The role of a regulatory compliance manager is very important in an organization's risk management system since regulatory programs implemented by the organization can prevent losses that may result from government fines or litigation. A compliance manager works hand in hand with top level leadership of an organization in ensuring that employees are conforming to laws and regulations as well as human resources policies set by the organization. The regular working hours for a compliance manager is from 8 a.m. to 5 p.m. but may extend for few hours depending on the current business at hand. This position is usually filled-up by a bachelor's degree holder in the area of accounting, tax or finance. Based on the data from the Bureau of Labor Statistics, federal, state and local governments are the top employers for compliance manager jobs with sectors in financial investment activities, natural gas distribution and securities and commodity contracts intermediation and brokerage as top-paying industries. The data further showed that the average salaries for compliance managers in the above-mentioned top-paying sectors are $87,140, $80,640, and $80,060 respectively excluding bonuses. For better career opportunities, it is advised that higher education, such as a master's in law or finance, be obtained.
A corporate compliance manager can better increase his/her chances of getting the best compliance manager position by following these seven simple steps. First step is to develop the essential skills by choosing the right degree, like a bachelor's in accounting or any related field. You must have a keen eye for details when tracking documents.
The second step is to learn as much as you can about the financial, technical and manufacturing aspect of the compliance regulations. Familiarity with the regulations, such as the accounting standards of Sarbanes Oxley, is the key to your professional and career advancement as a compliance manager.
The third step is to submit an impeccable resume and a well written cover letter to major accounting offices. Try to come in at an entry-level position performing calculations and audits of clients' accounts; this can be useful in developing your analytical skills which are needed for a compliance manager position in the future.
The fourth step toward achieving your ambition is to attain an advanced degree. Earning a master's degree such as in the case of accountants, or a Master's in Business Administration (MBA), is the best way to get to an executive-level position in the organization. For young accountants, becoming a certified public accountant (CPA) is one sure way of gaining a compliance management position.
The fifth step is to create a daily work routine that makes you use the same level of standards for every aspect of your job.
The sixth step is to network with other professionals. Networking with these professionals can lead to better opportunities and linkages in compliance management that may further improve your skills and increase your knowledge.
Finally, last but not the least, compare your long-term and financial welfare of working with the public sector and the private sector. Compliance manager positions in government agencies usually have job security and retirement pension benefits, while positions in the private sector mostly offer greater career advancement opportunities. These steps are just guidelines which you can use to aid you in maximizing your potential and to increase your opportunities in landing a job as a compliance manager or any job in the compliance industry. The thing that should be put into mind to become successful as a compliance manager is to remain diligent with your education and pay keen attention to detail.
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