Compliance Jobs Growing: Could Be Windfall for Finance Geeks
The compliance field in financial services is growing by 31 percent, according to the Buearu of Labor. That's mostly because of Dodd-Frank, reports Julie Steinberg in Fins Finance.
Compliance is a geeky field, much like the technical parts of social networking are for types like Facebook founder Mark Zuckerberg. Also, a legal background, depending on who's hiring, is either a prerequisite or can give the edge. If you're highly focused and know your way around finance and the law, then you can keep financial institutions on the right side of reporting requirements.
The Dodd-Frank Wall Street Reform and Consumer Protection Act is meant to tame the financial services industry, including those high-flying, secretive hedge funds. Its stated mission is to improve accountability and transparency in the U.S. financial system. This federal statute, signed into law last July, requires many financial firms to register with regulatory bodies for the first time. Consequently, there will be a significant amount of hiring.
The jobs are with community banks, private equity firms, and hedge funds. The demand is for both junior- and senior-level expertise. Also the positions that involve interacting with the feds require those soft skills of a diplomat. Hiring is expected to begin in the next few months. In her report, Steinberg also gives the scoop on what credentials the positions require, how to present yourself, and the best timing.