Average Compliance Officers Salary in Richmond, VA
Compliance Officers in Richmond, VA earn an average annual salary of $78,510. This figure is notably below the national average of $85,520, suggesting that local market dynamics, such as industry concentration and demand, play a significant role in compensation levels within the region.
Executive Summary
- Average Salary: $78,510 per year.
- Growth Trend: Salaries have shifted 4.9% ↗ over the last 5 years.
- Top Earners: Senior professionals (90th percentile) earn up to $115,110.
- Outlook: With a local workforce of 2,490 Compliance Officers, Richmond demonstrates a solid presence in this field. The Location Quotient of 1.48 indicates a higher concentration of these professionals compared to the national average, suggesting a robust and established market for compliance expertise within the Richmond area.
Salary Overview
The average Compliance Officers in Richmond, VA earns-8.2%below the national average.
$37.8
$1,510
$6,543
Compliance Officers Salary Trends (2020-2024)
While specific historical data is not provided, it is generally observed that salaries for Compliance Officers nationwide have experienced steady growth over the past four years, driven by increasing regulatory complexity and the critical need for skilled professionals. This trend is likely reflected in Richmond, VA, where compensation may have seen incremental increases to keep pace with evolving industry standards and demand.
Compliance Officers Salary Distribution in Richmond, VA
The career trajectory for Compliance Officers typically involves significant salary progression with experience. Entry-level positions might start at a lower percentile, while seasoned professionals with extensive expertise and specialized knowledge can command salaries in the higher percentiles, reflecting their increased value and responsibility within organizations. These percentile gaps are key indicators of career advancement opportunities.
| Experience Level | Market Percentile | Annual Wage | Hourly Rate |
|---|---|---|---|
| Associate / AnalystData entry, reporting, supporting senior staff. | 10% (Entry) | $47,890 | $23 |
| Senior AnalystIndependent analysis, forecasting, client interaction. | 25% (Junior) | $58,883 | $28.3 |
| ManagerOversees team, compliance, and project delivery. | 50% (Median) | $73,850 | $35.5 |
| Director / VPStrategic planning, budget ownership, risk management. | 75% (Senior) | $98,138 | $47.2 |
| Executive / PartnerC-level leadership. High-level strategy & relations. | 90% (Expert) | $115,110 | $55.3 |
Detailed Compliance Officers Market Analysis
Relocation Context
Nominal Salary
$78,510
Gross Pay
Real Wage (Purchasing Power)
$78,510
Adjusted for COL (100)
The average annual salary of $78,510 in Richmond, VA aligns perfectly with the national average cost of living index of 100. This means that the purchasing power of a Compliance Officer's salary in Richmond is equivalent to the national average, offering a stable financial environment for residents.
Job Market Context
2,490
Total Jobs
3.819
Per 1K Jobs
1.48
Location Quotient
With a location quotient of 1.48, Richmond, VA has a slightly higher-than-average concentration of Compliance Officers roles compared to the national norm.
Richmond, VA boasts a Location Quotient of 1.48 for Compliance Officers, significantly exceeding the national average of 1.0. This indicates a strong concentration of these roles within the local job market, suggesting a higher demand relative to the national landscape and potentially more specialized opportunities for professionals in this field.
Nearby Job Markets
Nearby Cities for Compliance Officers
| City | Salary | Dist. |
|---|---|---|
| Southside Virginia nonmetropolitan area Compliance Officers Salary | $69,230↓ 12% | 41 mi |
| Northern West Virginia nonmetropolitan area Compliance Officers Salary | $63,700↓ 19% | 41 mi |
| Southwest Virginia nonmetropolitan area Compliance Officers Salary | $62,760↓ 20% | 41 mi |
| Northwest Virginia nonmetropolitan area Compliance Officers Salary | $73,630↓ 6% | 41 mi |
| Southern West Virginia nonmetropolitan area Compliance Officers Salary | $62,310↓ 21% | 41 mi |
Comparing salaries near Richmond, VA
Hiring Compliance Officerss?
Frequently Asked Questions
How much does a Compliance Officers make in Richmond, VA?
The median annual salary for a Compliance Officers in Richmond, VA is $78,510. This typically ranges from $47,890 for entry-level positions to $115,110 for top-level roles.
How does the salary compare to the national average?
The average salary for this role in Richmond, VA is 8.2% lower than the national median of $85,520.
Is Richmond, VA a lucrative place for Compliance Officers?
Yes, Richmond, VA offers a competitive compensation landscape for Compliance Officers.While the average salary is slightly below the national average, the strong concentration of Compliance Officers (LQ of 1.48) and a cost of living on par with the national average indicates a stable and potentially rewarding career environment.
Is Richmond, VA a good place to live for Compliance Officers?
The Cost of Living Index in Richmond, VA is 100. While higher than average, this often correlates with higher wages.
Where are the highest paying cities near Richmond, VA?
Some top paying nearby cities include Southside Virginia nonmetropolitan area ($69,230) and Northern West Virginia nonmetropolitan area.
How does Richmond's Compliance Officer salary compare to the national average?
The average annual salary for Compliance Officers in Richmond, VA is $78,510, which is lower than the national average of $85,520.
What is the concentration of Compliance Officers in Richmond, VA?
Richmond, VA has a higher concentration of Compliance Officers than the national average, indicated by a Location Quotient of 1.48.
How does the cost of living in Richmond affect salary perception?
Richmond's cost of living index is 100, which is the national average. Therefore, the average salary of $78,510 holds its purchasing power equivalent to the national average.
What does the number of Compliance Officers per 1,000 workers suggest?
With 3.819 Compliance Officers per 1,000 workers, Richmond shows a notable presence of this profession, reinforcing the idea of a specialized job market.
Methodology: Salary data is derived from the Bureau of Labor Statistics (BLS) OEWS 2024 release. Figures represent gross pay before taxes. Analysis includes 2,490 employees in the Richmond, VA area with a job density of 3.819 per 1,000 jobs. Cost of Living data is estimated based on state and metro averages.
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Semantic Salary Analysis for Compliance Officers • Data source: BLS OEWS 2024 •Jobs in Richmond, VA