Anti-Money Laundering Compliance Officer Training program Overview:
A Master's in Compliance is not a requirement to enter the field, but it allows for greater academically based fluency and comprehension of compliance protocol. The skillset learned from earning this degree also gives one an ability to provide counselling for companies which operate across different industries and professions, on a small or large scale.
Compliance officers play an important role in ensuring that public and private organizations comply with the laws and regulations governing their industries. As long as there are laws, compliance professionals will be needed to help ensure businesses stay compliant. This is a career path you can pursue even if you're not an attorney.
This page will guide you through the basics of compliance, explain the numerous levels of compliance that may be pursued, and introduce you to possible job openings.
What is Compliance?
In its broadest definition, compliance refers to an organization's adherence to external rules and regulations. These rules and regulations can come from a variety of sources, including federal, state, and local governments; international organizations; and industry-specific trade groups.
An organization may also be required to comply with internal rules and regulations, such as those related to employee conduct or company policy.
In general, compliance functions are responsible for ensuring that an organization adheres to all applicable rules and regulations. This can involve developing and implementing policies and procedures, conducting training and awareness programs, monitoring compliance with the rules and regulations, and taking corrective action when necessary.
What is Corporate Compliance?
Corporate compliance is the process by which a company ensures that it is in compliance with all applicable laws, regulations, and internal policies.
The corporate compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The corporate compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is Regulatory Compliance?
Regulatory compliance refers to an organization's adherence to all applicable laws and regulations.
The regulatory compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The regulatory compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is Compliance in Healthcare?
Healthcare compliance refers to an organization's adherence to all applicable laws, regulations, and internal policies related to the provision of healthcare services.
The healthcare compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The healthcare compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is Compliance in Financial Services?
Financial services compliance refers to an organization's adherence to all applicable laws, regulations, and internal policies related to the provision of financial services.
The financial services compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The financial services compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is HR Compliance?
HR compliance refers to an organization's adherence to all applicable laws, regulations, and internal policies related to the management of its workforce.
The HR compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The HR compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is Information Security Compliance?
Information security compliance refers to an organization's adherence to all applicable laws, regulations, and internal policies related to the security of its information and information systems.
The information security compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The information security compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is Environmental Compliance?
Environmental compliance refers to an organization's adherence to all applicable laws, regulations, and internal policies related to its impact on the environment.
The environmental compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The environmental compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is Supply Chain Compliance?
Supply chain compliance refers to an organization's adherence to all applicable laws, regulations, and internal policies related to its supply chain.
The supply chain compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The supply chain compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
What is Ethics & Compliance?
Ethics and compliance refers to an organization's adherence to all applicable laws, regulations, and internal policies related to ethical conduct.
The ethics and compliance function is typically responsible for developing and implementing policies and procedures to ensure compliance with the law, monitoring compliance with the law, and taking corrective action when necessary. The ethics and compliance function may also be responsible for conducting training and awareness programs on compliance-related topics.
Master’s Degrees in Compliance
A Master of Compliance teaches you how to manage corporate compliance operations, advise on rules and regulations, and deal with violations. You'll study subjects like legislation, risk assessment, and financial crime in a compliance study program.
There are various types of compliance degrees. A Juris Master (JM), a Master of Science in Law, or a Master of Laws (LL.M.)—all of which focus on compliance—are available. You can also specialize in a field, such as healthcare or finance, by obtaining an industry specialty certification from the CFA Institute or another professional association.
Even if a number of law schools provide master's in compliance programs, nonlawyer degree programs are not accredited by the American Bar Association (ABA). Despite this, the ABA has granted consent for certain master's in compliance degrees.
In certain programs, master's in compliance students have the option of taking and passing compliance certification exams. These certifications may provide a degree of value to the graduates' degrees.
