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Compliance specialist hiring summary. Here are some key points about hiring compliance specialists in the United States:
Here's a step-by-step compliance specialist hiring guide:
The role of compliance specialists is to ensure that companies comply with relevant industry standards and regulations. Their duties may vary depending on the industry they work in, such as healthcare or banking. Tasks include reviewing their company's business practices to ensure they follow specific regulations, resolving compliance issues that may arise, and being up-to-date with regulatory changes. As a compliance specialist, you should have industry expertise, in-depth knowledge of regulations, and auditing skills.
Before you start hiring a compliance specialist, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
You should also consider the ideal background you'd like them a compliance specialist to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a compliance specialist that fits the bill.
This list presents compliance specialist salaries for various positions.
| Type of Compliance Specialist | Description | Hourly rate |
|---|---|---|
| Compliance Specialist | $18-40 | |
| Lead Auditor | Lead auditors are professionals who are responsible for providing leadership and coordinating work schedules to a team of audit experts within an organization. These lead auditors are required to prepare audit plans and conduct team meetings before conducting internal or external audits at the end of the quarter or year... Show more | $29-55 |
| Chief Compliance Officer | A CCO or Chief Compliance Officer's primary responsibility is to ensure all procedures or activities are compliant with the company's overall policy and adhering to legal protocols with state and federal laws. Thus, the CCO drafts, proposes and develops compliance programs for the company to implement... Show more | $31-76 |
Including a salary range in your compliance specialist job description helps attract top candidates to the position. A compliance specialist salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a compliance specialist in Alabama may be lower than in Delaware, and an entry-level compliance specialist usually earns less than a senior-level compliance specialist. Additionally, a compliance specialist with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $74,626 | $36 |
| 2 | District of Columbia | $73,997 | $36 |
| 3 | Massachusetts | $68,733 | $33 |
| 4 | Connecticut | $68,342 | $33 |
| 5 | Pennsylvania | $62,278 | $30 |
| 6 | New York | $62,201 | $30 |
| 7 | Maryland | $62,108 | $30 |
| 8 | Minnesota | $61,266 | $29 |
| 9 | Oregon | $60,362 | $29 |
| 10 | Illinois | $60,244 | $29 |
| 11 | Virginia | $59,627 | $29 |
| 12 | Washington | $58,487 | $28 |
| 13 | North Carolina | $58,287 | $28 |
| 14 | Missouri | $57,609 | $28 |
| 15 | Michigan | $55,422 | $27 |
| 16 | Texas | $55,371 | $27 |
| 17 | Nebraska | $55,094 | $26 |
| 18 | Indiana | $54,680 | $26 |
| 19 | Ohio | $54,620 | $26 |
| 20 | Colorado | $54,226 | $26 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Meta | $115,876 | $55.71 | 70 |
| 2 | $115,538 | $55.55 | 15 | |
| 3 | Apple | $107,678 | $51.77 | 5 |
| 4 | PayPal | $107,374 | $51.62 | |
| 5 | SiFive | $102,810 | $49.43 | |
| 6 | Entegris | $101,375 | $48.74 | 2 |
| 7 | BMO Capital Markets | $99,136 | $47.66 | 3 |
| 8 | American Century Investments | $98,942 | $47.57 | |
| 9 | Cowen | $97,524 | $46.89 | |
| 10 | Intel | $97,002 | $46.64 | 4 |
| 11 | AQR Capital Management | $96,099 | $46.20 | 1 |
| 12 | BNY Mellon | $95,796 | $46.06 | 6 |
| 13 | Cisco | $95,494 | $45.91 | |
| 14 | Marcus & Millichap | $94,794 | $45.57 | |
| 15 | Masimo | $92,957 | $44.69 | |
| 16 | First Republic Bank | $92,738 | $44.59 | |
| 17 | Adobe | $92,382 | $44.41 | 3 |
| 18 | Arkema | $91,995 | $44.23 | |
| 19 | Idera | $91,887 | $44.18 | |
| 20 | McKinsey & Company Inc | $91,656 | $44.07 | 32 |
A compliance specialist job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a compliance specialist job description:
To find compliance specialists for your business, try out a few different recruiting strategies:
During your first interview to recruit compliance specialists, engage with candidates to learn about their interest in the role and experience in the field. During the following interview, you'll be able to go into more detail about the company, the position, and the responsibilities.
You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've found the compliance specialist candidate you'd like to hire, it's time to write an offer letter. This should include an explicit job offer that includes the salary and the details of any other perks. Qualified candidates might be looking at multiple positions, so your offer must be competitive if you like the candidate. Also, be prepared for a negotiation stage, as candidates may way want to tweak the details of your initial offer. Once you've settled on these details, you can draft a contract to formalize your agreement.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
Once that's done, you can draft an onboarding schedule for the new compliance specialist. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.
Before you start to hire compliance specialists, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire compliance specialists pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
You can expect to pay around $57,330 per year for a compliance specialist, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for compliance specialists in the US typically range between $18 and $40 an hour.