How to Become a Compliance Intern (Embrace the Rulebook!)

If you’ve always had an interest in upholding standards and ensuring business operations are in line with regulations, or wondered about the pathway to becoming a compliance intern, you’ve come to the right place.

In this guide, we’ll delve into the SPECIFIC steps you need to take to kickstart your career as a compliance intern. We’ll discuss:

• The skills you need.
• The education that can prepare you for this role.
• How to secure an internship in the field of compliance.

So, whether you’re a novice to the world of compliance or an individual with a knack for rules and regulations looking to gain experience, keep reading.

We’re about to disclose the roadmap to becoming a compliance intern.

Let’s begin!

Steps to Become a Compliance Intern

 

Step 1: Understand the Compliance Industry

Before beginning your journey to becoming a Compliance Intern, it is crucial to understand what the compliance industry entails.

This industry plays a critical role in ensuring that companies adhere to laws, regulations, and industry standards applicable to their business.

You should familiarize yourself with the basics of corporate governance, risk management, and regulatory compliance.

There is a wide array of resources available online, from articles and blog posts to webinars and e-books, which can provide a broad overview of these topics.

As part of your understanding, it would also be beneficial to follow regulatory bodies such as the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA) to keep up-to-date with the latest changes in policies and regulations.

In addition, try to learn about the different sectors where compliance plays a key role such as banking, healthcare, or manufacturing.

This will help you understand which industries you might be interested in and tailor your learning and applications towards those sectors.

Remember, as a Compliance Intern, you’ll be expected to help a company navigate the complex landscape of laws and regulations, so a solid understanding of the industry is a crucial first step.

 

Step 2: Pursue Relevant Education

In order to secure a position as a compliance intern, you must first pursue relevant education.

Most organizations require candidates to be currently enrolled in a bachelor’s degree program or a recent graduate, with a preference for courses in law, business, finance, or a related field.

This is because these fields impart knowledge on various aspects of regulatory compliance, risk assessment, ethics, and corporate governance.

While pursuing your degree, take courses that focus on business law, ethics, corporate governance, risk management, and other relevant topics.

This will provide you with a foundational understanding of the compliance landscape and its importance in business.

Also, consider taking classes in communication and writing as these skills are often crucial in documentation and communication of compliance policies and procedures.

In addition, look for opportunities to gain some practical experience while studying.

This could be through an internship in a business or legal setting, a part-time job in a related field, or any extracurricular activity that involves understanding and applying rules and regulations.

Such experiences can be invaluable for gaining a practical understanding of compliance in the real world and will make you a more attractive candidate for a compliance internship.

Lastly, stay updated on the latest compliance trends, regulations, and best practices by attending seminars, workshops, and webinars.

This will not only expand your knowledge but also show your dedication and commitment to the field.

 

Step 3: Develop Key Skills

As a compliance intern, there are certain key skills that are paramount to your success in the role.

These skills can be developed over time through formal education, on-the-job experiences, and personal effort.

Firstly, having strong knowledge of regulations is crucial for a compliance intern.

This means you should familiarize yourself with laws and regulations that are applicable to the industry you are working in.

You can do this by taking relevant courses, reading up on the regulations, or receiving training from your employer.

Secondly, attention to detail is a key skill for compliance interns.

This is because the role often involves reviewing company policies and procedures to ensure they are in line with regulatory requirements.

It means carefully checking for any discrepancies or violations that could lead to legal troubles for the company.

Additionally, strong analytical skills are also essential.

As a compliance intern, you may need to assess risk and interpret complex legal documents.

This can be developed through coursework and practical experience.

Finally, good communication skills are essential.

This role often involves liaising with different departments within the company and communicating compliance issues effectively.

You can hone these skills through activities such as presentations, group projects, or workshops.

Remember, these skills are not just important for landing a compliance internship, but also for advancing your career in this field in the future.

So, take the time to develop and improve them.

 

Step 4: Take Compliance Courses or Certifications

As you embark on your journey to become a Compliance Intern, it’s important to gain a solid understanding of the compliance landscape.

This can be achieved by undertaking compliance-related courses or certifications.

Such programs provide comprehensive knowledge about various compliance rules, regulations, and best practices.

