Compliance analysts work in a regulatory or compliance department, where they examine ongoing and upcoming operations to guarantee that they comply with applicable laws and standards.
Because they are so significant in businesses, let’s look at the top 10 entry-level Compliance Analyst jobs in this article along with all the information you need to know.
What is a compliance analyst?
Compliance analysts examine laws and regulations and determine which ones have an impact on the organization. They are responsible for acknowledging the rules, making sure the company complies with the regulations, and creating projects or plans that guarantee standards are met.
Compliance analysts work in a variety of settings, including the healthcare, financial, academic, corporate, and governmental sectors. The role and responsibilities of a compliance officer can vary significantly depending on the customers or audience that the organization serves as well as the entities it interacts with, such as international business regulations.
What are the responsibilities of a compliance analyst?
The type of organization and sector in which a compliance analyst works will determine their specific job responsibilities. People in the financial sector might audit expenses and review accounting procedures, whereas those in the healthcare industry might concentrate on looking at HIPAA compliance. Compliance analysts typically perform a variety of tasks, such as:
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- Examining the rules and procedures for industry compliance.
- Updating and analyzing current compliance policies and related documentation.
- Establishing and carrying out new compliance policies and procedures as necessary.
- Establishing and keeping up a compliance record-keeping system.
- Sharing compliance guidelines and policies with management and the appropriate departments.
- Following up on applications and keeping in touch with compliance regulators.
- Applying for regulatory and compliance certification.
- Maintaining awareness of regulatory changes and compliance requirements.
Top 5 highest paying cities for compliance analyst entry-level jobs and the annual salary.
- San Mateo, CA $65,116
- Daly City, CA $64,426
- Berkeley, CA $64,104
- Green River, WY $63,810
- Richmond, CA $61,075
10 best compliance analyst entry-level jobs
1. Financial analyst:
Planning, management, and/or support for financial operations activities, such as accounting, internal controls and financial systems, budget services, internal and external auditing, procurement, and payroll, are provided by financial compliance analysts.
2. Data analyst:
This position is in charge of compiling data, developing process flows, producing dashboards, and making presentations for the various Compliance disciplines.
3. Entry-level billing analyst:
They manage the company’s revenue intake, send invoices, and communicate with customers. They support the company’s business operations by performing billing, research, and customer service-related tasks.
They make sure billing cycles are managed accurately and efficiently.
4. Business data analyst:
Business analyst for compliance offers technical advice. To make sure that their businesses operate by various regulations, compliance business analysts direct, manage and maintain overall compliance procedures.
5. Help desk analyst:
Help desk analysts typically offer technical support by assisting clients with their computer-related problems.
Help desk analysts are expected to respond quickly to customers’ technical issues and typically contact end users via phone calls or email. Depending on their level of expertise, help desk analysts are usually divided into support tiers, with the highest tier typically handling the most complicated issues.
6. Research analyst:
To help businesses buy, invest in, and sell goods and services, research analysts comb through the information available on the public market.
7. Entry-level business analyst:
Business analysts at the entry-level help a company or organization collect and analyze data by offering better solutions, integrating technology, or improving systems. While receiving on-the-job training and becoming more familiar with your responsibilities and duties, you most likely work as a member of a business solutions team under more senior analysts.
8. Technical data analyst:
An industry or organization’s decision-making and problem-solving processes rely on technical data analysts to analyze and prepare data.
9. Entry-level client processing analyst:
They carry out a range of operational duties in a product or functional area, such as processing updates to customer accounts or company records and evaluating and handling exceptions. They look into client account errors, fix them, and carry out independent research and policy interpretation.
10. Investigation analyst:
Investigative analysts are employed by a wide range of companies, as well as by law enforcement and criminal organizations. Typically, they look for criminal activity and frequently assist a lead agent who conducts fieldwork. As a Compliance Investigations Analyst, it will be your job to look into fraud and other compliance-related activities that seem unusual or suspicious.
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Average Pay for Compliance Analyst entry-level jobs
The average annual salary for an Entry Level Compliance Analyst in the United States as of Mar. 3, 2023, is $53,016.
Compliance officers earn an average yearly salary of $71,988 in the United States and perform similar duties to compliance analysts.
How to become a compliance analyst.
Step 1. Having a Masters’s degree
Some companies demand a master’s degree. This gives you a competitive edge over other job applicants. Consider picking a major in your desired industry when making your decision. Another degree you might want to pursue is one in business, finance, or criminal justice. Employers might favor candidates with formal qualifications in compliance or a bachelor’s degree in a relevant field, even though credentials are not required.
Step 2. Having the experience
To become a Compliance Analyst, you must have the required experience. To gain more experience in this career path and the industry you want to work in, you can start by selecting one of the entry-level Compliance Analyst jobs. This enables you to become familiar with industry rules and gain knowledge of how the business or industry functions.
Another route that might be advantageous for those who want to be compliance analysts are working for a company in another position, such as an accountant in the finance department, for example. With this job, the employee becomes more acquainted with the business and how it runs. It might serve as a stepping stone for later career advancement into a compliance analyst position.
Step 3. Finish a relevant training or internship
After-hire, on-the-job training takes compliance analysts, on average, 6 to 12 months. In this period, brand-new compliance analysts pick up the knowledge and abilities necessary for their particular position or required by their employer.
Conclusion
If you enjoy working with laws and regulations and running the business under them, this is one of the best jobs for you.
To succeed as a compliance analyst, you may need to possess high moral standards, a love for learning, attention to detail, and effective communication abilities. You can now choose an entry-level position that is right for you after learning about the Best Compliance Analyst Jobs in this article.