The survey, conducted by legal recruiting firm BarkerGilmore between February to March 2021 from a random sample of U.S. compliance professionals, also found that the average annual salary increase for all positions across industries was 3.46 percent. The industries with the highest salary increases were in the energy sector at 5 percent and the healthcare and life sciences industries at 3.9 percent. By contrast, the professional services industry and technology industry both saw lower increases, at 2.6 percent and 2.8 percent, respectively.
Compensation Trends
The survey also revealed that chief compliance officers with a law degree received a compensation that was 26 percent higher than their counterparts who do not hold a J.D. While long-term incentive accounted for the largest difference in compensation between those with a J.D. and those without, the survey found that there was still a difference in both base salary and bonus as well.
Compensation trends were nearly identical to CCOs for compliance officers and compliance counsels who possess a J.D., the survey notes. Compliance officers or counsel with the degree received an average of 28 percent more than those without.
“The data tells a compelling story of the monetary value a law degree provides compliance leaders,” said Bob Barker, a managing partner of BarkerGilmore.
The report also indicates that female compliance leaders earned less than their male counterparts who held similar positions. Total compensation packages for female CCOs who lead compliance departments were 6 percent lower than male CCOs. Lower-level female compliance officers and counsel, however, received compensation packages equaling 6 percent more than males in the same field, according to the survey.
Public vs. Private and Other Findings
Compensation of those at publicly traded companies is vastly higher than compensation at private organizations. The total compensation package for CCOs at public companies is 51 percent greater than those at private companies, the survey said, while the total compensation for lower-level compliance officers at public companies is 55 percent greater than those at private companies.
Location has a large impact on compensation as well, the survey found. Total compensation for chief compliance officers in major metropolitan areas is 20 percent greater than that of their counterparts in smaller metropolitan areas. The difference in compensation for compliance officers and counsel in major metropolitan areas was about 2 percent higher than in smaller cities. 
Danny Flynn is assistant editor at Compliance Chief 360°.