Running the Compliance function at a small foreign bank here, so perhaps I get give a little inside track here.
Compliance is one of the few sub-sectors in banking that has been doing exceptionally well these past few years. This is probably down to global clampdown by regulators post-crisis, amplified by the fact that most banks (especially foreign ones) would prefer to hire people with relevant experience who can hit the ground running.
You don't need a law degree to enter Compliance, although it does come in handy. Many of my fellow practitioners are in fact accounting trained. It would certainly help if you have an ICA diploma or ACAMS though. Every bit of advantage helps.
I would say generally speaking this is how it works:
Background -
MAS/Industry > CAD/
CPIB > ICA/ACAMS
Prospects - Compliance > AML/KYC
While a career in Compliance offers decent pay and relative job stability, fresh entrants should ponder if this is really where their passion lies. For most part, Compliance is not a very sexy or glam job, and chances are you won't be the most popular guy in office. Money can only motivate a person so much. Some food for thought.
Happy to offer my 2 cents if there are any questions.
