Compliance Job Overview The compliance department of a financial company or brokerage firm is responsible for ensuring ...
Compliance Job Overview
The compliance department of a financial company or brokerage firm is responsible for ensuring that employees comply with all the rules and regulations of the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Within the compliance department, there are typically several types of compliance jobs: Compliance officers, compliance analysts, financial assistants, and administrative support staff. Some responsibilities of the compliance department include:
- Reviewing discretionary accounts and sales activity to ensure compliance with securities laws
- Making sure all employees have been properly licensed and registered and are up to date with continuing education requirements
- Monitoring adherence to net capital rules
- Liaising with various regulatory bodies
- Preparing documents and reports and representing the company in arbitration cases
- Monitoring firm activities for compliance with federal, provincial and territorial regulatory agencies
- Developing internal compliance guidelines and monitoring employee activity to ensure guidelines are being met
- Handling and resolving customer complaints
- Preparing compliance performance reports for principals and department heads
Compliance Job Education Requirements
Most compliance jobs require a four-year university degree in finance, business, accounting or a related field at a minimum; at the director level, an advanced degree such as an MBA or LLB is often required. In addition, most positions require appropriate licensure by the Investment Industry Regulatory Organization of Canada (IIROC), such as through the Partners, Directors and Senior Officers Course (PDO) and the Canadian Commodity Supervisors Exam (CCSE). A background in banking, wealth management, or trading is also helpful.
Compliance Job Market
The job outlook for compliance officers and other compliance jobs is good. Demand is expected to continue as governmental bodies respond to the financial crisis and tighten regulatory oversight on financial firms. Compared to all other financial jobs, compliance is expected to grow at 1.9 percent per year, higher than average for the industry.
Compliance Job Salary Information
The median annual salary for jobs in compliance is C$54,473 as of September 2014. The average annual salary range for all compliance jobs was C$34,492 to C$75,079. The salary range for compliance analysts is C$41,000 to C$60,000 with a median of slightly more than C$49,000. For compliance directors, the salary range was C$71,000 to C$127,000 per year with a median annual salary of C$98,000. Factors that affect compliance salaries include professional licenses and designations, educational background, years of experience, public or private job sector, value of assets under management, size of compliance department, and geographical location.