The average salary of compliance officers can vary greatly from state to state. Larger or generally more metropolitan states may have a greater need for compliance officers. In turn, you can expect a higher average salary in these states. Here are the states where compliance officers have the highest average salary, according to the Bureau of Labor Statistics as of May 2020 – Professional Employment and Salaries for Compliance Officers. In a very large healthcare organization with annual revenue of $50 million to $100 million, the average salary of compliance officers was $115,209, according to HCCA. In organizations that generated less than $5 million, compliance officers received an average of $90,353. Compliance officers work in a variety of industries. However, they are regularly used in industries where there is a high level of regulatory oversight. For example, compliance officers may work in healthcare, the federal government, or private industries such as mining or pharmaceuticals. With high potential for employment and professional growth, becoming a compliance officer can seem like an attractive career opportunity. But how much money does a compliance officer make? Compliance officer salaries vary by industry, work experience, level of education and workplace.
Use this guide to learn more about average salaries, the types of compliance officers with the highest salaries, and the highest-paid locations. Compliance officers can also work for local governments. The BLS reports that state and local governments are the second and second governments respectively. are the third largest employers of compliance officers.1 The salaries of corporate compliance officers and legal departments usually vary depending on the type and size of their employer. For example, people employed in securities, commodity contracts and other financial investment industries will earn an average of $94,200 in 2020.1 Compliance officer salaries also vary by city or metropolitan area. In the table below, you will find the metropolitan areas with the highest salaries based on the Bureau of Labor Statistics as of May 2020 – Professional Employment and Salaries for Compliance Officers. A company`s compliance officer is generally responsible for monitoring and addressing issues related to compliance with laws or regulations, including ensuring that the company is up to date with its licensing requirements. Often, they must report their findings to the organization`s governing body and recommend the necessary changes. This task is particularly crucial in highly regulated sectors such as healthcare and financial services.
As with any career, it depends on your goals and interests if it`s a good career to become a compliance officer. Compliance officers conduct regular audits and inspections to ensure that laws and regulations are being complied with by their organizations. Your professional duties require a comprehensive understanding of the law. You need to be analytical and thorough, and often do extensive research. If you enjoy the challenge of understanding and interpreting laws, policies and regulations, a career as a compliance officer may be right for you. Analyze the market and your qualifications to negotiate your salary with confidence. In addition to the cities in the table above, there are other cities or metropolitan areas where compliance officers are well paid: work experience can be an important factor in the salary of compliance officers. As they gain experience and skills, compliance managers can earn higher salaries and advanced positions, often leadership roles. And how much does a Legal Compliance Officer earn in Boston, MA? The average salary for the legal compliance officer in Boston, MA is $90,380 as of September 26, 2022, but the salary range is typically between $81,536 and $101,332. Salary ranges can vary greatly depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. With more real-time online compensation data than any other website, Salary.com helps you determine your exact compensation goal. For a real-time salary goal, tell us about your role in the following four categories.
At the state government level, compliance officials can expect an average salary of $60,900, the BLS reports. At the local level, the average annual salary is $62,240.1 The U.S. Bureau of Labor Statistics (BLS) reports that there will be 21,600 new jobs available for compliance officers between 2020 and 2030. Overall, BLS reports that compliance officers earned a median annual salary of $71,100 in 2020. Compliance officers who earn the poorest 10% of the salary earned $40,160, according to BLS, while the top 10% earned $115,220 in 2020.1It could mean that those in more prestigious positions earn more, but it may suggest that an entry-level position in a large metropolitan area pays more. The salary range of compliance officers will vary greatly depending on location, industry, experience and position within the organization. As explained in the section above, Compliance Officer Salary by Work Experience, an annual salary range can range from less than $40,160 to more than $115,220. Legal compliance officers typically work in private sector companies, ensuring that they meet all legal and regulatory requirements. You can work closely with the organization`s legal counsel and conduct regular inspections, audits, and investigations to determine if the company is fully compliant with industry standards. According to the latest data from BLS, compliance officers working in the pharmaceutical and medical industries received an average annual salary of $81,990 in 2020.1 The pharmaceutical industry employs more compliance officers than any other industry, according to BLS. Due to the strict health and safety regulations that healthcare facilities must comply with, compliance is an essential part of their day-to-day management and operations. Review the job postings and experience requirements for the Legal Compliance Officer position to confirm that this is the job you are looking for.
You now know the average salary of compliance officers across the country, which is $100,1,000. Want to know the average wages of related jobs? Check them out below. Also browse the best jobs for compliance officers below. Compliance officers can work directly for the . According to the Health Care Compliance Association (HCCA), healthcare compliance leaders received an average salary of $134,624 in 2019. However, this amount may vary depending on the type of organization, its size and location. Compliance officers often work for the federal government, audit firms, or design and enforce updated industry standards and regulations. The federal government is the largest employer of compliance officers, employing 61,690 people for an average annual salary of $86,730 in 2020, according to recent reports bls.1 Like the healthcare industry in general, pharmaceutical companies must comply with strict laws and regulations. Compliance officers can help manage and mitigate operational risks. However, it is difficult to define the exact correlation between experience and salary due to additional factors such as industry type and location. Depending on the location, a compliance officer can have an average salary of as little as $40,160 or up to $115,220, according to O*NET OnLine. Below you`ll find more information about the cities and states where compliance officers receive the highest salary, as reported by BLS1.
Fordham Law School`s online MSL program in Corporate Compliance is designed for professionals who do not have a law degree and prepares students to take on legal responsibilities in a variety of commercial industries and ensure that business organizations comply with best practices and legal regulations. GRE, GMAT and LSAT scores do not need to be applied. Prices for the Boston, Massachusetts area rose 2.5% year over year, senior counsel, compliance officer and corporate secretary. Pharma Regulatory Compliance – Tasks of the manager: The candidate becomes opportunity. Compliance Officer/Associate General Counsel Duties: Begin by reviewing the service contract. Learn more about: Compensation packages, employee flight risk, gender pay gap, job postings for this Chief Compliance Officer role The candidate will manage and oversee policies and processes. See Responsibilities for user-submitted tasks for legal compliance officers. Recently Searched Related Titles: Health Researchers Personalize employee compensation based on unique job requirements and personal qualifications. About Boston, Massachusetts Boston has an area of 89.63 square miles (232.1 km2) – 48.4 square miles (125.4 km2) (54%) of land and 41.2 square miles (106.7 km2) (46%) of water. That..
More Legal Compliance Manager Salary in Popular Cities: Worcester, Springfield, Lowell Get the latest market price for benchmark jobs and jobs in your industry. 1Information on employment prospects and other statistics was obtained from the Bureau of Labor Statistics – Occupational Employment and Wages for Compliance Officers. Return to footnote reference Browse thousands of vacancies to find your next opportunity. This page contains information from O*NET OnLine of the U.S. Department of Labor, Employment, and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. Bank Trust Compliance Officer The candidate works with CCO on evaluation and monitoring.