What Is a Compliance Analyst?
Compliance analysts generally direct, plan and monitor programs that their organization has in place to ensure that the practices, procedures and policies being practiced comply with federal, state and county rules and regulations. The exact responsibilities of a compliance analyst differ from industry to industry.
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Median Salary
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According to PayScale.com, compliance analysts generally can expect to earn a median salary of a little more than $40,000 per year during their first year as a professional, and eventually may peak out at more than $70,000 annually about 10 to 19 years into their career, as of March 2010.
Required Education
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A job as a compliance analyst usually requires, at a minimum, a bachelor's degree from an accredited 4-year college or university in a field related to the industry you are applying to, or at least 2 years of experience. Some companies require applicants to hold at least a master's degree as well as any additional certifications and licenses required by regulators. Extensive on-the-job training is required as well.
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Skills Required
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Being a compliance analyst requires excellent writing, communication and reporting skills; compliance analysts typically are the executives responsible for the implementation of operational procedures within the organization and are required to report directly to the highest level of management.
Being familiar with basic computer programs as well as having strong problem-solving, decision-making and time-management skills are necessary for becoming a successful compliance analyst, according to Education Portal.
Duties and Responsibilities
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Compliance analysts, also known as "compliance officers," can find employment in just about any industry; for instance, they oversee safety programs in public works, make sure manufacturing firms comply with federal regulations for exporting products internationally, or serve as financial compliance analysts for a corporation or a bank.
A compliance analyst ensures that her company is adhering to all relevant regulatory requirements for its industry. All compliance analysts are expected to review and research laws and procedures applicable to their organization, as well as to train junior-level compliance officers. Compliance analysts may gain approval for advertising materials and monitor company databases.
Occupational Outlook
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Career expectations for compliance analysts vary from state to state and employer to employer. Two industries that currently offer the most opportunities for a career with the possibility for advancement are healthcare and finance, according to DiplomaGuide.com.
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References
Resources
- Photo Credit financial analyst workplace image by luka from Fotolia.com
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Comments
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