Posted by Robert Half Management Resources on Monday, February 23, 2015 - 16:28 | Follow me
Most financial executives expect today’s rigorous compliance demands to intensify. That makes regulatory compliance jobs red hot right now.
Here are four hot trends to keep in mind about compliance careers:
1. Regulatory compliance is growing
Achieving compliance is increasingly challenging, as companies face stringent business mandates, regulatory issues and escalating enforcement. A Robert Half Management Resources survey of CFOs found 59 percent of firms are responding by providing more training for their teams, and 57 percent are increasing employees’ workloads to address these challenges.
But adding work for existing staff can go only so far. Many companies are also realizing they need more highly skilled compliance professionals.
Regulatory compliance jobs, including compliance officers, directors and chief compliance officers, are hot. The unemployment rate for compliance officers in the fourth quarter was just 2.4 percent, according to the U.S. Bureau of Labor Statistics.
2. Companies are looking for financial and leadership skills plus integrity
When hiring compliance officers, companies want resilient professionals with financial skills, business expertise and an aptitude for leadership. Candidates need sharp communication skills and high integrity, and in-demand professionals also can show how compliance is a business priority and provide strategic guidance.
Many organizations seek experience in a specific industry, particularly in highly regulated areas such as financial services and healthcare. Although new hires can learn the details of specific mandates, they need to start with a deep understanding of the industry they are serving.
3. Salaries for regulatory compliance jobs are on the rise
Companies across the nation are actively competing for compliance specialists with the right blend of skills and experience. And that is driving salaries upward.
According to the 2015 Salary Guide from Robert Half, the projected national average starting salary for a compliance officer at a small company ranges from $82,500 to $108,500. It rises to $99,750 to $132,750 at a midsize company and climbs to $109,500 to $150,000 at a large company. (These figures can be localized with the Robert Half Salary Calculator.)
4. Compliance specialists are under more pressure than ever
As business regulations grow increasingly complex, these experts are under a phenomenal amount of pressure to stay on top of ever-changing legislation — from the Affordable Care Act to Dodd-Frank to Sarbanes-Oxley. These professionals aren’t just another member of staff — they must be trusted business partners.
If you’ve been thinking about regulatory compliance jobs, now is a good time to look for the right opportunity. Compliance professionals are in demand, both for full-time and consulting positions.
For additional insights on hiring and salary trends for compliance positions, check out the latest Salary Guide from Robert Half.