Analysts, who are typically hired right out of college, should complete a compliance-related internship or fellowship while still in school. These opportunities can be found at mutual fund companies and related employers, in the compliance department of a corporation, or at a regulator such as the Securities and Exchange Commission. Chief compliance officers (CCOs) need five to 10 years of compliance experience; at least half of this time should be in a managerial position. Some companies prefer to hire CCOs who have law degrees.
Compliance professionals need strong communication and interpersonal skills in order to interact with individuals at various levels internal and external to the company. They should be confident about their ideas, but open minded and willing to listen to other people’s opinions. Because working at a mutual fund involves a fast-paced, sometimes stressful work environment, compliance professionals need the ability to manage multiple tasks and projects simultaneously and remain calm under pressure. Other important traits include excellent organizational, analytical, time-management, and problem-solving skills; attention to detail; flexibility and sound business judgment; the ability to be a team player; a thorough knowledge of the mutual industry from a corporate governance, product, compliance, and administrative perspective; and specific knowledge of Securities & Exchange Commission, Financial Industry Regulatory Authority, Municipal Securities Rulemaking Board, and state-level rules and regulations.