Master’s in Compliance: Is It Worth It? Exploring Career Paths, Salaries, and Top Programs

A Master’s Degree in Compliance is a graduate degree in regulatory and risk management. The degree provides students with an in-depth knowledge of regulatory law without requiring a law degree. A graduate degree in this area is ideal for individuals who already work in a similar field, such as code enforcement or human resources, who want to expand their employability but don’t plan to attend law school.

This degree focuses on industry-specific regulation. Students in financial compliance might study money laundering, investment laws, and SEC compliance. Students interested in healthcare concentrate on HIPAA, Medicare/Medicaid laws, and fraud and abuse in medical care.

It is not a law degree, although it gives students an understanding of the laws and ethical requirements in compliance and regulation. Depending on the school, the degree offered may be:

The Master of Laws (LLM) is not a master’s degree. An LLM is a specialized legal degree for those who already have a Juris Doctor (JD). LLM courses are reserved for attorneys who wish to specialize in a niche area of law, and for overseas attorneys who need to take the bar exam in the United States. If you want to get your Master’s in Compliance, check with the admissions office and be sure you’re applying for the right program.

Master’s in Compliance degrees are useful if you already work in a compliance field and want to expand your employment options. Getting your master’s can increase your advancement opportunities and give you more lateral movement within your current industry. For instance, if you already work in healthcare management, a compliance degree gives you additional options in safety, regulation, and insurance compliance.

Within all businesses, the regulatory and legal framework needs individuals who understand compliance, even if they don’t directly work in the compliance department. Knowledge of how finance or IT must comply with regulations helps all department heads streamline their procedures within guidelines.

Anyone who works in a regulation-heavy field and wants to improve their career options and management skills can benefit from a Master’s in Compliance and Risk Management. If you are just starting your legal or business career, having specialized knowledge in compliance will give you an edge over others in the field.

If you plan to get a master’s, you’ll need your bachelor’s first. There are no specific requirements, but you’ll need a four-year degree from an accredited college or university. Although the Master’s in Compliance is not a legal degree, it is law-heavy, so you should be comfortable with legal terminology and thinking. A bachelor’s in a related field is a good plan for those intending to pursue a career after obtaining their Master’s degree.

As compliance and risk management become increasingly valuable to businesses and corporations, they now require trained personnel to fill compliance positions. Many industries need officers in multiple positions throughout a company to keep up with changing regulations at various levels of the business.

Some of the common industries seeking advanced personnel are:

 Salaries and Job Outlooks

The highest-paid roles for compliance officers remain in the government. City, state, and federal compliance officers account for the majority of compliance officers, with a median income of $80,000. According to the U.S. Bureau of Labor Statistics(BLS), the job outlook remains steady with about 5% of growth annually, commensurate with other jobs.

At the same time, the need for compliance-trained individuals in a range of other fields is growing. Graduates should consider how this training can benefit other positions and use their degree to leverage similar career moves during job searches and promotion requests.

Many law schools and universities offer master’s degrees in compliance. This degree is not a law degree. Students do not need to take the LSAT or another admissions test; however, the admissions process for some schools can be competitive.

At all schools, students must have a bachelor’s degree from an accredited college or university. Depending on the program, students will take classes like:

Students will also be required to create and submit a capstone or master’s thesis. Most schools require the thesis to be publishable, demonstrating thorough knowledge of the chosen topic.

General admissions requirements include:

Students should contact each school’s admissions office or check the requirements before sending in an application. Every school has slightly different requirements, so be sure you send in the correct set of documents for each school.

With so many possible programs and degree choices, which one is right for you? Take time to review each college and law school’s offerings before making your decision. Not every school has the same program, and some classes are not always available. This can affect your degree completion time. Some things to consider when you review the courses and curricula include:

Should you get your Master’s degree in Compliance? Your final decision depends on what your career goals and personal needs are. The end results should be more valuable to you than not having your degree. Not all career tracks require an advanced degree.

Pros:

Cons:

A Master’s in Compliance can be a great benefit for the right person. If you enjoy working in a quasi-legal field and want to expand your career horizons and employment opportunities, a master’s degree can be a boost to your job.

Your first step should be investigating the universities and law schools that offer a Master’s degree in Compliance and contacting their admissions offices for more information about the application process, so you can begin applying for admission and financial aid.