Courses such as a Certificate in Compliance or a Professional Certificate in Trade Compliance could provide valuable knowledge about risk management, compliance auditing, anti-money laundering laws, and regulatory compliance.

These courses typically cover a wide range of industries, providing you with a broad understanding that could be beneficial in various compliance roles.

Additionally, certifications such as Certified Regulatory Compliance Manager (CRCM) or Certified Anti-Money Laundering Specialist (CAMS) could give you an edge in the job market.

These types of certifications demonstrate to potential employers that you possess a high level of knowledge and commitment to the field of compliance.

As a Compliance Intern, your goal is to gain practical experience in the field.

Having a theoretical understanding of compliance regulations and procedures will not only assist you in executing your internship duties more effectively but will also provide you with a platform to apply the knowledge you have gained.

Remember, each course or certification you complete enhances your resume and increases your chances of landing a rewarding internship in the field of compliance.

 

Step 5: Get Familiar with Compliance Software and Tools

As a Compliance Intern, it’s essential to get familiar with various compliance software and tools used within the industry.

You will often work with data analysis tools, risk management systems, and regulatory tracking software.

Some popular examples include AMPLYFI, Protecht.ERM, and GAN Integrity.

These tools help to streamline processes, ensure conformity to regulations, and perform detailed assessments of the company’s compliance status.

Acquiring experience in these tools will make you more proficient in your role as a compliance intern.

If you’re currently pursuing a degree, consider taking courses or attending workshops that provide hands-on experience in using these tools.

You can also do your own research online or try to get hands-on experience through internships, part-time jobs, or volunteering.

Understanding how to work with these tools is not just about gaining technical skills.

It’s also about understanding how to apply these tools to real-world scenarios, interpreting the data they provide, and implementing effective strategies based on your findings.

The more familiar you become with these tools, the more valuable you will be as a compliance intern and future compliance professional.

 

Step 6: Participate in Networking and Industry Events

As an aspiring Compliance Intern, it’s essential to take part in networking events and industry-related activities.

These events provide an excellent platform to meet professionals in the field, learn from their experiences, and get insights into the latest developments and trends in the compliance sector.

Additionally, they are a great way to make connections that could potentially lead to internships or job opportunities.

You should aim to attend conferences, seminars, workshops, and webinars related to corporate compliance and ethics.

Organizations such as the Compliance and Ethics Professional Association (CEPA) regularly host such events.

Joining such organizations can also provide valuable resources such as newsletters and member directories that can help you stay informed and connect with other members in your field.

Remember, networking is not just about meeting people; it’s also about making a lasting, positive impression.

So, make sure to prepare an effective elevator pitch, bring business cards, and follow up after the event to sustain the relationships you’ve built.

Simultaneously, participate in discussions, forums, and social media groups related to compliance.

It can help you understand the current challenges, solutions, and innovative ideas in the field.

Utilize these platforms to ask questions, share insights, and build your online presence in the compliance community.

Lastly, try to find a mentor who is an expert in the field.

They can provide personalized guidance, share their experiences, and help navigate your career in compliance.

Remember, networking is a continuous process that can greatly enhance your career prospects as a Compliance Intern.

 

Step 7: Obtain an Internship in a Compliance Department

To gain practical experience and start building your resume, aim to secure an internship in a company’s compliance department.

During this period, you will get hands-on experience of the operations of a compliance department, which will give you an advantage when you are ready to start your professional career in the compliance sector.

Your internship can be within any industry, as many of the core compliance regulations cross over from sector to sector.

However, focusing on the industry you wish to work in the future can be beneficial.

Reach out to companies and apply for their internship programs.

Networking can also play a crucial role in securing an internship.

Attend industry seminars and workshops, join relevant professional associations, and make connections with industry professionals.

In your role as a compliance intern, you’ll learn about the various regulations that companies must follow, how to monitor compliance, and how to handle non-compliance issues when they arise.

You may also learn about risk management strategies and assist in conducting internal audits.

Remember, the goal of your internship is not just to perform tasks but to learn and grow as a professional.

Be proactive in asking questions, seeking feedback, and volunteering for tasks and projects that can increase your understanding and skills in compliance.

