A study by the US Bureau of Labor Statistics puts the average salary for a compliance officer at $64,340, as of 2013.
However, there is a huge difference in wages based on a job’s scientific, educational and work-experience demands. Most of these positions require skills in public speaking, writing, ethics, and leadership.
Many compliance officers have degrees in business, finance and accounting.
A compliance officer’s main role is to ensure an organization complies with the rules that apply to its specific industry.
Therefore, a student should choose a degree based on the niche they wish to pursue.
For example, a company’s compliance manager in the finance section will require a degree in accounting, finance, or business.
Here are some of the majors to study in college for a career in compliance management:
1. Public Administration Major
A major in public administration prepares you to work as a manager in the executive arm of federal, state and local government. This major deals with the study of executive management and organization.
Public administration includes guidance in the roles, principles, and development of public administration, public policy management, public budgetary processes, executive-legislative relations, and financial management.
Public administration skills also equip students with knowledge in public personnel management, administrative law, research methods, and professional ethics.
You might also be proper in this field with a Certification in Risk Management Assurance (CRMA). A public administration major is suited for you if you want to pursue a career in a public or government office that offers public services.
You also need to possess quantitative, analytical, communicative, and organizational skills to work as a compliance manager in the public administration domain.
2. Business Administration And Management Major
This program prepares you to plan, control, organize and direct the processes and functions of an organization.
This major involves instruction in human resources management, accounting, qualitative methods, organization, and production. You will also learn about business decision making, marketing, purchasing, and logistics.
Other majors related to business administration and management include project management, office management, and customer service management.
Many people who study business administration get an ISO certification. This compliance is important for developing and implementing systems relevant to standards that your enterprise is seeking to comply with.
The business administration and management major are appropriate if you are interested in performing compliance management in a business setting.
3. Research And Development Management
A compliance manager in the field of research should consider a major in research and development management. This program prepares you to manage programs, projects, and organizations through basic research and special technology applications.
This course involves instruction in different elements of business management applied to the scientific enterprise and the management of security, logistical, and operational issues.
Other majors related to research and development management include project management and retail management.
You may also need to get the Project Management Institute (PMI) certification that focuses on business management analysis, processes, and scheduling.
4. Entrepreneurship Major
A major in entrepreneurship prepares students to deal with development, management, and marketing functions involved with operating a business.
Students who major in entrepreneurship should expect to mainly focus on business. This major instills in students the skills of anticipating change and being adaptable.
This field relies on one’s ability to exploit new opportunities and markets.
Students who choose this major are business-oriented and focused on starting their own business.
5. Law Enforcement Record-Keeping And Evidence Management
This program focuses on the procedures and principles for managing police records or other records in security offices. It involves instruction on storing and retrieving evidence.
This major includes instruction in office management, organizational software, report preparation, administrative law and procedures, investigative file inventories, and communications skills.
Some of the other studies related to this major include law enforcement investigation and security services administration.
6. International Relations And Affairs Major
If you want to work as a compliance officer in a government position or for an international company, you should consider taking a major in international relations and affairs.
This program covers the systematic study of international institutions and politics. It also deals with foreign policy and diplomacy. It provides instruction in foreign policy analysis, international relations theory, and international law and organization.
You will also gain an understanding of specific regions and countries and the practice of diplomacy.
Other majors associated with this study include national security policy studies and international relations and national security studies.
Compliance management is a crucial field of study for anyone interested in ensuring the right procedures, laws, and regulations are observed in different industries. There are a wide variety of majors you can study if you want to pursue a career in compliance management.
However, the majors you study will depend on your niche.
Consulting a career counselor will help you make informed decisions on what particular field you want to venture into based on your interest and passion.