Can regulatory agencies enforce and put in place new rules, without being able to recruit, train and retain effective staff? When it comes to the Securities and Exchange Commission (SEC), few would argue the need for upgrading employee training to ensure that financial malfeasance is detected sooner - this is written by FINS - used the word "sexy" and an editor there suggested it for this Compliance and Financial Oversight Blog.
A recent op-ed in the New York Times proposed a readjustment in how the SEC is run. Instead of encouraging lawyers to come work for the Commission it suggested a Foreign Service-esque program that would cater to all backgrounds.
The author, a former Chief Compliance Officer and Director of a securities exchange, suggests the following to retain top talent at the SEC:
1. Offer career tracks that hew toward specialties, such as consumer protection and financial fraud.
2. Make employees eligible for pension after 20 years of service.
3. Establish a financial training institute -- comparable to the Foreign Service Institute -- that would allow for continued education. Read on for details on making an SEC career more attractive.