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jemimahauthorThe regulatory compliance analyst is a critical role in the financial sector, particularly in the bustling market of New York. These professionals are responsible for ensuring that their organizations comply with various laws, regulations, and industry standards. The role of the regulatory compliance analyst is to identify potential risks and recommend appropriate measures to mitigate them. As a result, these professionals often have access to sensitive information and require a high level of expertise and diligence. In this article, we will explore the salary range for regulatory compliance analysts in New York and discuss some of the factors that contribute to the pay rate.
Salary Range for Regulatory Compliance Analysts in New York
The salary range for regulatory compliance analysts in New York can vary significantly depending on a number of factors. According to the latest data from the Bureau of Labor Statistics (BLS), the average annual salary for this profession in New York is $83,230, or $40.15 per hour. This figure represents the median salary for all positions in the state and does not take into account factors such as experience, education, and industry specificization.
Factors Affecting Salary for Regulatory Compliance Analysts in New York
1. Experience: Experience is a significant factor in determining the salary for a regulatory compliance analyst in New York. Entry-level positions often require at least a bachelor's degree in fields such as business, finance, or law. As experience grows, professionals may advance to more senior roles with higher salaries.
2. Education: The level of education associated with a regulatory compliance analyst position can also impact salary. Many organizations prefer to hire candidates with a master's degree or higher in fields such as finance, accounting, or law. These candidates are often considered more qualified for the role and can command higher salaries.
3. Industry Specificization: The industry in which a regulatory compliance analyst works can also impact salary. For example, the financial sector often offers higher salaries than other industries. Additionally, positions in larger organizations may offer higher salaries than those in smaller companies.
4. Company Size: The size of the organization for which a regulatory compliance analyst works can also impact salary. Candidates working for large, well-known companies may command higher salaries than those in smaller or lesser-known organizations.
5. Location: The location of the job in New York can also influence salary. The average salary in New York City is generally higher than in other parts of the state. However, the actual salary for a regulatory compliance analyst will depend on factors such as the industry, company size, and specific role within the organization.
The salary for a regulatory compliance analyst in New York can vary significantly depending on a number of factors, including experience, education, industry specificization, company size, and location. While the average annual salary for this profession in New York is $83,230, individuals with specific qualifications and experience may command higher salaries. As the demand for regulatory compliance analysts continues to grow, those seeking this role should be prepared to invest in their education and experience to maximize their salary potential.