In the March 2012 issue of Fortune Magazine, Mitchell Peskin, Partner and Executive Vice President at The Execu|Search Group is interviewed about the boom in business for Compliance Officer positions. In the article, Peskin discusses the hiring rush that will start as the result of new regulations taking place.
Financial firms need their own Compliance Offers to oversee activities and these officers will report directly to top management. In order to be considered for the position of a Compliance Officer, you will need knowledge of the regulations and extensive experience in the industry.
Along with a high demand for these positions, the article also states that the position at smaller banks pays $70,000-$90,000, while it offers salaries around $150,000 at investment banks and hedge finds. According to Peskin, the role of Compliance Officer is a significant growth area and there will be a hiring surge this summer as the Volcker Rule takes effect. The Volcker Rule, a section of the Dodd- Frank Wall Street Reform and Consumer Protection Act that bans proprietary trading by commercial banks, is scheduled to be implemented in late July. So, who’s hiring? According to Fortune Magazine, companies such as BNY Mellon, First Bank of Texas, MetLife and PNC Financial Services Group.