What makes compliance an appealing field?
It puts you in a position to be knowledgeable on all aspects of the business and because the rules are always changing, it’s intellectually stimulating. Plus, it’s on the right side of the equation: Typical compliance professionals are trying to do the right things to make sure the company is doing the right thing by its customers. That’s a good feeling.
Which classes best prepare a finance major for a compliance career?
Pre-law, business law, ethics, business, finance and industry-specific classes. If you want to be in banking, banking classes would be relevant. The same is true with brokerage, securities or management classes. Law is probably the most relevant of those classes.
What are some of the things I'd do at the entry level?
The largest firms have significant compliance organizations, and entry-level positions are going to be pretty narrow in terms of the scope of work you do. You might be assigned to review reporting, or conduct testing, or review activities. You might work as a junior member of a team that’s involved in investigations or inspections or you could be assigned to review advertising, correspondence or e-mail. The smaller the firm, the fewer compliance people and broader the scope of responsibility on everyone, including entry-level and junior people.
If you want to go directly into compliance, I'd recommend that you get some other background first. Go to work for a regulatory agency, the Financial Industry Regulatory Authority or the Securities and Exchange Commission on the securities side. On the banking side, the Office of the Comptroller of the Currency, the Federal Reserve or the Federal Deposit Insurance Corporation. Or, work for a state banking or securities regulator. Oftentimes, public positions don’t pay as much as private industry, but in these times, public agency work is a great credential to have.
What's your advice to students who are about to take his or her first job?
Make sure that you’re current and conversant on the requirements that apply to the business you’re in and that you understand the business itself. The best compliance people are able to bridge the gap and bring compliance in a meaningful way to the business side.Compliance people can accomplish things by authority, leverage and power, but they’re most powerful when they connect, communicate, coordinate and collaborate with the business side to find the right answers.
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