Master of Laws (LL.M.) in Compliance vs. Master’s Degrees in Legal Studies in Compliance
What's the difference between an LL.M. and a MLS? A Master of Laws (LL.M.) in compliance usually requires you to have prior legal experience, generally in the form of a Juris Doctor (J.D.). If you don't have a J.D. or similar law degree, consider getting a master's degree in legal studies, such as a Master of Studies in Law (MSL) or Juris Master (JM) in compliance instead..
Degrees and Certifications for Compliance
A master's in compliance with a particular area of focus may be appropriate for individuals pursuing careers in various industries. Many institutions offer concentrations in topics such as:
- Healthcare regulation
- Corporate compliance for businesses
- Risk management in finance
- Finance regulation
- Legal risk management and HR compliance
- Financial regulation
- Law and governance
Although the subject is broad, you might specialize on a certain industry or sub-industry. For example, if you want to work with biotechnology companies but don't want to pursue a degree, consider obtaining an MBA (Master of Business Administration) instead. This will allow you to work under a specific regulatory authority while concentrating your studies around that company's needs rather than what many other schools are teaching their students today.
Curriculum and Courses Outcomes
The foundational classes provide students with basic knowledge of topics, such as Introduction to Corporate Compliance. In this class you will be taught the key components of an effective corporate compliance program.
The type of master's in compliance you choose will determine the elective courses you take. You may study topics such as:
- Compliance Risk Assessment. This class will teach you how to identify and evaluate compliance risks in a variety of industries.
- Private Sector Compliance with Public Regulations. In this course, you'll learn about federal and state labor laws and regulations and how they impact private companies.
- Financial Compliance Around the World. This class explores how to comply with international finance laws, including the Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, and others.
- Conducting Internal Investigations. You will be taught how to lead an internal investigation of a potential compliance violation.
- Enforcement Actions and Collateral Consequences. You will learn about the different types of government enforcement actions and their consequences.
What Can You Do With A Master’s In Compliance Degree?
There are many job options available for those with a master's in compliance. Here are some examples:
- Compliance Officer
- Risk Manager
- Internal Auditor
- External Auditor
- Investigator
- Legal Counsel
- Policy Analyst
- Professor
The job outlook for compliance positions is strong. The Bureau of Labor Statistics (BLS) projects that jobs in management analysis, which includes compliance officers, will grow 11% from 2020 to 2030. The median salary for compliance officers was $99,730 in May 2020, according to the BLS.
Master’s in compliance programs prepare students for careers in a variety of industries. Many graduates go on to work in government or private companies, while others find jobs in academia or think tanks. Some use their degrees to start their own businesses. No matter what path you choose, a master’s in compliance can help you reach your professional goals.
Master’s in Compliance Online Programs
There are plenty of American Bar Association (ABA)-accredited schools if you want to get your master’s in compliance online.
Albany Law School
Location: Albany, NY
Program Name: Master’s Degree in Financial Compliance and Risk Management or Health Law and Compliance
Enrollment Options: Part-Time
Length of Program: 1-2 years
About the Program: The LL.M. is available to both concentrations and candidates must have a J.D. degree in order to be eligible for the program, which takes approximately one year to complete . For those who do not hold a J.D., there is still the option of obtaining a nonlawyer master’s degree; this process generally does not take longer than sixteen months .
Learn more about the online graduate programs at Albany Law School.
American University Washington College of Law – Sponsored Program
Location: Washington, D.C.
Program Name: Master of Legal Studies (MLS) – Health Care Compliance track
Enrollment Options: Full-Time or Part-Time
Length of Program: Complete in as few as 12 months
About the Program: The online Master of Legal Studies program from American University Washington College of Law is for non-lawyers who want to acquire fundamental legal education without becoming practicing attorneys. Students will be prepared to apply legal skills in their regular jobs thanks to a curriculum that covers complicated legal ideas across several sectors and an in-person immersion in Washington, D.C. The program may be completed in 12 months. To apply, there is no requirement for either the GRE or the LSAT.
Florida State University College of Law
Location: Tallahassee, FL
Program Name: Juris Master in Financial Regulation and Compliance
Enrollment Options: Part-Time
Length of Program: 1-2 years
About the Program: This 30-credit program focuses on banking law, regulatory compliance, and financial transactions. It is fully online and can be completed on a part-time basis.
