Top 11 Compliance Analyst Certifications

Certifications for a compliance analyst are important for several reasons. First, they demonstrate to potential employers that the analyst has the necessary knowledge and experience to properly handle compliance issues. Certifications also help employers ensure that they are hiring qualified individuals who understand the complexities of the regulatory environment. Finally, certifications provide a way for analysts to stay up-to-date on new laws and regulations, as well as industry best practices. This demonstrates an ongoing commitment to professional development and can be seen as an advantage when competing for jobs in a competitive job market.

This article reviews the top certifications for Compliance Analysts and explains how they can contribute to a Compliance Analyst's career development.

What are Compliance Analyst Certifications?

Compliance analyst certification is a professional certification that demonstrates an individual's expertise in the field of compliance. Compliance analysts are responsible for ensuring that organizations comply with applicable laws and regulations, as well as internal policies and procedures. This can include reviewing processes, procedures, documents, and other information to ensure compliance.

The certification is offered by various professional organizations and universities. It may cover topics such as risk management, business ethics, legal requirements related to compliance, regulatory compliance standards and frameworks, data security protocols, fraud detection techniques, and more. By obtaining this certification, individuals demonstrate their knowledge of the field and their commitment to staying up-to-date on best practices in the industry.

Having a compliance analyst certification can help individuals stand out in a competitive job market when applying for positions within the field of compliance. It also shows potential employers that an individual has the necessary skills to effectively manage the organization’s compliance obligations. Additionally, it can be beneficial for those already working in compliance roles as it helps them stay up-to-date on new regulations and trends in the industry so they can better serve their employer’s needs.

Pro Tip: If you're looking to become a certified compliance analyst, consider taking an online certification course. These courses provide a comprehensive overview of the fundamentals of compliance and will help you develop the necessary skills to be successful in this field. Additionally, many employers require their compliance analysts to have achieved a certain level of certification, so having one can help make you more attractive to potential employers.

Related: What does a Compliance Analyst do?

Top 11 Compliance Analyst Certifications

Here’s our list of the best certifications available to Compliance Analysts today.

1. Certified Compliance and Ethics Professional (CCEP)

Certified Compliance and Ethics Professional (CCEP) is a certification that recognizes individuals who have demonstrated expertise in the field of compliance and ethics. This certification is offered by the Society of Corporate Compliance and Ethics (SCCE). It is designed to demonstrate an individual’s commitment to ethical practices and compliance with laws, regulations, and standards.

To become a CCEP, applicants must meet certain eligibility requirements. These include having at least five years of experience in the field of compliance or ethics, having completed at least 40 hours of continuing education related to compliance or ethics within the past three years, and passing an exam administered by SCCE. The exam consists of 150 multiple-choice questions covering topics such as corporate governance, risk management, legal compliance, internal controls, and ethics.

The cost for taking the CCEP exam varies depending on whether you are a member or non-member of SCCE. For members, it costs $595 USD; for non-members it costs $795 USD. The cost also includes access to study materials such as practice tests and webinars.

Once you have passed the exam and met all other requirements, you will receive your CCEP certification from SCCE. This certification is valid for three years after which you must renew it by completing 40 additional hours of continuing education related to compliance or ethics within the last three years before your renewal date.

2. Certified Regulatory Compliance Manager (CRCM)

Certified Regulatory Compliance Manager (CRCM) is a professional certification awarded by the Institute of Certified Bankers (ICB). The CRCM certification is designed to recognize individuals who demonstrate a comprehensive understanding of banking regulations and compliance management principles.

The CRCM certification process typically takes several months and consists of three components: an online application, an exam, and a background check. The online application requires applicants to provide information about their work experience, education, and professional references. Once the application is approved, applicants can register for the exam which covers topics such as consumer protection laws, anti-money laundering regulations, risk management principles, and more. After passing the exam with a score of 70% or higher, applicants must complete a background check before they are officially certified as a CRCM.

The cost to become a CRCM varies depending on whether you are an ICB member or not. For non-members, the cost is $695 plus any applicable taxes. For members, the cost is $495 plus any applicable taxes.

3. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is an internationally recognized certification for information systems audit, control, and security professionals. It is administered by the Information Systems Audit and Control Association (ISACA). The CISA certification validates a professional’s knowledge and experience in managing, controlling, auditing, monitoring, and assessing an organization’s information technology (IT) and business systems.

It typically takes around six months to prepare for the CISA exam. Candidates must have at least five years of cumulative work experience in one or more of the domains covered by the CISA job practice areas. In addition to work experience requirements, candidates must also complete a minimum of 120 hours of IS audit-related education within the past three years prior to taking the exam.

To get certified as a CISA, you must first register with ISACA and pay the required fees. After registering, you will be able to access study materials online or purchase them through ISACA’s website. Once you have studied for the exam and are ready to take it, you will need to schedule an appointment with a testing center near you. The exam consists of 200 multiple-choice questions that must be completed within four hours.

The cost of taking the CISA exam varies depending on your location but typically ranges from $400-$600 USD plus any applicable taxes or fees.

