High School

You’ll need a college degree to work as a compliance professional so, in high school, you should pursue a college preparatory curriculum that includes classes in business, economics, accounting, English, speech, computer science, mathematics, social studies, and science.

Postsecondary Education

A minimum of a bachelor’s degree in business, accounting, finance, or pre-law is required to work in entry-level positions. Many firms prefer applicants with graduate degrees in law, business, finance, or accounting. Some colleges, such as Loyola University Chicago, offer master’s degree concentrations in compliance studies. Classes in Loyola’s concentration include more than 50 online and on-campus courses, such as Corporate Compliance, Enterprise Risk Management, Global Compliance, Financial Institution Regulation, Privacy and Security of Corporate Information, and The Foreign Corrupt Practices Act. The London School of Economics and Political Science offers a master’s degree in private equity.

Other Education or Training

The Regulatory Compliance Association offers online continuing education classes that will help participants keep their industry knowledge up to date. These classes are useful because the regulatory environment is constantly in flux. Recent courses included New Form ADV and Performance Reporting, Cybersecurity Issues for Asset Managers, Virtual Currency, Enforcement Practice, and Shadow Accounting. Visit https://www.rcaonline.org for more information.

Certification

Some colleges offer undergraduate and graduate certificates in compliance. For example, the University of South Florida offers a graduate certificate in compliance, risk, and anti-money laundering. Required courses include Risk Management and Legal Compliance; Forensic Accounting & Legal Issues; Accounting Systems Audit, Control and Security; and Statistical Data Mining. Visit https://www.usf.edu/innovative-education/graduate-certificates/programs/compliance-risk-anti-money-laundering.aspx.

Certification or Licensing

The Regulatory Compliance Association offers the chartered regulatory counsel and the certified compliance officer designations to those who demonstrate a mastery of compliance-related issues. While not required, becoming certified is a good way to demonstrate your skills to potential employers. Visit https://www.rcaonline.org for more information.

Five to 10 years of experience within an asset management environment (ideally with a compliance focus) are required to work in top-level compliance positions. Some employers also seek executive-level candidates with regulatory experience at the Securities & Exchange Commission, Financial Industry Regulatory Authority, or other regulatory bodies. Analysts need previous experience (work, internship, co-op).

To be a successful compliance professional, you will need excellent writing, analytical, and oral communication skills; a strong work ethic; great attention to detail; the ability to work both independently and as a member of a team; integrity; professionalism; decisiveness; and strong organizational and project management skills. You also need a comprehensive understanding of best practices in compliance and in developing and implementing compliance policies and processes and detailed knowledge of federal securities laws (e.g., Investment Advisers Act of 1940, Securities Act of 1933, and the Securities Exchange Act of 1934) and recent legislation (e.g., Dodd-Frank, etc.) that affects the private equity industry.