
As a compliance manager, there are several steps you can take to increase your salary potential.
- Get Professional Certifications: Obtaining professional certifications can help to demonstrate your qualifications, as well as your commitment to the profession. Professional certifications can help to demonstrate your subject expertise and can lead to higher salaries.
- Gain Experience: Experience is paramount when it comes to salary potential. The more experience you gain, the better you’ll be able to demonstrate your skills, leading to higher salary offers.
- Network: Networking is key when it comes to finding the highest possible salary in compliance management. Building relationships with industry professionals will help to open doors to higher salary opportunities.
For those looking to pursue a career in compliance management, understanding the factors that affect salary and how to increase your salary potential is essential. With the right qualifications and experience, there is potential to earn a lucrative salary in the compliance management field.
* Figures from PayScale. (2019). Compliance Manager Salary in the United States.
** Figures from Glassdoor. (2020). Compliance Manager Salaries. If you’re passionate about staying abreast of the latest regulations and helping organizations build compliance systems, a career as a Compliance Manager may be the perfect fit. In recent years, more organizations are recognizing the vital role that a Compliance Manager plays in the success of their business. To stay in compliance with regulations, companies rely on their Compliance Managers to make sure they’re following the rules and regulations of their particular industry. This has led to an increase in importance and, consequently, an increase in salary for Compliance Managers.
The median annual wage for Compliance Managers in the United States is currently $86,848, according to the Bureau of Labor Statistics. For those working in the securities and financial services industries, Compensation Managers typically make an even higher salary. In those industries, the median salary for Compliance Managers is usually in the range of $103,000 to $147,000 a year.
The salary of Compliance Managers also depends on the size and scope of the company. Larger companies typically pay higher salaries than smaller companies, and the cost of living in the location where the Compliance Manager is working can also affect the salary. Additionally, local job market conditions can influence the salary of a Compliance Manager.
The duties of a Compliance Manager may include monitoring current regulations, providing guidance on compliance issues, researching legal documents, developing processes and procedures to ensure compliance, training employees on compliance rules and regulations, and ensuring compliance with industry standards. As the regulations in different industries may change frequently, Compliance Managers are also required to stay up to date on the latest changes.
Compliance Managers also need to have outstanding communication and interpersonal skills, as they are often required to present complex information to non-experts. Depending on the organization, Compliance Managers may also need to have certifications or a degree in compliance-related areas such as accounting, law, or risk management.
Overall, the demand for Compliance Managers is high, and salaries are commensurately generous. Those interested in pursuing this career path should be comfortable working with data and have a knack for looking for the details in complex rules and regulations.