Top 11 Compliance Specialist Certifications

Certifications are an important part of the job market for compliance specialists, as they demonstrate a level of expertise and knowledge in the field. A certification can give employers confidence that a potential employee is familiar with current laws, regulations, and standards related to compliance. Additionally, certifications can provide a competitive edge when applying for jobs or promotions. Finally, certifications can help demonstrate commitment to the field and keep professionals up-to-date on new developments in their area of expertise.

This article reviews the top certifications for Compliance Specialists and explains how they can help to advance a compliance specialist's career.

What are Compliance Specialist Certifications?

Compliance specialist certification is a professional credential awarded to individuals who demonstrate knowledge and comprehension of the regulations, laws and standards that govern their industry. This certification can help organizations ensure that their employees comply with applicable laws and regulations, as well as provide them with the tools required to identify potential areas of non-compliance. It can also help employers attract qualified candidates who possess a strong understanding of compliance procedures, which in turn reduces the risk of costly fines or sanctions resulting from violations. Additionally, having compliance specialists on staff can provide companies with peace of mind that their operations are running smoothly and efficiently. Ultimately, this certification helps organizations maintain a high level of ethical standards while also protecting themselves from potential legal repercussions.

Pro tip: When researching compliance specialist certifications, make sure to look for programs that are accredited by an industry-recognized organization. This will ensure that the certification is up-to-date and valid in your particular field. Additionally, consider finding out which specific skills you need to be certified and what the requirements are before enrolling in a program.

Related: What does a Compliance Specialist do?

Top 11 Compliance Specialist Certifications

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

1. Certified Regulatory Compliance Manager (CRCM)

Certified Regulatory Compliance Manager (CRCM) is a professional certification offered by the Institute of Certified Bankers (ICB), a subsidiary of the American Bankers Association. The CRCM credential is designed to recognize professionals who have demonstrated expertise in regulatory compliance management and provides assurance to employers and clients that certified individuals possess the knowledge, skills, and abilities necessary to effectively manage regulatory compliance programs.

The CRCM exam requires applicants to demonstrate their knowledge of banking regulations, consumer protection laws, risk management practices, and other related topics. It typically takes around three months to prepare for the exam, depending on an individual's experience level.

To become a CRCM, you must meet certain eligibility requirements set forth by ICB. These include having at least three years of experience in a regulatory compliance role or completing a college-level course in banking or finance law within the past five years. You must also submit an application form and fee ($395). Once accepted into the program, you will be required to take and pass the CRCM exam before being awarded your certification.

The cost for taking the CRCM exam is $395 plus any additional fees associated with studying materials and/or review courses.

2. Certified Anti-Money Laundering Specialist (CAMS)

Certified Anti-Money Laundering Specialist (CAMS) is a certification program offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). The CAMS certification is the most widely recognized anti-money laundering certification available and is held by professionals in more than 180 countries.

The CAMS certification is designed to provide individuals with the skills and knowledge necessary to understand and detect money laundering activities, as well as develop effective strategies for managing risk. It covers topics such as financial crimes, money laundering typologies, customer due diligence, suspicious activity monitoring, and regulatory compliance.

It takes approximately 6 months to complete the CAMS certification program. To get certified, you must first pass an online exam that consists of 150 multiple choice questions. Once you have passed the exam, you must then attend a two-day classroom training session and complete additional self-study courses.

The cost of obtaining the CAMS certification varies depending on your country or region of residence. Generally speaking, it costs around $2,500 USD for both the exam and training sessions combined.

3. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is an internationally recognized certification for information security professionals. It is offered by the Information Systems Audit and Control Association (ISACA). The CISA certification is designed to demonstrate a professional’s knowledge and experience in auditing, control, and security of information systems.

To become certified as a CISA, you must pass the CISA exam. The exam consists of 200 multiple-choice questions that cover five domains: Auditing Information Systems, Governance and Management of IT, Protection of Information Assets, Business Continuity and Disaster Recovery Planning, and IS Acquisition, Development and Implementation.

The exam takes approximately four hours to complete. To apply for the exam, you must have at least five years of cumulative work experience in one or more of the five domains covered by the exam. Alternatively, you can have four years of cumulative work experience in one or more of the five domains plus an additional year of education related to information systems auditing or control.

The cost for the CISA exam varies depending on your country/region. In general, it costs between $575–$750 USD to take the exam. Additionally, there is a $50 USD application fee when applying for the exam.

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

Certified in Risk and Information Systems Control (CRISC) is an IT certification program offered by ISACA, an independent, nonprofit, global association that helps professionals achieve excellence in their fields. It is designed to help IT professionals understand the risks associated with IT systems and to develop strategies for managing those risks. The CRISC certification is intended for individuals who have a deep understanding of risk management processes and practices related to information systems.

The CRISC exam typically takes around four hours to complete and consists of 150 multiple-choice questions. To be eligible to take the exam, candidates must have at least three years of experience in at least two of the four domains covered by the CRISC exam: IT Risk Identification, Assessment & Evaluation; Risk Response & Mitigation; Risk & Control Monitoring & Reporting; and IT Governance, Compliance & Security.

