It takes a lot of time and effort to meet all of the regulatory burdens placed on businesses. The upshot of this is that companies need staff in order to carry out these requirements and ensure that everything is in compliance. For that reason, perhaps, the role of the compliance officer has been growing in prominence – and pay – for the past few years.
One sector that has faced increased regulation is the banking industry. Because of this, banks such as J.P. Morgan Chase and HSBC have been adding compliance officers in huge numbers. According to the Bureau of Labor Statistics, as reported by The Wall Street Journal, the unemployment rate for compliance professionals was a percentage point and a half below the national jobless rate.
Not only have companies been hiring more compliance professionals, but they have been compensating these workers at a higher level. The WSJ reports that compliance salaries have been rising by an average of more than 3.5 percent per year over the last three years, and they are expected to go up 3.7 percent in 2014.
The study quoted by WSJ comes from Robert Half International, which found that chief compliance officers at large companies are expected to earn between $162,000 and $232,000 per year.
“The regulatory environment in the U.S. is driving the hiring,” Paul McDonald of Robert Half told the WSJ, stating that there is a bright future for those who seek a career in compliance.
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