Unfortunately not quite as simple as that. All compasses are factory set, however there is no guarantee that they are dead true when you take it out of the box.
Then there is the small error that often happens when the compass is installed as it is difficult to get the compass body perfectly aligned with the centreline of the hull.
Then anything steel nearby such as the mechanics of your steering assembly affect it as well, or framing for biminis etc. Even "Stainless Steels" can affect compasses because they are not 100% non ferrous and different grades cause different magnetic interferences.
Then the last thing is electro magnetic interference from electric cables and instruments that are installed nearby.
Add these errors together and it is called cumulative error.
The guts of it is that for a compass to be considered to be reading true, it must be adjusted, which is a little known but critical fact that is usually overlooked.
It is vital that the compass be reading completely accurately at all points, so that you can plot a course from your estimated position back to home, by chart. Along with that, it is important that you always know exactly where you are so that you can actually use the chart to plot a course back home. It is a good idea to have a laminated list of your GPS coordinates in the boat, so that if you are fishing at spot X # 19 in the GPS, you can look up that Lat / Long for spot X # 19 on the laminated sheet and then plot that position onto the chart so that you know exactly where you are.
That said, most compasses that are installed out of the box and screwed into the boat generally in line with the hull are reading somewhere near true. But the risk is that the odd few will be grossly affected by something in the boat and can be up to 20 degrees or more off proper Magnetic North.
Just a few degrees of error can land you a long way off where you expected to land on the beach, especially if you started out a long way offshore.
Also remember that you can have a compass that reads perfectly accurate to Magnetic North, but the east / west reading can be out... This is why there are 2 adjustment bars under the compass.
All compasses need to be at least checked at the compass adjustment buoy to see how close they are. Even if you don't adjust it, go to the Compass Adjustment Buoy and line the boat up will all of the landmark bearings and check them against the chart to see how close your compass is.
You don't want to be one of the few who has a grossly inaccurate compass who didn't know it was reading wrong and didn't get it adjusted.... and then get lost...
Cheers
Mick