Compliance vs External Audit

[pico112]

Hi,i would like to know which field has more opportunity for growth in terms of pay and long term career prospects? For example compliance in a bank vs external audit (mid tier/ big 4 firm).

Also, is it possible to go from compliance to external audit?

thanks.

Also depends on which part of compliance doesn't it? There are many functions within compliance itself.

Originally Posted by pico112

Hi,i would like to know which field has more opportunity for growth in terms of pay and long term career prospects? For example compliance in a bank vs external audit (mid tier/ big 4 firm).

Also, is it possible to go from compliance to external audit?

thanks.

Generally speaking:

Fresh Grad
Bank Compliance 2-4k, average hours (6-7pm)
Audit ~3k, **** hours (11pm-2am kinda ****)

Short term (~5 years)
Compliance 6-12k (depending on what area of compliance/bank/market), average hours, limited exit options (usually between banks or MNC)
Audit ~5-7k (depending if you missed any promo), still **** hours, better exit opportunities into bank compliance or many other areas (finance, fp&a...non-banking)

Mid term (~8-10 years)
Compliance 8-15k (less stability here) average hours, even more limited exit options
Audit ~10-15k (assuming not yet partner) average hours, also many exit options (however not having commercial experience can be a bane here)

Long term (15-20 years)
Compliance 0-20+k (some out of job, some senior managers)
Audit 15-30k (senior director/partnership)

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Originally Posted by Unregistered

Generally speaking:

Fresh Grad
Bank Compliance 2-4k, average hours (6-7pm)
Audit ~3k, **** hours (11pm-2am kinda ****)

Short term (~5 years)
Compliance 6-12k (depending on what area of compliance/bank/market), average hours, limited exit options (usually between banks or MNC)
Audit ~5-7k (depending if you missed any promo), still **** hours, better exit opportunities into bank compliance or many other areas (finance, fp&a...non-banking)

Mid term (~8-10 years)
Compliance 8-15k (less stability here) average hours, even more limited exit options
Audit ~10-15k (assuming not yet partner) average hours, also many exit options (however not having commercial experience can be a bane here)

Long term (15-20 years)
Compliance 0-20+k (some out of job, some senior managers)
Audit 15-30k (senior director/partnership)

Wow compliance can even hit 12k in 5 years?

Originally Posted by Unregistered

Generally speaking:

Fresh Grad
Bank Compliance 2-4k, average hours (6-7pm)
Audit ~3k, **** hours (11pm-2am kinda ****)

Short term (~5 years)
Compliance 6-12k (depending on what area of compliance/bank/market), average hours, limited exit options (usually between banks or MNC)
Audit ~5-7k (depending if you missed any promo), still **** hours, better exit opportunities into bank compliance or many other areas (finance, fp&a...non-banking)

Mid term (~8-10 years)
Compliance 8-15k (less stability here) average hours, even more limited exit options
Audit ~10-15k (assuming not yet partner) average hours, also many exit options (however not having commercial experience can be a bane here)

Long term (15-20 years)
Compliance 0-20+k (some out of job, some senior managers)
Audit 15-30k (senior director/partnership)

Can anyone confirm whether this is accurate?

Originally Posted by Unregistered

Can anyone confirm whether this is accurate?

From a guy (5+years experience) who started in CDD ops (contract) and eventually moved into regulatory compliance... and a gf in big 4 audit... It is quite accurate for the earlier years. We both making 6-7k, our friends in the 8-10k range are in very niche compliance area like financial markets, trade finance, tax projects...

Originally Posted by Unregistered

From a guy (5+years experience) who started in CDD ops (contract) and eventually moved into regulatory compliance... and a gf in big 4 audit... It is quite accurate for the earlier years. We both making 6-7k, our friends in the 8-10k range are in very niche compliance area like financial markets, trade finance, tax projects...

Are you working in a bank for compliance? How did you go from CDD ops to regulatory compliance?

Originally Posted by Unregistered

Are you working in a bank for compliance? How did you go from CDD ops to regulatory compliance?

Yes. I was converted to perm and managed to transfer internally when there is opening, thanks to manager recommendation.

Originally Posted by Unregistered

From a guy (5+years experience) who started in CDD ops (contract) and eventually moved into regulatory compliance... and a gf in big 4 audit... It is quite accurate for the earlier years. We both making 6-7k, our friends in the 8-10k range are in very niche compliance area like financial markets, trade finance, tax projects...

How are both of your bonuses like?