Career in Compliance

Hi Guys,

I was wondering what people thought about a career in banking compliance, since I'm struggling to find much info as to long term job prospects.

Starting salaries for grad schemes are typically high, but does anybody have any idea how they develop in the long term?

I was also wondering how a career in compliance compares with a career in accountancy, say Audit or Tax for example. Trying to decide on career options, just feeling a little bit lost.

Any help would be appreciated

Reply 1

Tokyoround

Accountancy always has the option of you spinning out and starting your own practice, but that depends on you as an individual more than anything.

Compliance is ok, you can rise to head of compliance or chief compliance officer which is a decent job, unless you are in the role at a time of misconduct and fines. In terms of further opportunities. you could possibly leave and join a regulator or go to another bank.

Reply 2

MikeHello

Thank you, that's very helpful.

Just one more thing; do you have any idea how salary progression works in the two fields?

Reply 3

Tokyoround

Original post by MikeHello

Thank you, that's very helpful.

Just one more thing; do you have any idea how salary progression works in the two fields?

Salary progression isn't so cut and dry. You have seasoned partners at big 4 pulling ~700k base + profit share, partners at smaller firms will be getting less, and that's even if you make it to partner. I'd imagine a head of compliance/CCO salary to be somewhat comparable or slightly less but again, it depends on the size of the institution. Big 4 salaries typically aren't that great until you become senior, but there is (mostly) a better work/life balance. I'd imagine working in compliance at a BB would be a decent gig with decent progression but less opportunities compared to front office where there is room for several VPs and associates.

Reply 4

DeeDub

Original post by Tokyoround

I'd imagine working in compliance at a BB would be a decent gig with decent progression but less opportunities compared to front office where there is room for several VPs and associates.

I would tend to agree.

It can depend on the role. Advisory Compliance teams can be quite small meaning there is less competition for promotion and also less focus on maintaining organisational structure i.e. If you have the experience and the capability you will likely be promoted. In other departments e.g. Ops, Tech, Finance they can be a bit more focused on organisational structure and so you could miss out if the is no "role" for you. Bear in mind though this only really applies to Advisory Compliance.

Reply 5

MikeHello

Thank you for your replies.

In terms of promotion; surely that's the same for all jobs though? In that you have to wait for a role to become available?

Reply 6

DeeDub

Original post by MikeHello

Thank you for your replies.

In terms of promotion; surely that's the same for all jobs though? In that you have to wait for a role to become available?

It depends. Larger teams tend to be more hierarchical. Certain areas (Advisory Compliance being one of them) tend to operate with quite small teams 3-4 meaning there is a chain of command but promoting one person isn't going to put other peoples nose out of joint as the chain will remain intact. The elevated title then presents opportunities for lateral moves.

Career in Compliance

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