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Career Change advice - working in compliance

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  • 05-04-2021 11:03am
    #1
    voldejoie
    Registered Users Posts: 225 ✭✭


    Hi all,

    I have increasingly been leaning towards getting the ACOI Professional Diploma in Compliance and seeking a compliance officer role.

    I would be really interested in insights and advice from anyone who works in this area, both in terms of how you enjoy it and what the challenges are? I really need for my physical and mental health to focus more on work/life balance, so it would be great to get an insight into this aspect of it too (noting that of course a lot depends on the particular company you work for). If you made the change from a different background, how did you find it?

    Is the ACOI professional diploma enough to get my foot in the door, or would I need to look into completing one of the level 8 certificates? I would intend to do this at some stage anyway as I love to learn, but would be good to get an understanding of whether I should bite the bullet and do this now or if I would have a decent chance of securing a role with the professional diploma?

    Thanks so much in advance! :cool:


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    #2
    Patsy167
    Registered Users Posts: 1,797 ✭✭✭Patsy167


    No direct experience in Compliance but it's becoming an increasingly important area, with lots of focus by Regulators. There should be plenty opportunities in several industries for the foreseeable. Solid choice if its an area you are genuinely interested in. Skill set transfers well to Audit, Regulatory relations, Legal.


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    #3
    voldejoie
    Registered Users Posts: 225 ✭✭voldejoie


    Patsy167 wrote: »
    No direct experience in Compliance but it's becoming an increasingly important area, with lots of focus by Regulators. There should be plenty opportunities in several industries for the foreseeable. Solid choice if its an area you are genuinely interested in. Skill set transfers well to Audit, Regulatory relations, Legal.

    Thanks so much!

    It seems like a solid area to get into, with a lot of growth potential (regulation is only going in one direction!)

    My background is in legal so it feels like quite a natural pivot, I'm sick of working all hours and being a giant ball of stress all the time too.


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    #4
    krissovo
    Registered Users Posts: 2,645 ✭✭✭krissovo


    My brother in law moved into compliance 3 years ago more by chance than design and he loves it. He has an IT background and was involved in a compliance project that gave him the appetite to move permanently. He moved without formal qualifications based on his knowledge of a specific IT regulation but has since gained formal qualifications.

    He specialises in IT but is now starting to get other industry clients in science and food production as he builds his regulatory knowledge in different areas.


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    #5
    twiddleypop
    Registered Users Posts: 198 ✭✭twiddleypop


    I'm just about to do the last one (PDC4)

    It's highly regarded but broad. The chapter on MIFID is very short and that piece of legislation is 7000 pages. It covers credit unions, insurance, payment services, funds as well as banking.

    It will get you a foot in the door but be aware that the some junior roles are very administrative. Its definitely an expanding area and the legal experience will help. Seems to be a lot of payment service roles cropping up. Funds/MIFID is also fairly busy. You will have a lot more to learn depending on the industry you end up in. Let me know if you have any other questions.

    The admin side is killing me but hard to escape in any job. It is a lot of documenting and box ticking. The reporting, policy writing and learning about upcoming changes is interesting.


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