14 Pros and Cons of Being a Compliance Officer

Does a career as a compliance officer sound like something you can see yourself doing?

Are you all about helping companies ensure that they comply with all legal rules?

As a compliance officer, you will be a part of the regulatory and legal requirements of certain industries.

However, before you dive in, there are some pros and cons to being a compliance officer that you need to know to help you determine whether becoming a compliance officer is the right career move for you.

Pros of Being a Compliance Officer

First, let’s start with a list of advantages of being a compliance officer:

1. Ability to Work Traditional Hours

As a compliance officer, you will enjoy the benefit of working traditional hours like everyone else, since you will be responsible for going over paperwork and monitoring their work.

This schedule enables you to work standard office hours so you can easily schedule your personal life around it.

This traditional schedule also makes sure that you are not working the early morning hours or late evening hours.

If having a regular schedule is something you must have, a career as a compliance officer may be ideal for you.

2. You’ll be Up-to-Date on the Latest Regulations

Working as a compliance officer includes remaining updated on the latest regulations.

This is a part of your job, but it can also be a good thing.

This helps ensure that you stay on top of things going on, not only in your state but also in the industry you’re working in.

Many others will tend to count on you for information since you will be extremely knowledgeable in your field.

3. Opportunity to Explore Other Career Options

Once you are familiar with one industry and the regulatory requirements that go along with it, you will have the opportunity to explore additional careers in the same industry.

You’ll already be ten steps ahead since you will be familiar with the responsibilities, thus making it easier for you to build up your resume.

If this sounds interesting enough, you can explore other positions such as HR, project management, and more.

4. Opportunity to Work for Various Companies

Who said you have to stick with just one company as a compliance officer?

There are so many companies that hire compliance officers because they know that having one helps their company pass critical inspections.

With that being said, you can work for other companies once you have gained enough experience instead of working with just one.

This enables you to earn a higher salary with more benefits.

It won’t cost you anything to send your resume to additional employers to see if they are interested in having you on board.

5. Potential to Earn a High Salary

The Bureau of Labor Statistics has the annual salary for compliance officers listed at $71,000 per year.

But your earning potential will only increase if you become employed by the state or federal government.

The possibilities are endless for earning a good salary as a compliance officer.

Several industries that offer competitive salaries for compliance officers include medicine manufacturing, pharmaceuticals, and natural gas distribution.

Furthermore, some employers offer great benefits packages, including medical insurance and paid time off.

6. Opportunity to Start Your Own Business

Many people share the dream of opening their very own business one day.

Being a compliance officer allows you to do just that once you have gained enough experience.

Being your boss as a compliance officer means you can become a consultant for companies of different sizes.

Many small businesses don’t have compliance officers.

However, you can target larger businesses and even provide your services to them at your rates.

So, if this sounds like good news to you, be prepared to jump on board to see what a career as a compliance officer has to offer you.

7. Job Security

Everyone prefers a career where they can count on job security.

Compliance officers can enjoy the benefit of added job security because regulation is never going to go away.

From time to time, old regulations and laws are replaced with new ones.

This just means that there is more work for compliance officers to conduct, and more companies will be looking to hire professionals like yourself.

A career as a compliance officer may be a great fit for you if feeling confident in knowing your job will never go away is important to you.

Cons of Being a Compliance Officer

Now let’s dive into some of the cons of being a compliance officer:

1. Annual Training Is Required

One of the biggest cons of being a compliance officer is having to undergo annual training.

The training you must undergo is pretty significant, and you must be present for it throughout the year.

However, attending these trainings helps you stay on top of all the latest laws and regulations within your industry.

And if there happen to be any changes, you’ll be one of the first to know about them.

This helps you continue to hold companies accountable.

2. Lots of Paperwork

Another con of working as a compliance officer is having to deal with a lot of paperwork.

This could be an issue for you if you dread working in jobs that entail paperwork.

However, it’s necessary since you will be responsible for ensuring that everyone is abiding by regulations in their industry.

Some of the paperwork that you’ll be in charge of includes reviewing licenses, reports, and more.

You may also need to create and distribute these reports depending on the outcome of your findings.

3. Desk-Bound

A job as a compliance officer is rather sedentary.

You will be desk-bound for the majority of your work because you’ll be busy working on a computer and filing paperwork.

Sedentary lifestyles can result in a plethora of health issues such as type 2 diabetes, heart disease, certain cancers, and even depression and anxiety.

If you choose to go through with this profession, you’ll need to make sure that you can get creative in finding ways to move during the day.

This will prevent you from gaining weight.

4. Regulations Differ in Various Industries

If you stick to one industry, this may not apply to you.

However, if you work in different industries, you’ll need to acclimate yourself to new regulations for each.

This can become overwhelming, switching from one industry to another, since all regulations will be different.

In fact, you’ll need to undergo extensive training, with most of it taking place during the evenings and on the weekends.

5. A College Degree Is Required

If you’re looking for a career where a college education is not a requirement, you may want to rethink your decision about becoming a compliance officer.

This is because compliance officers must have a degree to be successful.

Many compliance officers start off acquiring degrees in economics, management, accounting, business, or legal studies.

It can certainly take some time to get started in your field.

And in the process, you may accumulate a large amount of student loan debt.

6. A lot of Time Spent in Front of a Computer Screen

Spending time in front of the computer screen is how you’ll be spending the majority of your day as a compliance officer.

As a result, you’ll have to deal with the lighting from the computer, which can lead to eyestrain and headaches.

And if you don’t have the right types of blue light lenses to filter out the light, it’s possible that it can even trigger migraines and tension in your body by the time your workday ends.

7. May Feel Undervalued

Nobody wants to feel undervalued in their career.

However, you may feel this way as a compliance officer, as there will be some departments that may make it hard for you to do your job or talk down to you.

This is mainly because they will feel as if they know more than you, including the law and regulations.

Unfortunately, this can be mentally draining for you, making it more challenging to work efficiently.

Pros and Cons of Being a Compliance Officer – Summary Table

Should You Become a Compliance Officer?

A job as a compliance officer is not for everyone.

It involves being able to undergo a significant amount of training.

Whether you choose to work for yourself or a large industry, there are several pros and cons that only you can decide from.

You’ll be responsible for ensuring companies are adhering to all legal regulations, thus making many people dread your visits.

However, if you can still see yourself pushing forward despite the negative sides of the job, such as dealing with a lot of paperwork, possibly feeling undervalued, and working a sedentary career, you can start your journey to becoming a very successful compliance officer.