Compliance Officers: Salary Overview
Compliance officers ensure that a company complies with regulations and legal requirements and internal policies and bylaws.
They are employed by companies in order to help them maintain policies and procedures.
A compliance officer’s job description may include reviewing and setting standards, writing and updating the company’s internal policies, and leading internal audits to ensure that those procedures are followed.
Their role within the company is very important because if they overlook infractions this may result in significant fines for the company.
According to the Bureau of Labor Statistics, the median annual wage for this profession was $69,050 as of May 2019 which means that half of all workers in this profession earned less than this amount while half earned more.
The top 10 percent of compliance officers earned more than $109,950 a year while the lowest 10 percent made less than $38,920.
Experience level, education, the industry, and the region of employment are some of the factors that determine a compliance officer’s salary.
Earning a bachelor’s or a master’s degree may help you improve your earnings prospects as a compliance officer.
Compliance Officer Salary by Industry
According to the Bureau of Labor Statistics, the biggest employers for compliance officers were the federal executive branch, state governments, local governments, and companies that provide management services for other companies and enterprises.
The report shows that the average annual wage reported by compliance officers in the federal executive branch was $82,960.
The average annual wage was $57,810 for compliance officers who worked for state governments and $60,710 for those who worked for local governments.
Compliance officers employed by companies in the industry of management of companies and enterprises reported an average annual salary of $79,140.
Another field where you may find employment as a compliance officer is the industry of credit intermediation and related activities.
In this sector, the average annual wage for compliance officers was $74,140.
The report published by BLS shows that the highest-paying industry for compliance officers was metal oil mining.
The average annual wage for compliance officers in this sector was $111,640.
The second-highest average annual salary was reported by compliance officers who worked for computer and peripheral equipment manufacturers.
In this sector, the average annual wage was $92,010 as of May 2019.
Salaries for this profession also vary depending on the region of employment.
According to BLS, the top-paying state for this occupation was the District of Columbia, where the average annual wage reported by compliance officers was $94,110.
Other top-paying states for compliance officers are Connecticut, New Jersey, Massachusets, and California, states where these workers reportedly earned more than $80,000 a year, on average.
Compliance officers in Mississippi, Arkansas, Oklahoma, South Dakota, Utah, Kentucky, and West Virginia, on the other hand, reported average annual wages that were below the $60,000 mark.
Salaries for compliance officers also depend on the size of the company.
For example, compliance officers who work for a large company earn a higher salary and may also receive additional benefits, such as bonuses and profit-sharing, which increase the total compensation.
Bonuses and Other Benefits
According to payscale.com compliance officers reportedly earned $13,500 a year in commission, $4,925 in bonuses, and $2,806 in profit sharing.
These additional benefits also vary depending on the compliance officer’s experience level and how many years he/she has worked for the company, among other factors.
The report published in August 2020 by Payscale shows that compliance officers may earn between less than $1000 and $18,000 in bonuses, between less than $1,000 and $8,000 in profit sharing, and between $0 and $14,000 in commissions.
The report shows that health benefits are quite common among compliance officers.
Around 83 percent of them reported that they are medically insured, and 73 percent of them reportedly had dental insurance.
* Based on information from the May 2019 salary report from the BLS. The figures represent accumulated data for all states of employment for Compliance Officers. BLS data represents averages and medians for workers at all levels of education and experience. This data doesn't represent starting salaries.
* Employment conditions in your area may vary.