To get certified as a CRISC professional, you need to register with ISACA and pay the registration fee (which varies depending on your country). Once you’ve registered, you can schedule your exam through Pearson VUE or Prometric testing centers. After passing the exam, you will need to submit proof of your work experience in order to receive your official CRISC certification.

The cost for taking the CRISC exam varies depending on where you are taking it from but generally costs around $600 USD.

5. Certified Financial Services Auditor (CFSA)

A Certified Financial Services Auditor (CFSA) is a professional designation awarded by the Institute of Internal Auditors (IIA). The CFSA credential is designed to recognize auditors who have demonstrated a high level of proficiency in the field of financial services auditing. This includes knowledge and experience in areas such as banking, insurance, investments, and securities.

The CFSA certification process consists of three steps: passing an exam, meeting the IIA's experience requirements, and completing an ethics course. The exam covers topics such as risk management, internal controls, audit planning and execution, and financial reporting. To qualify for the exam, applicants must have at least two years of professional experience in financial services auditing or related fields.

The cost to take the CFSA exam varies depending on whether you are a member of the IIA or not. For non-members, it costs $395 USD to take the exam; for members it costs $295 USD. The cost for the ethics course is $150 USD regardless of membership status.

It typically takes about 6 months to complete all three steps necessary for obtaining the CFSA credential. Once you have completed all three steps successfully, your certification will be valid for 3 years before needing renewal.

6. Certified Fraud Examiner (CFE)

Certified Fraud Examiner (CFE) is a professional certification offered by the Association of Certified Fraud Examiners (ACFE). It is designed to recognize individuals who have demonstrated expertise in the detection and deterrence of fraud. The CFE credential is recognized worldwide as the standard for anti-fraud professionals.

To become a CFE, you must meet certain qualifications and pass an exam. To be eligible to take the exam, you must have at least two years of experience in fraud examination or a related field, such as accounting, auditing or law enforcement. You must also complete 20 hours of continuing education in fraud-related topics within the past two years.

The CFE Exam consists of four sections: Financial Transactions and Fraud Schemes, Law, Investigation and Interviewing Techniques, and Business Practices and Fraud Prevention. It takes approximately five hours to complete the exam and requires a passing score of 75%.

The cost for taking the CFE Exam varies depending on your ACFE membership status. For non-members, it costs $400 USD; for members, it costs $300 USD; for students/faculty members/government employees/retirees, it costs $200 USD; and for international candidates outside of North America, it costs $500 USD.

7. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute that measures the competence and integrity of financial analysts. It is recognized as the highest standard of excellence in investment management and financial analysis.

The CFA program is a three-level program that takes approximately two to four years to complete, depending on how quickly you are able to progress through each level. To become a CFA charterholder, you must pass all three levels of examinations, have at least four years of qualified work experience in the investment decision-making process, and agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.

In order to get started with your CFA studies, you will need to register with the CFA Institute and pay an enrollment fee. The cost for enrolling in Level I of the CFA Program is $450 USD for members or $950 USD for non-members. The fees for Levels II and III are $650 USD each for members or $1,380 USD each for non-members. You will also need to purchase study materials such as textbooks, practice exams, and online courses which can range from around $200-$1,000 USD depending on what type of material you choose.

Overall, becoming a Chartered Financial Analyst requires dedication and hard work but can be well worth it if you are looking for a career in finance or investment management.

8. Professional Risk Manager (PRM)

Professional Risk Manager (PRM) is a professional designation offered by the Professional Risk Managers’ International Association (PRMIA). The PRM designation is an internationally recognized certification that demonstrates a comprehensive understanding of risk management and its application in the financial services industry. It is designed to provide practitioners with the knowledge and skills necessary to effectively manage risk in their organizations.

The PRM designation requires applicants to pass three rigorous exams, which cover topics such as financial markets and instruments, quantitative analysis, legal and regulatory issues, risk management principles, credit risk, operational risk, market risk, liquidity risk, enterprise risk management and more. The exams are available both online and in-person at designated test centers around the world.

It typically takes between three months to one year to complete all three exams for the PRM designation. The cost of obtaining the PRM designation varies depending on where you take the exams and whether you opt for self-study or classroom instruction. Generally speaking, it can cost anywhere from $3,000-$10,000 USD to obtain the PRM designation.

9. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by The Institute of Internal Auditors (IIA). It is the only globally accepted designation for internal auditors and is recognized as the standard of excellence in the field. The CIA certification demonstrates a mastery of the principles and practices of internal auditing, as well as an understanding of professional ethics and responsibilities.

The CIA certification process includes passing three exams, which cover topics such as internal audit activities, assurance services, risk assessment, control environment, information systems, and fraud. Each exam consists of multiple-choice questions and takes approximately four hours to complete.

In order to become certified, candidates must meet certain eligibility requirements set by The IIA. These include having at least two years of professional experience in internal auditing or a related field. Candidates must also provide proof that they have completed an approved educational program in internal auditing or equivalent work experience.

