The financial industry is facing much more litigation and red tape from new regulations. Because of this, companies are hiring compliance officers at all levels and paying top dollar for the best candidates. Here are some skills you’ll need to move into the financial compliance industry.

Education

A degree in finance, management, accounting, economics, or law is required to work with most financial firms. A master’s degree in finance, accounting or economics helps set you apart from candidates with bachelor’s degrees. Having a law degree gets you to the top of the competition at brokerage houses. You may be required to earn your Series 7 and Series 63 licenses to set a strong foundation and understanding of the securities industry. Your firm might sponsor you for your Series 14, Series 26, Series 27, and Series 39 so you understand net capital rules, Municipal Securities Rulemaking Board (MSRB) rules, rules for maintaining client accounts, and sales/other supervisory roles and record keeping.

Skill Sets

Because you are dealing with highly complex and sensitive information, you need to possess skill sets from previous work that can transfer to your compliance position. You must be detail-oriented and able to review and analyze large data sets in a short amount of time. Because you must ensure everyone in your company adheres to all FINRA rules, you need to be well-versed in those rules, able to decipher information such as detailed trade activity, and determine whether an individual or the firm is in compliance with all rules and laws. You must possess intimate knowledge of other jobs and functions, like sales and trading, and the rules associated with them to be successful.

Ethics

Because you deal with highly sensitive issues such as discrimination, harassment, and privacy, you must maintain stellar ethics at all times. You may be addressing customer complaints, and you need to protect their rights and your company’s rights and reputation by following laws pertaining to the situation. You might be responsible for maintaining a dialogue with regulatory bodies like FINRA or the Securities Exchange Committee (SEC), and following all rules is necessary for your company to stay in business. Whatever your responsibilities, you must model appropriate compliance behavior at all times so employees follow suit and your company remains conducting business.

These are a few skills you’ll need when moving into the financial compliance industry. For further help with moving into the compliance field, contact the friendly professionals at CarterWill Search & Flex today!