Over the past decade, in the aftermath of many corporate governance failures, tightened regulations associated with the Sarbanes-Oxley Act (SOX) and the Dodd-Frank Act have raised the importance of, and need for, Compliance Officers.  Stephanie Tancredi, an Executive Recruiter at The Execu|Search Group who works within our Financial Services division and specializes in compliance, explains, “With the re-election of President Obama and his new term beginning, most financial services firms understand that Dodd-Frank and other new regulatory initiatives are here to stay, so compliance has been a hot area.  We are seeing a lot of hiring, and even a return to guarantees and sign-on bonuses which have been rare the past few years.” The U.S Bureau of Labor Statistics projects a compliance officer growth rate of 15% between 2010 and 2020. This translates to 32,400 new jobs and 26,200 replacement jobs!

“Perception is incredibly important in the investment advisory space,” Tancredi explains.  “Many of our clients realize that allocating ample resources to their compliance program is not only important to the SEC, but also to their potential investors, who have been bombarded recently with news about alleged insider trading activity and other regulatory investigations at hedge funds.”

As the position of the compliance professional has evolved into a well-respected, high-level, and necessary role, a surge of certification and continuing education courses have been developed in response.  These programs enable both compliance professionals and those aspiring to move into a compliance career to network with likeminded professionals, while developing their skills, increasing their expertise and understanding of specific regulations in their industries, and expanding their knowledge on how to spot risk and compliance issues.

The following list includes a small sample of the available certification programs that can help you position yourself as an expert in compliance.

The Society of Corporate Compliance and Ethics (SCCE)

The SCCE is a nonprofit, member-based organization for compliance professionals that offers an exam-optional “Certified Compliance and Ethics Professional Program”.  The SCCE offers a variety of these 4 day programs across the country throughout the year.  This seminar, taught by experienced compliance professionals developed its curriculum around the parameters of the seven elements of the Federal Sentencing Guidelines.  These elements have been designed to “provide the actions, policies and incentives for organizations to design and maintain the mechanisms for preventing, detecting and reporting criminal conduct at their firms”.  This means that an SCCE Compliance Education course is an excellent choice for a professional looking for a general course on how to identify and report compliance issues. The SCCE attracts compliance professionals from a broad range of industries including healthcare, pharmaceuticals, and utilities. Those who pass the optional exam at the end of the 4 day program are awarded the Certified Compliance Ethics Professional (CCEP) designation.

National Regulatory Services (NRS)

The National Regulatory Services developed a certification program in 2005 as a response to the SEC’s Compliance Program Rule that mandates all investment advisory firms need a Chief Compliance Officer that communicates regularly with firm leadership.  Sponsored by the Investment Advisor Association, the NRS helps compliance professionals at investment advisory firms become prepared for this high-level role by offering them the opportunity to attend conferences and participate in e-learning, core coursework, and a certification program.  Through these programs, the NRS aims to give professionals the tools they need to find the rule, when to apply it and how to keep up with changes that affect their business.

The Ethics and Compliance Officer Association (ECOA)

The ECOA is another organization that aims to train compliance officers across different industries.  The ECOA offers its “Advanced Practitioner in Ethics & Compliance,” or “APEX” program through New York University’s continuing education and professional studies department.  This rigorous 18 month program teaches students from various industries about how they can establish the internal controls and code of ethics necessary to maintain best practices.  This is an excellent program for compliance professionals who are interested in taking their compliance training across industries.

Financial Industry Regulatory Authority (FINRA) Wharton Program

The FINRA Institute is a 6-day intensive industry specific class offered by the Financial Industry Regulatory Authority through the Wharton School at the University of Pennsylvania.  These classes, taught by industry professionals as well as UPENN law school and business professors, are focused on educating financial service professionals about the regulations and laws that impact broker-dealers or broker-dealer/investment adviser hybrid firms.

Upon the completion of the final examination, students are officially designated a Certified Regulatory and Compliance Professional (CRCP).   The FINRA Institute at Wharton is a prestigious program that can help financial service professionals competitively position themselves as an industry expert.