Compliance careers on the mend
Not too long ago, people joked that Sarbanes-Oxley was essentially an accountants' full employment act. Dodd-Frank was thought to be a lobbyist dream law.
Through it all, compliance as a career seemed to rise in lockstep, as more companies were forced to grapple with more regulations of all stripes. This was especially true in the financial services industry, where the regulations have hit hard. But while the compliance burden has risen, so has the need to cut payroll expenses, limiting growth.
Now, a change may be at hand. According to eFinancialCareers, "over the last six weeks, we've started to see jobs come through. The volume of financial regulation is high, and tight implementation deadlines are approaching. It therefore seems likely that the market will improve even more in the coming months."
What's interesting is that more non-compliance employees are seeking careers in compliance, driven mainly by a need to stay employed.
"We're being approached by quite a few former salespeople or traders who are contemplating compliance careers. Many are out of the market and – if they're willing to accept the reduction in compensation that a compliance job entails – they could make excellent product advisory compliance professionals. Unfortunately, however, few banks are willing to hire external candidates unless they have direct compliance experience."
The lot of a compliance officer at a high level is not an easy one. Many find themselves in tricky positions. But the need is acute right now, and it may well emerge as a growth area in hiring.
- here's the article