In one embodiment, a regulator circuit for generating a regulated output voltage Vout has an error amplifier using a pair of bipolar transistors at its front end. The error amplifier compares the regulated output voltage to a reference voltage Vref. A precision current source draws a first current through a user-selected set resistance to generate the desired Vref. The regulator circuit controls a power stage to cause Vout to be equal to Vref. The base current into one of the bipolar transistors normally distorts the current through the set resistance. A base current compensation circuit is coupled to the current source to adjust the first current by a value equal to the base current to offset the base current. Therefore, Vref is not affected by the base current. The error amplifier may be in a linear regulator or a switching regulator. The compensation circuit may be used in other applications.