 

Step 8: Stay Updated with Latest Regulations and Compliance Trends

As a compliance intern, it is essential to stay updated with the latest regulations and compliance trends in your respective field.

The world of compliance is continuously changing, with new laws, policies, and regulations being introduced regularly.

You need to keep abreast of these changes to ensure that the organization you are interning with is always in compliance.

Subscribe to relevant newsletters, participate in webinars, join compliance-related discussion groups, and regularly check regulatory bodies’ websites.

Reading industry-specific publications and attending conferences can also help you stay informed about the latest compliance trends and best practices.

Furthermore, it would be beneficial to familiarize yourself with the use of GRC (Governance, Risk Management, and Compliance) software tools.

These tools are often used in the industry to manage and monitor compliance with laws and regulations.

Being well-versed with the latest in compliance will not only make you a more effective intern but will also set the stage for a successful career in the field of compliance.

 

Step 9: Develop Communication Skills

Being a Compliance Intern entails a lot of interaction and engagement with various teams within an organization.

As such, it is essential to have excellent communication skills.

This involves being able to speak and write clearly, concisely, and professionally.

Improving your communication skills can be done in many ways.

You can take courses, either online or in a traditional classroom setting, that focus on effective communication.

This could include classes on public speaking, writing, or intercultural communication.

Participating in activities that require you to interact and engage with other people can also be helpful.

This could include joining clubs or organizations, volunteering, or even taking part in debate competitions.

In addition to enhancing your oral communication skills, it’s crucial to develop your written communication skills as well.

This could mean writing clear and concise emails, creating comprehensive reports, and being able to explain complex compliance regulations in a manner that is easy to understand.

Another vital aspect of communication in a compliance role is listening.

You need to be able to understand other people’s points of view and concerns, and respond to them appropriately.

Remember, effective communication is key to successfully carrying out your duties as a Compliance Intern.

It’s not just about getting your message across, but also about understanding and respecting the viewpoints of others.

 

Step 10: Apply for Compliance Internships

When you’re ready to start gaining practical experience in the field, start applying for compliance internships.

These positions can be found in a variety of companies such as financial institutions, corporations, health organizations, and government agencies.

You can look for these positions on job boards, career fairs, and company websites.

Often, these internships will require you to apply online, so ensure that your resume and cover letter are updated and tailored to each individual position.

Internships provide you with an opportunity to understand how compliance works in a practical setting and gain valuable skills that will be beneficial for your future career.

During your internship, you’ll likely work alongside compliance officers and learn about different regulations, how to ensure that the company is adhering to these laws, and what to do in case of a compliance issue.

Remember to be proactive and enthusiastic during your internship, as this could potentially lead to a full-time position in the future.

Don’t be afraid to ask questions, offer ideas and show your willingness to learn.

Furthermore, you can use this opportunity to build a professional network which can provide valuable connections and open up opportunities in the future.

Remember, the aim of the internship is not only to gain work experience but also to understand if this role aligns with your career objectives.

Therefore, use this time to assess your interest in the compliance field.

 

Compliance Intern Roles and Responsibilities

Compliance Interns support the Compliance Team in ensuring that the company’s policies and procedures comply with regulatory and ethical standards.

They also assist in various compliance-related tasks and activities.

They have the following roles and responsibilities:

 

Compliance Support

• Assist in researching, developing, implementing, and reviewing company policies.
• Help in maintaining the compliance calendar and follow-ups on compliance tasks.
• Support in conducting internal audits and risk assessments.

 

Regulatory Research

• Research and stay updated with relevant laws, regulations, and industry standards.
• Help in assessing the impact of any regulatory changes on the company’s operations.

 

Data Management

• Collect and analyze data related to compliance issues.
• Assist in the preparation of compliance reports.

 

Documentation

• Help in documenting compliance activities and maintain records for reference and audit purposes.
• Assist in updating company policies and procedures.

 

Training and Education

• Support in developing and delivering compliance training programs for employees.
• Assist in the organization of compliance education initiatives and events.

 

Issue Resolution

• Assist in the investigation of compliance issues and help in formulating corrective actions.
• Support in addressing any non-compliance issues and ensure remedial measures are implemented.

 

Communication

• Communicate effectively with various departments regarding compliance initiatives and regulations.
• Assist in developing communication materials related to compliance.

