What Is a Compliance Analyst? Job Role, Skills, and Salaries

Written by Coursera Staff • Updated on

A compliance analyst ensures companies follow the law and avoid fines. Learn more about compliance analyst jobs, what you do in this role, and how much you can earn.

[Featured Image] A compliance analyst listens to another team member discuss business processes in a team meeting designed to provide solutions.

A compliance analyst helps business leaders follow the laws and rules set forth by government agencies that regulate their industry. These professionals have expert knowledge of regulations, laws, and guidelines that can govern everything from how a company processes transactions to what it has to disclose to clients.

If you're a natural rule follower, you may be a good fit for a career as a compliance analyst. Learn more about what this role involves and how much you can typically earn to help you decide if this is the right career choice and prepare for your next steps when you're ready to get started.

What is a compliance analyst?

A compliance analyst's primary goal is to ensure a company complies with the industry's laws and regulations. You may examine practices and policies within the business, identify areas where it is out of compliance, and offer suggestions for how to make necessary modifications. This requires regular review and research into governing authorities' current rules and regulations.

What does a compliance analyst do?

Compliance analyst responsibilities vary depending on your industry and the company's design. For example, a compliance analyst working in the healthcare field may focus on how well a hospital protects patient privacy. A compliance analyst in the financial services industry may review transactions to ensure employees follow the laws regulating money and securities transfers. In general, you can expect to do any of the following:

  • Develop solutions for practices that are out of compliance

  • Prepare reports for management and follow up on issues

  • Provide updates to team members and management when regulations change

  • Review current practices to ensure they stay within the boundaries of the law

  • Train team members to use best practices that align with regulations

  • Monitor departments to ensure compliance with company policy and industry regulations

Where do compliance analysts work?

Regulated industries employing compliance analysts include charities, not-for-profits, insurance, pharmaceutical, retail, banking, property, and environmental companies. You’ll also find specialist areas that must be compliant, including assurance, regulatory affairs, product advisory, and trade.

Importance of compliance professionals

Compliance professionals provide a valuable service to companies by helping them avoid costly fees and legal problems. Regulatory agencies may levy fees and other penalties for violations. Depending on the nature of the violation, the business may need to pay back taxes and interest or face an audit of the company's resources. Sometimes, a violation leads to the business owner accepting personal responsibility or being forced to close the business. A violation can also affect the company's reputation and damage the trust of its customers and vendors.

How to become a compliance analyst

You need at least a bachelor's degree to become a compliance analyst, but the subject is generally flexible, and compliance degrees are not common. Instead, choose a degree in the field you wish to work in or pick a subject like business, law, accounting, or economics. Spend time thinking about your career goals before selecting a degree subject.

For example, if you want to work as a compliance analyst in the healthcare industry, you may choose to major in healthcare administration or nursing. If your plans involve working in the technology industry, you may opt for a degree in computer science. Similarly, you may major in accounting or finance if you want to work in financial services.

In addition to a degree, you should have industry job experience. You may even start working in an entry-level position while still earning your degree, or you may find a graduate scheme. This allows you to learn how the company or the industry operates and familiarise yourself with industry regulations. Understanding standard operating procedures can help you identify practices that don't comply.

To qualify as a certified compliance analyst (CCA), you must prepare for and pass the CCA exam to show that you have the necessary knowledge and skills in compliance and regulations. 

Your training as a compliance analyst will likely continue even after you've worked in the field for years. You may pursue other industry certificates to deepen your knowledge or return to university to earn a master's degree. You'll also research and stay updated with the latest regulations, including taking classes and attending professional learning events.

What skills do you need for compliance analyst careers?

Compliance analysts need technical and human skills, including communication skills and the ability to conduct research. The specific technical skills you need, such as software proficiency, depend on your industry.

However, the following list of skills encompasses some of those you may frequently use in your work:

• Attention to detail

• Auditing

• Communication

• Critical thinking

• Data visualisation

• Diplomacy

• Presentation

• Problem-solving

• Research

• Time management

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Job outlook and career prospects for compliance analysts

As long as companies must follow regulations, they will likely rely on compliance analysts to ensure they do what the law requires. Demand for compliance professionals appears to be growing, following increased regulation in key industries to protect the public from fraud.

Alternative job titles for compliance analysts (with salaries)

Compliance analysts may have a variety of job titles, including compliance officer, examiner, auditor, manager, and screener. Job titles can vary, but you may see compliance analyst jobs in the UK and their average salaries listed as follows: 

  • Building inspector: £32,484

  • Director of corporate compliance: £93,819

  • Ethics officer: £32,412

  • Financial compliance officer: £32,412

  • Food safety auditor: £42,467

  • Fraud investigator: £26,196

  • Technology security specialist: £47,592

  • Health and safety technician: £29,841

*All average salary data sourced from Glassdoor as of August 2024 and represents base salary without additional earnings

Career path in compliance analysis (with salaries)

Your career path as a compliance analyst can follow many directions because the roles tend to be industry-specific. The education requirements for compliance analysts may also differ. In general, a bachelor’s degree in a relevant field is standard.

You may start your career working in a specific industry to learn how it operates, and in some cases, you may be able to shadow managers and compliance professionals to learn what they do. The career path may include the following roles, titles, and average UK salaries:

Compliance specialist

Average annual UK base salary: £31,554 [1]

As a compliance specialist, you may work in a specific area, like finance, compared to a more general entry-level compliance position.

Compliance manager

Average annual UK base salary: £54,505 [2]

As a compliance manager, you may implement and monitor how employees follow company policies and industry regulations.

Compliance officer

Average annual UK base salary: £35,185 [3]

Compliance officers can take on various responsibilities, from identifying regulatory risks to monitoring and enforcing them.

Senior compliance officer

Average annual UK base salary: £46,169 [4]

A senior compliance officer has duties similar to a compliance officer, but they tend to have more work experience and may have additional certifications.

Chief compliance officer

Average annual UK base salary: £50,440 [5]

You are the company's top compliance analyst and chief compliance officer. As part of the C Suite, you report directly to the company's chief executive officer and manage compliance for the whole company.

Discover more about compliance roles

Regulatory compliance is an essential process for any business, and as a compliance analyst, your job is to ensure your organisation is identifying and following relevant rules, laws, and procedures.

If you’re interested in starting a career in compliance, you might start with a cybersecurity course. Consider the Google Cybersecurity Professional Certificate on Coursera. This program is designed ​​to help you find your first job in the field of cybersecurity, even if you have no experience, all at your own pace. The modules cover security models, tools used to access and address threats, networks, and more. 

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Article sources

1

Glassdoor. "Compliance Specialist Salaries, https://www.glassdoor.co.uk/Salaries/compliance-specialist-salary-SRCH_KO0,21.htm." Accessed 29 August 2024.

Updated on
Written by:
Coursera Staff

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