Compliance Specialist Overview A Compliance Specialist is responsible for ensuring that a company is following all ...
Compliance Specialist Overview
A Compliance Specialist is responsible for ensuring that a company is following all rules, regulations and laws relating to the operation of a business in its state or country. The exact laws dealt with depends on the location and industry of a company, but they often include complying with worker safety codes and tax law. Many Compliance Specialists work freelance or on a contract basis from a central firm.
Compliance Specialist Educational Requirements
A minimum of a bachelor's degree is required to become a Compliance Specialist. Knowledge of business and tax law is necessary as is the ability to research and analyze extensive amounts of data. Typically, a moderate to large amount of on-the-job training is provided because each industry varies in the laws that it must follow. Computer skills are beneficial along with the ability to communicate clearly and translate difficult concepts into more simple terms.
Compliance Specialist Job Market
Compliance Specialists are rarely employed on a full-time basis. Only large corporations keep them on hand at all times. The vast majority are employed by firms that contract individual specialists out on a freelance basis. There are an estimated 239,800 Compliance Specialists currently employed. That number that is expected to grow by 5 percent by 2022 to a total of 250,800. A similar compliance position would be as a Compliance Coordinator.
Compliance Specialist Salary
Compliance Specialists can make a decent amount of money depending on where they are employed. Annual salaries can be as low as $26,000 but tend to be around $50,000, even on the lower end. The upper limits of income are around $87,000 annually. Compliance Specialists who work freelance can charge higher rates than those who are employed full time as there are no benefits involved when paying a freelance employee.