 

Continuous Learning

• Stay updated with latest compliance trends, issues and best practices.
• Participate in compliance-related seminars and workshops.

 

What Does a Compliance Intern Do?

A Compliance Intern is generally employed in a corporate environment, working closely with the Compliance Department.

They are typically students or recent graduates who are looking to gain practical experience in the field of compliance.

The role of a Compliance Intern involves assisting the Compliance team with various tasks, such as monitoring and documenting compliance issues, participating in the development of compliance programs, and helping to prepare reports.

They work on researching and analyzing regulatory requirements to ensure that the company is adhering to laws, regulations, and internal policies.

Compliance Interns may also be involved in conducting audits and reviews of business procedures, offering suggestions for improvement, and identifying areas of potential risk.

They are often required to undertake additional tasks such as data entry, process documentation, or assisting with compliance training programs.

Being a Compliance Intern is about gaining experience and knowledge in the compliance field, and as such, they are expected to be proactive in seeking out learning opportunities, asking questions, and understanding the importance of compliance within a business context.

 

Essential Compliance Intern Skills

• Understanding of Regulatory Standards: Compliance interns need a basic understanding of the regulatory standards relevant to the industry. This could involve research, training, and familiarity with legal documents and procedures.
• Communication: Compliance interns are often tasked with interacting with different departments within an organization. Good communication skills are important to effectively relay compliance information and guidelines.
• Research and Analytical Skills: Compliance is all about understanding and enforcing regulations. The ability to research these regulations, analyze their impact, and identify potential risks is crucial.
• Report Writing: Compliance interns often have to document their findings, generate reports, and present them to their team or superiors. Therefore, excellent written communication and report-writing skills are essential.
• Attention to Detail: Regulations and compliance are intricate fields. A keen eye for detail is required to ensure no regulatory requirement is overlooked.
• Microsoft Office: Knowledge of Microsoft Office, particularly Word and Excel, is necessary for drafting reports, creating spreadsheets, and managing data.
• Organizational Skills: Compliance interns often juggle multiple tasks, from conducting research to preparing reports and attending meetings. Excellent organizational and time-management skills are therefore crucial.
• Teamwork: Compliance is a collective effort. Being able to work effectively in a team, share findings, and collaborate on solutions is an important skill.
• Problem-Solving: When potential compliance issues arise, the ability to think critically and solve problems is essential for a compliance intern.
• Ethical Awareness: Compliance is about ensuring an organization adheres to ethical standards and regulations. An understanding of professional ethics and commitment to uphold them is important in this role.

 

Compliance Intern Career Path Progression

The Foundation: Compliance Intern

Your journey typically begins as a Compliance Intern.

During this stage, you will be exposed to a variety of regulatory standards and compliance procedures in your specific industry.

Your responsibilities may include assisting with audits, researching regulatory guidelines, and helping to maintain company records.

Here are some tips for success in this role:

1. Educate Yourself: Learn about the regulations and standards applicable to your industry.
2. Attention to Detail: Compliance work requires meticulousness. Be thorough and accurate in your tasks.
3. Ask Questions: Don’t hesitate to ask for clarification or help to better understand complex compliance processes.

 

The Ascent: Compliance Associate

As you gain experience, you’ll transition into the role of a Compliance Associate.

You’ll take on more responsibility, such as conducting internal audits, reviewing company policies, and training staff on compliance matters.

Here’s how to thrive in this stage:

1. Problem Solving: Hone your problem-solving skills by addressing compliance issues and finding effective solutions.
2. Communication: Develop strong communication skills to effectively deliver training and report compliance matters.
3. Adaptability: Stay adaptable to changing regulations and compliance needs.

 

Reaching New Heights: Compliance Officer

The next step on the ladder is the Compliance Officer position.

At this level, you’re accountable for ensuring the whole organization is compliant with relevant laws and regulations.

You’ll guide compliance strategy, liaise with regulatory bodies, and address any non-compliance issues.

To excel as a Compliance Officer:

1. Leadership: Lead compliance initiatives across the organization and inspire others to prioritize compliance.
2. Strategic Thinking: Develop strategies to handle compliance risks and ensure business operations meet regulatory requirements.
3. Networking: Build relationships with regulatory bodies and stay updated on new compliance standards and regulations.