Learn more about the Juris Master in Financial Regulation and Compliance at Florida State University College of Law.
Fordham Law School – Sponsored Program
Location: Bronx, NY
Program Name: Master of Studies in Law in Corporate Compliance
Enrollment Options: With the online curriculum, you can study at your convenience and finish the coursework at your own pace.
Length of Program: Complete in as few as 12 months
About the Program: Students in Fordham Law School's online Master of Studies in Law in Corporate Compliance program learn about corporate compliance legal issues, including the basics of American law and legal institutions, through a combination of classroom-based learning and webinars. To apply, you'll need a bachelor's degree and two years' experience working within an industry that is regulated by legislation or administrative regulation.
Learn more about the Master of Studies in Law in Corporate Compliance at Fordham Law School.
Liberty University School of Law
Location: Lynchburg, VA
Program Name: Juris Master (J.M.) in Compliance
Enrollment Options: Full-Time
Length of Program: 1 year
About the Program: The J.M in compliance is an online program that provides students with training in legal systems, legal analysis, research of law topics, and a history of law. Featured courses include healthcare compliance, ethics and professional responsibility, corporate compliance survey, and administrative law. This program is 30 credits and will provide students with the skills they need to handle specializedcompliance issues at their place of work.
Learn more about the Juris Master in Compliance at Liberty University School of Law.
Loyola University School of Law
Location: Chicago, IL
Program Name: Master of Jurisprudence (MJ) in Compliance and Enterprise Risk Management
Length of Program: 2 years
About the Program: The compliance program at Loyola can be started in the fall, spring or summer term. The program is made up of 24 credits and takes six semesters to finish. You must also attend two education immersion weekends that are held at Loyola’s Chicago campus.
Learn more about the Master of Jurisprudence in Compliance and Enterprise Risk Management from Loyola University School of Law.
Thomas Jefferson School of Law
Location: San Diego, CA
Program Name: Master of Science in Law (MSL) Financial Compliance and Risk Management
Enrollment Options: Part-Time
Length of Program: 1 year
About the Program: The degree is available as a 24- or 30-unit Master of Laws, which is in accordance with the requirements. Taxation, Financial Services, and Wealth Management are three concentrations within the program, while Financial Compliance and Risk Management is another. The program can be completed in a year if students take one course at a time and devote eight hours per week to study.
Learn more about the MSL in Financial Compliance & Risk Management from Thomas Jefferson School of Law.
Widener University Delaware Law School
Location: Wilmington, DE
Program Name: Graduate Compliance Programs
Enrollment Options: Part-Time
Length of Program: 2-5 years
About the Program: The online master's in compliance programs at this institution include specialized concentrations for focused studies, such as the Master of Jurisprudence (MJ) in Health Law with a concentration in regulatory analysis and compliance. There's also an MJ/MBA dual degree that includes an MJ in Corporate and Business Law with a concentration in Regulatory Analysis and Compliance.
Learn more about the graduate compliance programs from Widener University Delaware Law School.
Master of Science in Financial Crime and Compliance Management
Utica University Online / Utica, USA
MSc / Part-time / 2 years / English
The Master of Science in Financial Crime and Compliance Management is perfect for those who wish to further their skills in combating financial crime. The program offers a well-rounded education by merging management, technology, analytical skills with real-world knowledge and understanding of economic crimes and compliance from different countries.
MASTER OF SCIENCE IN COMPLIANCE LAW
National Paralegal College | National Juris University
Phoenix, USA
The Master of Science in Compliance Law from National Juris University is perfect for individuals who want to learn how to stay compliant with difficult federal and state regulations.
Frequently Asked Questions about Master’s Degrees in Compliance
Now that we have a preliminary understanding, let's tackle some questions you mighthave regarding getting a master's degree in compliance.
Who should consider a master’s degree in compliance?
