Regulatory Compliance Analyst Salary in Canada:An Analysis of the Regulatory Compliance Marketplace
jeffordsauthorThe regulatory compliance industry is a crucial aspect of any organization, as it ensures that businesses adhere to various laws, regulations, and standards. In Canada, the regulatory compliance analyst plays a vital role in ensuring the proper execution of these regulations. This article aims to provide an analysis of the regulatory compliance market in Canada, focusing on the salary of regulatory compliance analysts.
Job Description and Role of Regulatory Compliance Analysts in Canada
Regulatory compliance analysts are professional who work in various industries, such as finance, healthcare, and technology, to ensure that their employers comply with the laws and regulations that govern their operations. They typically have a background in finance, accounting, or business administration and are responsible for identifying potential compliance issues, developing and implementing solutions to address these issues, and ensuring that their organizations remain compliant with regulatory requirements.
Salary and Compensation for Regulatory Compliance Analysts in Canada
The salary of a regulatory compliance analyst in Canada can vary significantly depending on a number of factors, such as experience, education, industry, and geographic location. According to data from the Canadian government's Employment and Social Development Canada (ESDC), the average annual salary for a regulatory compliance analyst in Canada was CAD $72,600 in 2020. This figure represents the median salary for all job postings related to the role, including those in the public and private sectors.
Salary by Industry
The industry in which a regulatory compliance analyst works can have a significant impact on their salary. According to the ESDC data, the average annual salary for a regulatory compliance analyst in the finance industry was CAD $84,300 in 2020, while the average salary for a regulatory compliance analyst in the healthcare industry was CAD $71,000. In the technology industry, the average salary was CAD $76,500, and in the public sector, the average salary was CAD $64,300.
Salary by Experience
Experience also plays a significant role in determining the salary of a regulatory compliance analyst in Canada. According to the ESDC data, the average annual salary for a regulatory compliance analyst with one to three years of experience was CAD $63,600, while the average salary for an analyst with four to six years of experience was CAD $76,300. The average annual salary for a regulatory compliance analyst with seven to nine years of experience was CAD $85,700, and the average salary for an analyst with ten or more years of experience was CAD $94,600.
Geographic Variations
The average annual salary for a regulatory compliance analyst in Canada varies by geographic location. In 2020, the average salary for a regulatory compliance analyst in the province of Ontario was CAD $72,500, while the average salary for a regulatory compliance analyst in the province of British Columbia was CAD $75,400. In the territories, the average annual salary was CAD $71,500 in Nunavut and CAD $70,600 in the Northwest Territories.
The regulatory compliance analyst salary in Canada is relatively competitive, with average annual salaries ranging from CAD $63,600 to CAD $94,600, depending on experience, industry, and geographic location. As the regulatory compliance industry continues to grow and become more important, the demand for skilled regulatory compliance analysts is expected to increase, which may lead to higher salary opportunities for these professionals. However, the specific salary will depend on a number of factors, including the individual's experience, education, and the specific industry in which they work.