4. Certified in Risk and Information Systems Control (CRISC)

Certified in Risk and Information Systems Control (CRISC) is a certification offered by ISACA, a global nonprofit association of IT professionals. It is designed to help IT professionals assess, design, implement and monitor information systems controls to manage risk. The CRISC certification demonstrates an individual’s knowledge and skills in the areas of risk identification, assessment, evaluation, response and monitoring.

It typically takes about six months to prepare for the CRISC exam. To get certified, individuals must pass a four-hour exam that covers four domains: Risk Identification; Risk Assessment; Risk Response and Mitigation; and Risk Monitoring and Reporting. The exam consists of 150 multiple-choice questions that cover topics such as enterprise risk management concepts, IT risk assessment techniques, control frameworks and governance principles.

The cost for the CRISC certification is $575 for ISACA members or $815 for non-members. There are also additional fees associated with taking the exam such as registration fees ($50) and proctoring fees ($100).

5. Certified Financial Services Auditor (CFSA)

Certified Financial Services Auditor (CFSA) is a professional certification for auditors who specialize in financial services. The CFSA designation is issued by the Institute of Internal Auditors (IIA) and is recognized as the global standard for auditors who provide assurance services to organizations in the financial services industry.

The CFSA exam consists of two parts: Part 1 covers general topics related to financial services, such as risk management, internal control, and governance; Part 2 focuses on specific areas of financial services, such as banking, insurance, investments, and capital markets.

The exam takes approximately four hours and must be completed within six months of registration. Candidates must have at least five years of experience working in the financial services industry to qualify for the exam.

The cost to take the CFSA exam is $595 for members of IIA and $745 for non-members.

6. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is the most recognized and sought-after credential for internal auditors. The CIA designation demonstrates expertise and knowledge in the field of internal auditing, and it is considered a mark of excellence in the profession.

The CIA exam consists of three parts: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. Each part has its own set of topics that must be studied and mastered before taking the exam.

It typically takes between one to two years to complete all three parts of the exam. The time frame can vary depending on an individual’s study habits, experience, and other factors.

To get certified as a CIA, you must first meet certain eligibility requirements, such as having at least two years of professional internal audit experience or a college degree with at least 24 semester hours in accounting or related subjects. You will also need to pass all three parts of the exam within five years from when you first register for the exam.

The cost to take each part of the exam varies depending on your country/region but generally ranges from $200-$400 per part. Additionally, there are fees associated with registering for the exams, so it’s important to factor those into your budget when planning to take them.

7. Certified Government Auditing Professional (CGAP)

Certified Government Auditing Professional (CGAP) is a professional certification offered by the Institute of Internal Auditors (IIA). The CGAP certification recognizes individuals who have demonstrated knowledge and experience in government auditing. It is designed to provide assurance that those with this certification have the necessary skills and abilities to perform internal and external audits in the public sector.

To become a Certified Government Auditing Professional, you must pass an exam administered by the IIA. This exam consists of 200 multiple-choice questions covering topics such as government auditing standards, risk assessment, fraud detection, and financial statement analysis. The exam takes approximately four hours to complete.

In order to apply for the CGAP exam, you must be an IIA member or be sponsored by an IIA chapter or affiliate organization. You must also have at least two years of experience in government auditing or related fields. Once you are approved for the exam, you will need to pay a fee of $250 USD. After passing the exam, you will receive your CGAP certification which is valid for three years from the date of issue.

The cost of maintaining your CGAP certification includes annual dues of $100 USD and completion of 80 hours of continuing professional education every three years.

8. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, an international organization that sets standards for the finance and investment industry. It is a globally recognized credential that is highly sought after by employers in the financial services sector.

The CFA program consists of three levels of exams, each with its own curriculum and exam requirements. The program takes approximately two to four years to complete, depending on your study habits and availability. The exams are offered twice a year in June and December. To become a CFA charterholder, you must pass all three levels of the exam within four years and have at least four years of qualified work experience in investment decision making or related fields.

To get started, you must first become a CFA Program Candidate by registering with the CFA Institute and paying the registration fee. This fee varies based on when you register for the exam but typically ranges from $450-$950 USD per level. After registering as a candidate, you can begin studying for the exam using self-study materials such as textbooks, online courses, practice questions, or live review courses offered through third-party providers.

Once you’ve passed all three levels of the exam within four years and have gained sufficient work experience in investment decision making or related fields, you will be eligible to receive your CFA charter from the CFA Institute. Once awarded this charter, you will be able to use “CFA” after your name to signify your status as a Chartered Financial Analyst.

9. Global Association of Risk Professionals (GARP) FRM Certification

The Global Association of Risk Professionals (GARP) FRM Certification is a globally recognized credential for professionals who specialize in risk management. It is designed to assess an individual’s knowledge and skills in the field of financial risk management. The certification is awarded by GARP, a non-profit organization that provides education and training for risk professionals.

The FRM Certification consists of two levels: Level I and Level II. To obtain the certification, individuals must pass both levels within four years. Candidates must also meet the minimum work experience requirement to be eligible for the exam.