A master's degree in compliance may be the right choice for you if you want to pursue a career in compliance law. This area is suitable for those with backgrounds or degrees related to fields such as finance, management, communication, and more.
Is a master’s degree in compliance worth it?
Compliance-related jobs abound in areas such as healthcare, finance, business, and government. A compliance degree provides you with the groundwork and skills you need to pursue this sort of employment. It teaches you how to plan and administer compliance programs as well as offer advice on compliance concerns.
A compliance degree is beneficial for those who have a legal background and want to change or improve their career by obtaining a new, in-demand specialty.
Can I apply for master’s in compliance without a background in law?
Without a professional law degree, you can still study to get a master’s in legal studies by getting degrees such as an MLS, MSL, or JM in compliance. These don't require having a J.D. However, if you want a Master of Laws (LL.M.), then you need to have some legal background already and usually come into the program with your J.D..
What is the average salary for someone with a master’s in compliance?
The Bureau of Labor Statistics reports that the median annual wage for lawyer was $120,910 in May 2021. The lowest 10 percent earned less than $58,510, and the highest 10 percent earned more than $208,000.
How long does it take to get a master’s degree in compliance?
It typically takes two years to complete a full-time program and four years to complete a part-time program.
What can I do with a master’s in compliance?
There are many things you can do with this type of degree. After obtaining your degree, you may work in corporate law, government, healthcare, finance, or another industry. You may find positions such as compliance officer, general counsel, or chief legal officer.
What are the requirements for a master’s in compliance?
To be eligible for a master's degree in compliance, you need to hold a bachelor's degree from an accredited institution. Some programs may require you to have a minimum GPA, and others may request that you submit GRE scores.
What are some common courses for a master’s in compliance?
Courses vary by program, but they may cover topics such as contracts, torts, business organizations, financial regulation, risk management, and more.
Glossary:
Bachelor's degree: An undergraduate degree awarded after four years of full-time study
GRE: The Graduate Record Examination, a standardized test that is often required for admission to graduate programs
GPA: Grade Point Average, a number that represents the average of all your grades from college courses on a 4.0 scale
J.D.: Juris Doctor, a professional degree in law
LL.M.: Master of Laws, a graduate degree in law
MLS: Master of Legal Studies, a degree for those interested in law but without a J.D.
MSL: Master of Science in Law, a multidisciplinary degree that combines law with another field
MJ: Master of Jurisprudence, a degree for those interested in law but without a J.D.
Compliance certification board: A compliance certification board is an organization that provides certification for compliance professionals.
Corporate compliance programs: Corporate compliance programs are designed to help businesses meet legal and regulatory requirements.
Foundational courses: Foundational courses are the basic courses that you need to take in order to obtain a degree.
Specialized compliance issues: Specialized compliance issues are those that pertain to specific industries or businesses.
Legal knowledge: Legal knowledge is necessary in order to understand and apply the law.
Bank secrecy act: The Bank Secrecy Act is a federal law that requires financial institutions to report certain transactions to the government.
Federal governments: Federal governments are the governments of the United States and its territories.
Financial aid: Financial aid is money that is available to help you pay for your education.
Degree program: A degree program is a course of study that leads a degree.
Government agencies: Government agencies are organizations that are created by the to carry out specific functions.
Graduate courses: Graduate courses are those that you take after you have completed your undergraduate degree.
Compliance experts: Compliance experts are individuals who have a deep understanding of compliance issues and can help organizations meet their obligations.
Pre recorded lectures: Pre recorded lectures are lectures that have been recorded and can be accessed at any time.
Official transcripts: Official transcripts are the official copies of your academic records.
MLS program: The MLS program is a master's degree program that combines law and another field.
Application process: The application process for a compliance certification board may include an exam and/or an application fee.
Required courses: Required courses are those that you must take in order to obtain a degree.
Professional experience: Professional experience is often required in order to be certified by a compliance certification board.
Cumulative GPA: Cumulative GPA is the average of all your grades from college courses on a 4.0 scale.
