Meng Meng Pek
Hi there, I was a Legal and Compliance Manager in a multinational company. My role is equivalent to a inhouse counsel which means I'm a lawyer but works in a corporate setting and not in a law firm. I was hired because I had a Bachelor's degree in law from the University of London (which is a Juris Doctor equivalent in the United States) and I am a licensed attorney in Malaysia. Being an inhouse counsel, I only provide advise to the Board of Directors and employees of the company. I will represent the company to liaise with the external attorney who will handle cases in Court. As a compliance manager, I can only advise the company I work for internally. So if you want to be a Compliance manager in particular for legal works, you would need legal qualification as mentioned earlier. The areas of compliance that I mainly dealt with in the company was anti trust law and anti bribery and corruption law. To ensure the employees are in compliance with the laws and to develop a system as a deterrence of a breach of such code of conduct in the company. If you would like to know about marriage and family, you could select that in your second year law program. However if your role is a financial compliance then you would need to have accounting qualification such as ACCA, CPA or professional certificate for Accountant. All the best to you.
To get you started, visit: http://money.cnn.com/pf/best-jobs/2013/snapshots/20.html which details everything from what exactly a compliance manager does to what kind of degree(s) are needed to become one. I'm hopeful a professional with compliance management experience can provide you with better insight!
Best of luck.
From software perspective, there is a License Compliance Manager position that involves interpreting contracts and data to determine if an organization is in compliance. This position requires a detail oriented person who has soft skills in negotiations and teaming with others. Sales experience is a plus, since you are often involved in negotiations over findings and payment. I know this varies from the link Lindsey provided, but it might add another possible avenue for you to explore. Best of Luck
Also, there are many types of compliance, so you should consider what kind of compliance you like, and look at education specific to that sector.
- Reviewers/Auditors, get sure the businesses are complying with regulatory requirements
- Compliance advisors, provide the business with advice on how to comply with regulatory requirements to handle day-to-day situations
- Compliance representatives. These represent the business when outside entities are auditing and examining the company's operations (outside auditors or government agencies).
So, to answer what education you need to have, the answer is "it depends the industry". Generally, study accounting is a good way to start because the compliance function needs to have people that can perform reviews and examinations. Legal is another thing to consider if you want to work in compliance. However, neither an accounting/business or a law degree is a requirement to work in compliance. I know people that study biology and are good compliance officers for a medical device manufacture company. Same thing with engineers. In synthesis, first focus on the industry or business and then check whether working in compliance is a good fit for you.