To get started on your FRM Certification journey, you will need to register with GARP, which requires a one-time registration fee of $450 USD. Once registered, you can purchase study material from GARP or other sources such as books or online courses. You will then need to take the exams at a Pearson VUE testing center located near you. The cost of each exam varies depending on when it is taken but generally ranges from $400-$500 USD per exam level.

Once all requirements are met, you will receive your FRM Certificate and designation as a Certified Financial Risk Manager (CFRM). The certificate is valid for life and does not require any additional fees or renewals to maintain its validity.

10. International Compliance Association Certificate in Compliance

The International Compliance Association (ICA) Certificate in Compliance is an internationally recognized qualification that provides an introduction to the essential principles of compliance. It is designed for those who are new to the profession or who are looking to develop their knowledge and understanding of the subject. The certificate provides a comprehensive overview of the key elements of compliance, including anti-money laundering, bribery and corruption, financial crime prevention, data protection and ethics.

The ICA Certificate in Compliance takes approximately 40 hours to complete, depending on your prior knowledge and experience. It consists of four modules: Introduction to Compliance; Anti-Money Laundering; Bribery & Corruption; and Financial Crime Prevention. Each module includes a number of topics which you will need to study in order to pass the exam at the end of each module.

To get your ICA Certificate in Compliance, you will first need to register with ICA as a student member. You can then purchase access to the online learning materials for each module from ICA’s website. Once you have completed all four modules and passed all four exams, you will be awarded your certificate by ICA.

The cost of registering with ICA as a student member is £50 (GBP), plus VAT if applicable, and the cost of purchasing access to each module is £150 (GBP), plus VAT if applicable.

11. Chartered Institute for Securities & Investment Diploma in Investment Compliance

The Chartered Institute for Securities & Investment (CISI) Diploma in Investment Compliance is a professional qualification designed to equip individuals with the knowledge and skills required to work as an investment compliance specialist. It is aimed at those already working in the financial services sector, or those looking to make a career change into this area.

The diploma consists of four modules:

• Introduction to Investment Compliance
• Regulatory Framework
• Compliance Monitoring and Reporting
• Client Money and Asset Protection.

Each module requires approximately 40 hours of study time, so it typically takes around 160 hours to complete the diploma. The diploma can be studied online or through attending one of CISI’s accredited training providers. The cost of the diploma will vary depending on which route you take; studying online costs £1,200 whilst attending a training provider can cost up to £2,000.

Do You Really Need a Compliance Analyst Certificate?

The short answer is that it depends on your goals and the industry you are in. A Compliance Analyst Certificate can be a great way to demonstrate your knowledge and commitment to compliance-related issues, but it is not always necessary.

If you are looking to advance in the field of compliance analysis, a certificate can be beneficial in helping you stand out from other candidates who may have similar qualifications. It also shows potential employers that you have taken the initiative to become formally educated in this area of expertise. Additionally, having a Compliance Analyst Certificate allows you to stay up-to-date with changing regulations and best practices, which can give you an advantage over those without certification.

However, if you are already working as a compliance analyst or if your career goals do not include this field, then obtaining a certificate may not be necessary. You may already possess enough knowledge through experience or self-study to fulfill the requirements for the job and make yourself an attractive candidate for employers. In addition, some industries may not require formal certification for compliance analysts, so it is important to research this before deciding whether or not to pursue one.

Overall, there is no single right answer when it comes to whether or not you should obtain a Compliance Analyst Certificate; instead, it will depend on your individual goals and needs. If certification would help advance your career in this field then it could certainly be worth considering; however, if you are already established in compliance analysis without one then there may be no need for pursuing further certification at this time.

Related: Compliance Analyst Resume Examples

FAQs About Compliance Analyst Certifications

1. What is a Compliance Analyst Certification?

Answer: A Compliance Analyst Certification is a professional certification that demonstrates an individual’s knowledge and skills in the areas of compliance and risk management. It is designed to help organizations improve their compliance programs by providing individuals with the necessary skills and knowledge to identify, assess, monitor, and mitigate risk associated with their organization’s operations.

2. Who should pursue a Compliance Analyst Certification?

Answer: Compliance Analysts Certifications are suitable for professionals in a variety of roles including auditors, legal advisors, risk managers, compliance officers, or other staff members responsible for managing compliance within an organization.

3. What are the benefits of obtaining a Compliance Analyst Certification?

Answer: Obtaining a Compliance Analyst Certification can provide individuals with the ability to better identify risks associated with their organization’s operations; greater understanding of industry regulations; improved communication with stakeholders; increased credibility when working with regulatory bodies; and enhanced job security.

4. How long does it take to obtain a Compliance Analyst Certification?

Answer: The length of time it takes to obtain a Compliance Analyst Certification will depend on the specific certification program chosen as well as any prerequisites that may be required prior to enrollment. Generally speaking, most programs require between 12-18 months of study time in order to complete all coursework and exams needed for certification.

5. Are there any prerequisites for obtaining a Compliance Analyst Certification?

Answer: Most certification programs will require applicants to have at least two years of experience working in either audit or compliance related roles prior to applying for the certification program. Additionally, some programs may also require applicants to demonstrate proficiency in certain computer systems or software applications used in these roles or pass prerequisite exams before enrolling in the certification program itself.