OVERVIEW
What is a Compliance Analyst?
Compliance analysts—sometimes called “compliance specialists” or “compliance associates”—work with organizations to ensure that they operate in accordance with laws and regulations. A compliance analyst’s responsibilities include examining business practices and policies, assessing compliance issues, and offering suggestions for improvement. To make accurate recommendations, compliance analysts regularly review relevant industry rules and best practices.
The role of a compliance analyst is typically considered an entry-level position focused on research, but compliance analysts enjoy ample opportunities to gain experience for more advanced roles, including those of compliance manager, chief compliance officer, or auditor. A compliance analyst often works with an organization’s legal or operations department, overseeing and promoting compliance standards.
Understanding legal and ethical business practices is a major part of a compliance analyst’s job, and many organizations rely on their expertise to reduce the potential for legal problems and to avoid costly fines.
RESPONSIBILITIES
What Does a Compliance Analyst Do?
While their duties vary based on the industry, compliance analysts primarily ensure that organizations abide by government- or company-mandated standards and regulations. Compliance analysts are tasked with a variety of day-to-day responsibilities, including the following:
- Evaluating work safety policies.
- Conducting compliance training with organization members and employees.
- Reviewing information security to protect organizational, client, and customer interests.
- Designing and implementing compliance programs.
- Identifying and resolving compliance issues.
- Researching and staying up to date on compliance regulations.
- Communicating compliance policy to organizational leadership.
- Serving as subject matter experts on compliance-related matters.
Where Does a Compliance Analyst Work?
While compliance professionals can work in nearly any industry where compliance regulations and policies require review, organizations with the greatest need for professionals in this field include:
- Government agencies
- Insurance
- Pharmaceutical manufacturing
- Natural gas distribution
- Construction
- Finance
- Health care
- Human resources
- Information security
- Technology
If you’re interested in gaining the skills and education needed for a career as a compliance analyst, WGU School of Business offers online bachelor’s and master’s degree programs to help you get started. WGU’s courses offer students real-world applications, flexible schedules, affordable tuition, and the ability to graduate faster and begin working right away in thriving professions across dynamic industries.
EDUCATION & BEST DEGREES
How Do I Become a Compliance Analyst?
Compliance analyst positions commonly require at least a bachelor’s degree. While some colleges and universities may not offer a dedicated degree program in compliance analysis, students may earn a degree in a subject related to the industry they want to work in.
As you prepare to become a compliance analyst, consider the following steps:
- Earn a bachelor’s degree in business management, supply chain and operations management, or accounting.
- Choose an industry in which you would prefer to apply your compliance skills.
- Gain relevant work or internship experience.
- Obtain certification such as the Certified Compliance and Ethics Professional (CCEP) or Certified Risk and Compliance Professional (CRCP) certificate.
- Become proficient in compliance management software such as Paradigm 3 or Intellect.
- Earn a master’s degree in business administration, legal studies, or data analytics. A master’s could position you for a higher salary or qualify you for a senior compliance role.
Best Degrees for a Compliance Analyst
Business
Business Management – B.S. Business Administration
Hone your business acumen and garner added respect:...
Hone your business acumen and garner added respect:
- Time: 61% of graduates finish within 19 months
- Tuition: $3,755 per 6-month term
- Courses: 40 total courses in this program
Skills for your résumé this program will teach you include:
- Business communication
- Product development
- Decision making models
- Project management strategies
- Budgeting for business
This online degree program is an excellent choice for kick-starting your organizational management career.
Business
Supply Chain and Operations Management - B.S.
This online supply chain and operations management program will prepare...
This online supply chain and operations management program will prepare you for real-world experiences in business.
- Time: 61% of graduates finish similar programs within 19 months.
- Tuition: $3,575 per 6-month term.
- Courses: 36 courses in this program.
Skills for your résumé that you will learn in this program:
- Project Management
- Strategic Planning
- Detail Oriented
- Management
- Leadership
- Operations:
Business
Accounting – B.S. Business Administration
Have a knack for numbers or fine-tuning finances?...
Have a knack for numbers or fine-tuning finances?
- Time: 62% of graduates finish within 24 months
- Tuition: $3,755 per 6-month term
- Courses: 41 courses in this program
Skills for your résumé you will learn in this program include:
- Accounting
- Finance
- Financial Statements
- Communication
- Detail Oriented
- Research
Take your first step toward CPA certification and learn how to use GAAP, ledgers, and journals.
Business
Supply Chain Certificate – School of Business
Boost your résumé and gain valuable experience with a supply chain...
Boost your résumé and gain valuable experience with a supply chain certificate from the School of Business.
- Time: 6 months from start to finish.
- Cost: $2,500 for the certificate.
- Courses: 4 courses total in this program.
This program is designed for individuals who are ready to take their supply chain experience to the next level and become a front-line leader in their organization.
Whether you want to advance your career in this field, or you're just getting started, a supply chain certificate can help you be ready for your next career step. You'll be prepared to work in a variety of industries including:
- Startups
- Healthcare
- Manufacturing
- IT
- Retail
- E-Commerce
How Much Does a Compliance Analyst Make?
$75,670
Compliance analyst salaries vary by industry. According to the U.S. Bureau of Labor Statistics (BLS), the average annual salary for compliance analysts in May 2023 was $75,670. The bottom 10% of earners made $43,790 while the top 10% made $123,710.
What Is the Job Outlook?
20%
Demand for different types of compliance analysts has steadily grown due to increased regulation in key industries. For example, the BLS projects employment of financial examiners—specialists in monetary transaction compliance—to grow by 20% from 2022 to 2032, which is much faster than the average for all occupations.
SKILLS
What Skills Does a Compliance Analyst Need?
Successful compliance analysts have strong analytical skills and can work well with industry professionals across teams and levels. Individuals with the following skills are well suited to a compliance analyst role:
- Computer skills. Compliance analysts often use dedicated software in their daily work.
- Critical thinking. Compliance analysts rely on critical thinking and problem-solving to guide their decision-making.
- Communication. Strong written and verbal communication skills help compliance analysts collaborate with teams, leaders, and stakeholders.
- Research. Compliance analysts may spend considerable time researching to stay current on rules and regulations in their sector.
- Multitasking. Since they might need to work on several projects simultaneously, compliance analysts should be good multitaskers.
- Organization. Staying well organized will help compliance analysts review policies, prepare reports, and develop business procedures.
- Attention to detail. A detail-oriented compliance analyst can perform tasks more thoroughly and accurately.
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