The cost to become certified varies depending on your country/region and whether you are a member of The IIA or not. Generally speaking, it will cost between $1,000 - $2,000 USD to obtain the CIA certification if you are not a member of The IIA. This fee covers all three exams as well as any additional materials needed for studying for the exams. If you are a member of The IIA then the cost could be lower than this amount depending on your membership level.

Overall it can take anywhere from 6 months to 2 years to complete all three exams and become certified with the CIA designation depending on how much time you have available to study for each exam.

10. Certified Compliance & Ethics Professional (CCEP)

Certified Compliance & Ethics Professional (CCEP) is a certification program designed to recognize professionals who have achieved excellence in the field of compliance and ethics. It is offered by the Society of Corporate Compliance and Ethics (SCCE). To be eligible for CCEP certification, applicants must have at least three years of experience in a compliance or ethics role, as well as an advanced degree or equivalent professional experience.

The CCEP exam consists of 200 multiple-choice questions that cover topics such as legal compliance, risk management, corporate governance, and organizational culture. The exam takes approximately four hours to complete and can be taken either online or in person at a testing center.

In order to become certified, applicants must pass the CCEP exam with a score of 75% or higher. After passing the exam, applicants will receive their official CCEP certificate from SCCE.

The cost of taking the CCEP exam varies depending on where it is taken and whether it is taken online or in person. Generally speaking, the cost ranges from $395 to $495 USD.

11. Certified Government Auditing Professional (CGAP).

Certified Government Auditing Professional (CGAP) is a professional certification program offered by the Institute of Internal Auditors (IIA). It is designed to recognize and validate the knowledge, skills, and abilities of government auditors. The CGAP certification is intended for auditors who are employed by federal, state, or local governments or agencies.

The CGAP certification requires applicants to pass an exam that covers topics such as government auditing standards, risk assessment, financial statement audit procedures, fraud detection and prevention, and internal control evaluation. Applicants must also have at least two years of experience in government auditing or related fields.

The CGAP exam takes approximately four hours to complete and consists of 150 multiple-choice questions. The exam fee is $395 USD for IIA members and $495 USD for non-members.

To apply for the CGAP certification, applicants must first submit an application form along with supporting documents such as proof of work experience and education. Once the application has been reviewed and approved by the IIA, applicants can register to take the exam online or in person at a testing center. After successfully passing the exam, applicants will receive their CGAP certificate within 4-6 weeks.

Do You Really Need a Compliance Specialist Certificate?

The short answer is yes, you do need a Compliance Specialist Certificate. This certificate is a credential that demonstrates your knowledge and understanding of the laws and regulations that govern businesses in the areas of compliance and risk management. It also shows potential employers that you are serious about your career in compliance, as well as having an understanding of the best practices and procedures for ensuring compliance with applicable laws, regulations, and standards.

Having a Compliance Specialist Certificate can open up new opportunities for you in the field of compliance, both in terms of job openings as well as salary potential. It also provides employers with an assurance that you have the necessary knowledge to successfully handle any compliance-related tasks they assign you. The certificate shows that you understand how to identify potential risks, how to respond appropriately when such risks arise, and how to ensure ongoing compliance with relevant laws and regulations.

In addition to providing proof of your qualifications for a Compliance Specialist position, the certificate also indicates that you have taken the initiative to further your education by investing in yourself. Employers may be more likely to hire someone who has taken the extra step to gain an additional level of expertise in this area through a formal certification program.

In summary, having a Compliance Specialist Certificate is an important step towards building a successful career as a Compliance Professional. It provides employers with confidence that you have the skills needed to perform your duties competently and efficiently, while demonstrating that you take responsibility for your own professional development. Ultimately it can help you stand out from other applicants and increase your chances at landing a job or promotion within this field.

Related: Compliance Specialist Resume Examples

FAQs About Compliance Specialist Certifications

Q1. What is a Compliance Specialist Certification?

A1. A Compliance Specialist Certification is a professional certification that demonstrates a person’s proficiency in the field of compliance and regulatory management. It validates an individual’s knowledge and ability to develop, implement, and maintain effective compliance programs.

Q2. How do I become certified as a Compliance Specialist?

A2. To become certified as a Compliance Specialist, you must complete an accredited certification program that covers topics such as laws and regulations, risk assessment, audit procedures, compliance management systems, and more. Many organizations also require that applicants have some related experience or education in the field of compliance before they can be certified.

Q3. What are the benefits of becoming a Certified Compliance Specialist?

A3. Benefits of becoming a Certified Compliance Specialist include demonstrating your knowledge and expertise in the field of compliance to employers; gaining access to better job opportunities; earning higher salaries; and having access to additional resources for continuing education in the field of compliance.

Q4. How long does it take to get certified?

A4. The amount of time it takes to get certified as a Compliance Specialist varies depending on the type of certification program you choose and how quickly you are able to complete all requirements for the certification program. Generally speaking, most programs can be completed within six months with full-time study or up to one year with part-time study.

Q5. Is there an exam required for Certification?

A5. Yes, most certification programs require applicants to pass an exam in order to earn their certification designation. The exam typically covers topics such as laws and regulations, risk assessment, audit procedures, compliance management systems, and more related to the field of compliance management