 

Beyond the Horizon: Senior Compliance Officer or Compliance Manager

At this stage, you’ll be responsible for overseeing the entire compliance program in your organization.

This includes developing and implementing compliance strategies, leading a team of compliance officers, and reporting to senior management.

Here’s what to focus on:

1. Management Skills: Develop your ability to lead a team, manage resources, and prioritize tasks.
2. Decision Making: Cultivate decision-making abilities to handle complex compliance issues and make strategic plans.
3. Expertise: Continue to deepen your understanding of compliance standards, regulations, and practices.

 

Pinnacle of Success: Chief Compliance Officer (CCO)

The top of the compliance career ladder is the role of Chief Compliance Officer (CCO).

In this role, you’ll be a key part of the organization’s leadership, setting the direction for the company’s compliance program, making important decisions, and ensuring the business operates within the law.

 

Compliance Intern Salary

Compliance Intern

• Median Salary: $15 – $25 per hour
• Compliance interns are typically enrolled in or recent graduates from a bachelor’s degree program related to business, law, finance, or a similar field. They assist the compliance team in ensuring the organization adheres to legal standards and in-house policies, often through research, audits, and reporting.

 

Compliance Intern Work Environment

Compliance Interns typically work in a variety of industries including financial services, healthcare, and technology firms, among others.

They are usually based in the corporate office environment, though some may have the opportunity to work remotely depending on the organization’s policy.

Compliance Interns typically work regular business hours, though there may be instances where they need to work overtime to meet deadlines or to assist with special projects.

Their work often involves a significant amount of research, record keeping, and data analysis, and thus requires a good understanding of regulatory standards, attention to detail, and organization skills.

After their internship, Compliance Interns may choose to further their careers in the compliance field, with potential roles including Compliance Officer, Compliance Analyst, or Regulatory Affairs Specialist.

 

FAQs About Becoming a Compliance Intern

What qualifications do I need to become a Compliance Intern?

To become a Compliance Intern, you typically need to be pursuing a degree in Law, Business, Finance, or a related field.

Understanding of regulatory standards and laws, strong analytical skills, and excellent communication skills are also highly valued.

Some employers may require familiarity with specific regulations relevant to their industry.

 

What will I learn as a Compliance Intern?

As a Compliance Intern, you will learn how to identify and mitigate risks within a company, ensuring that business operations are carried out within the regulatory framework.

You will also gain experience in preparing reports, implementing compliance policies, and working with different departments within the company.

This internship will provide you with an opportunity to understand the role of a Compliance Officer in detail.

 

Do I need any specific certifications to become a Compliance Intern?

While specific certifications are not typically required for a Compliance Intern role, having relevant certifications can make you stand out.

Certifications like Certified Compliance & Ethics Professional (CCEP), or certificates in risk management can be beneficial.

 

Is previous work experience required for a Compliance Intern role?

While previous work experience is not typically required for an internship, any experience that demonstrates your understanding of business operations, regulatory compliance, or risk management could be beneficial.

This might include other internships, part-time jobs, or extracurricular activities.

 

What are the career prospects after a Compliance Internship?

A Compliance Internship can open up a range of career opportunities in the field of compliance and risk management.

You might go on to work as a Compliance Officer, Compliance Analyst, or Risk Management Specialist.

This experience could also be beneficial if you’re interested in other roles within the legal or financial sectors.

 

Conclusion

And there you have it.

Venturing into the world of becoming a compliance intern may seem challenging, but it’s without a doubt rewarding.

Equipped with the appropriate skills, knowledge, and persistence, you’re already on the path to making a significant difference in the realm of compliance.

Remember, while the journey may be demanding, the potential for growth is boundless. Your actions could help shape the future of corporate governance, ensuring fairness and transparency in business operations.

So, take that initial leap. Immerse yourself in learning. Connect with industry professionals. And most importantly, never stop seeking knowledge.

Because the business world is anticipating your contribution.

And if you’re in need of personalized guidance on commencing or advancing your career in compliance, be sure to check out our AI Career Path Advisor.

This complimentary tool is designed to provide tailored advice and resources to help you effectively navigate your career trajectory.

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