Are you dreaming of having a corporate job? Have an inclination towards a compliance officer? If you are looking for a guideline on how to become a compliance officer, you have come to the perfect blog post. I will assist you towards your journey on becoming a compliance officer.
Who is a Compliance Officer?
First of all, we will try to define a compliance officer.
A compliance officer is a person who is employed to ensure that a company does not conflict with any statutes or regulations which apply to its activities. He/she also provides that the firm complies with its external regulatory and legal conditions. They also collaborate with internal policies and local laws. The chief compliance officer is usually the head of a firm’s compliance department.
Their primary role is to help the senior management of their firm. They also make sure and observe the rules and principles set by regulators.
Roles of a Compliance Officer
The duties of a compliance officer can be broadly divided into three types:
Entry- level roles
It is the beginner level work, the work with which you will start your career as a compliance officer. These includes:
It is a combination of high-level and entry-level work. There isn’t a one-size-fits-all approach to enjoying a career in compliance.
You may have to:
How Do Compliance Officers Work?
A compliance officer is the employee of a company who helps that company maintain policies and procedures. He/she also has to make sure that these procedures remain within an industry’s regulatory framework.
His/her work may contain:
Compliance is a far-flung area to work on. It is an enormous occupational title that is connected to many industries. Specific job designations that fall under this sunshade include, but are not confined to:
Different types of jobs have distinct works to do. They ensure that companies obey regulations, comply with laws, follow strategies and contractual commitments, satisfy eligibility requirements for licenses and permits, etc.
How to Become a Compliance Officer
Yes, you have come to the key attraction of this blog!
Now, let’s get started with the nitty-gritty of how to become a compliance officer.
Compliance is the field which is not obsessed with where and what you studied. Bachelor degree in any discipline can enter into this profession. But as a general rule, there is a preference of
But if you don’t have any of the degrees as mentioned above, no need to worry at all. Almost all employers are flexible enough to accept your degree from any discipline.
Entry to degree courses demands typically at least two A levels and five GCSEs (A*-C), or equivalent qualifications, such as the Advanced Diploma in business, administration and finance.
Sometimes certification is needed to get a better job option. The International Compliance Association (ICA) generally offers the certification. This include:
Advanced Certificate in Compliance
It is an introductory course. This course usually takes six months to complete.
Diploma in Compliance
It is a bit of an upper-level program which is not open to all. This course is only applicable to those who have a degree or appropriate professional qualification. If you hold the Advanced Certificate or have at least three years’ relevant work experience, you can apply for this certification.
The time duration for the diploma in Compliance is 9 to 12 months.
The International Compliance Association also offers:
The Chartered Institute for Securities and Investment proposes the Diploma in Investment Compliance. They provide it for compliance professionals who work in the securities and investment industry.
3. Online Course
There are plenty of online learning platforms that give certification also. You can join a compliance officer training course and become a compliance officer. The course is typically one year long. Moreover, you can sit on your couch and do your development. It can be delivered on desktops, laptops, tablets or smartphones.
See, a perfect combo of comfort and learning.
4. Skills and Abilities
Well, being a compliance officer is not easy-peasy work! You should develop zillions of skills within yourself. It is essential to plan and conduct an honest self-assessment of your knowledge, skills and abilities to impress the employers.
5. Work Experience
Work experience is very much pivotal. In the United Kingdom, compliance is a fast-growing sector, but there is a shortage of skill.
Unlike many other sectors, compliance does not have set criteria for work experience and qualifications. So your main focus is often identifying your transferable skills. But to cope with the competition, you want to stay in the frontline of this race. For this, you can join any relevant office as a part-time job. It will add some experience in your pocket when you enter into the real job field.
Examples of unrelated but relevant roles where you can join as a part-time employee:
6. Search for Job
Now you are all set for the job hunt.
The demand for compliance officers is skyrocketing day by day, although entry is very competitive. In the United Kingdom, you will find plenty of compliance jobs. These jobs are mainly concentrated in the major financial hubs, such as London, Birmingham, Leeds, Manchester, Bristol, Glasgow, Edinburgh, and Norwich.
The leading employers include:
Besides, other sectors, like investment banks and financial services firms also employ money-laundering specialists and other compliance officers. Consultancy firms are also recruiting compliance officers to deal with compliance related occurrence and risks.
As a compliance officer, you will start your career in an entry-level position. At this stage, you often shadow another compliance officer while working as a fresher for training. Thus working under a senior officer, you will get experience. Your supervisor will also transfer his/her skills, knowledge, ethics, and way of thinking in you.
You are probably thinking about how long you have to work.
Well, the typical office time is 8.30 am to 5.30 pm. It means you have to work 45 hours per week. But some factors affect the number of working hours, say, your location and sector of work. Work schedule varies because of the broad range of types of compliance officer jobs and responsibilities.
Nowadays, many employers are interested in recruiting on a day-rate basis, i.e. being paid per day rather than by the hour. Paid overtime is rare as many other professional roles.
As a compliance officer, your typical workday will depend on many terms. These may include the industry, your role and the size of the organisation. The environment can range from ideal office settings to outside field visit, checking anything from roads to construction sites to pipelines, and many more.
The work is sometimes associated with stress when failing to maintain specific standards. It can result in government fines or other forms of financial loss. Besides, employees might occasionally view compliance officers negatively, as someone looking over their shoulders, policing their work.
Industries are focusing on compliance more than ever. So the opportunities to develop your career as a compliance officer is continuously growing.
Can you imagine the rate of promotion? Don’t take a wild guess. Many junior compliance officers are promoted to senior officers within two to four years. It’s super fast. I know, right? If you work with a renowned firm, you’re likely to find that your career path is linear. In which you may progress from analyst level to associate vice president to vice president!
See? A huge opportunity is waiting for you there!
How Much Will You Make?
Ahhh, the most satisfying part!
Though the payments may vary from industry to industry, employer to employer. When you work with a bank, you will get more remuneration than in charities. However, the typical scenario is:
Do you need more to have a prosperous life? I guess it’s quite sufficient! Don’t forget about the bonuses!
I attempted to make you well aware of the nook and corner of how to become a compliance officer. I also try to enlighten you with all the vital info related to the job and career paths of compliance.
I hope you get all the details you want and I’m expecting that you loved it.
So, what are you up to? Buckle up and jump to the field! Wishing you a very lucrative future. I know you will have one.
Take care, and good luck!
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