Compliance officers are in high demand in Chicago due to constantly changing financial regulations, and an increase in demand means an increase in pay. We’ve given you national ranges on our national blog for what you can expect to make, but what does that mean to you, Chicago? First, let’s break down the job description.
What does a controller do?
A compliance officer’s main duty is to ensure their company’s processes are following internal policies, as well as ever-changing governmental regulations. Along with assessing financial risk and creating a game plan to handle those potential risks, compliance officers also provide regular reports on the effectiveness of a business’s compliance measures and advise company executives on any action or changes they feel should be implemented.
What does a controller need to bring to the table?
Although requirements differ from company to company, typically a compliance officer is expected to hold a bachelor’s degree in finance, economics or a similar field. They are also often required to maintain certifications and undergo regular retraining in the sector in which they work. Strong leadership and communications skills are a must, including superb analytical abilities. Also, a compliance officer should be highly ethical, as he or she is responsible for ensuring the integrity of his or her employer.
What does a controller earn?
Research compiled for the 2015 Salary Guide from Robert Half forecasts that a compliance officer at a midsized company in Chicago can earn a starting annual salary of between $122,692 and $163,282. A controller at a large Chicago company is likely to see starting salary of between $134,685 and $184,500, while those newly hired at small companies can earn $101,475 to $133,455.
If you are looking for a new career as a compliance officer, check out our database of available positions in the Chicago area.