How Can I Become a Certified Compliance Officer?
Are you a person who likes to know the rules and stick to them? Are you interested in working in the financial sector? Read more to see if a career as a certified compliance officer is right for you. Schools offering Financial Accounting degrees can also be found in these popular choices.
What Would I Do as a Certified Compliance Officer?
Compliance officers are hired by companies to ensure that they are meeting the legal financial requirements of their industry. For any given field, there are governing bodies that create rules and regulations in order to make sure that companies behave ethically and within the limitations of the law. As a compliance officer, you need to know these laws and how they affect your organization. Tasks include creating compliance reviews and strategies to ensure that your bank or company complies with financial laws and regulations.
What Education Do I Need?
Tax examiners, a field which includes compliance officers, most often hold a bachelor's degree in finance, according to the U.S. Bureau of Labor Statistics (www.bls.gov). An undergraduate degree program in finance could help you get a job that would give you experience in the field or prepare you for the examinations required to receive compliance-related certification.
How Do I Become Certified?
Several organizations offer compliance certifications that differ according to the type of organization for which you work. The National Association of Federal Credit Unions (NAFCU) offers the NAFCU Certified Compliance Officer (NCCO) designation, which is awarded after a passing score on the NCCO examination (www.nafcu.org). The American Bankers Association offers the Certified Regulatory Compliance Manager designation, which has requirements of experience, a professional recommendation and an ethics agreement in addition to a passing score on the exam (www.aba.org). The International Academy of Financial Management offers a course of study leading to the Certified Compliance Officer designation (www.theiafm.org).
What Salary Can I Expect to Earn?
The U.S. Bureau of Labor Statistics reported that as of May 2010, compliance officers not employed in the health, agriculture, construction or transportation industries made an average annual wage of $62,140. According to PayScale.com, compliance officers in banking in the 10th-90th percentile range made $32,936-$76,534 as of August 2010, while those in financial services made $36,076-$89,782.
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