Regulation and compliance

Regulation and compliance is a specific aspect of finance and has good job opportunities for graduates.

Regulation is a specific aspect of finance that ensures that financial institutions conform to legal requirements and operate fairly. Regulators also provide information to consumers to protect them from improper practices. In Ireland, regulation is the responsibility of the Irish Financial Services Regulatory Authority (known as the Financial Regulator), a division of the Central Bank and Financial Services Authority of Ireland (CBFSAI). The UK is regulated by the Financial Services Authority (FSA),with main offices in London.

Financial firms employ compliance officers to ensure that the regulators’ requirements are followed. These may not necessarily be known by this job title and it may be part of an accountancy role.

What does the job involve?

You will regulate/analyse firms and financial markets and implement regulatory policy. Starting out, you may supervise a small bank or be involved with the development of policy. Regulation also requires functions such as accountants, legal representatives and IT, HR and marketing professionals. The FSA has annual recruitment and offers a number of graduate training schemes. To work for the Financial Regulator, you apply to the CBFSAI. Recruitment is ongoing and you may work across their banking, regulating or support functions. Financial firms such as hedge fund managers often have compliance functions within their finance departments.

Qualifications

Both regulatory authorities particularly seek 2.1 graduates from numerate or law disciplines but do accept applications from other disciplines. For compliance functions, check the websites of specific employers. To work in regulation or compliance, good communication and analytical skills are essential. It helps to have a legal mindset.

Salaries

Salaries can range between €32,000–€45,000 in the ROI if you work as a Compliance Officer. In Northern Ireland salaries can range between £12,000–£20,000.