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A financial examiner is a business professional whose job is to ensure that the company for which he or she works is in compliance with all applicable local, state, and federal financial laws and regulation. Read on to learn more about this career, including roles and responsibilities, education and experience, and salary and job outlook.
What Does a Financial Examiner Do?
Financial examiners typically work for the government and review banks and other financial institutions to ensure that they are in compliance with the laws governing this industry. He or she examines items like loans granted, balance sheets, risk level, and policy and procedures to make sure that no laws are being broken or regulations flouted. In addition to this examination, he or she is responsible for producing reports about the organization’s level of compliance, training others on this procedure, and reviewing new policies and establishing guidelines around compliance. A quarter of financial examiners work for the federal government; while this is an office job, they must travel to the institutions which they are examining.
What Type of Education is Needed?
Financial examiners must have a bachelor’s degree in finance, accounting, economics, or a related field, including at least six credit hours of accounting coursework. Entry-level examiners undergo on-the-job training from senior level examiners before being assigned responsibility for individual clients. To become a senior level examiner, a master’s degree in accounting and several years of work experience are typically required; many senior level examiners are also certified public accountants. Certification for this role is not required, but may increase your attractiveness to potential employers; this process is managed by the Society of Financial Examiners.
How Much Do Financial Examiners Earn?
According to the U.S. Bureau of Labor Statistics, the median annual salary for financial examiners is $75,800. The highest paid examiners work for the federal government and earn an average of $109,380 per year. Most examiners work full time, and some travel may be required.
What is the Job Outlook for this Field?
The career opportunities for financial examiners are expected to grow more slowly than those of other occupations, with a projected growth rate of six percent over the next 10 years. But this will vary by industry, however; the federal government is expected to higher three percent fewer examiners over the next 10 years, while growth in the finance and industry sector is a healthy 11 percent.
Related Resource: Budget Analyst
Because financial law is a complex field that requires a great deal of research and education, the prime candidates for this role are those who have excellent analytic and research skills and who have a keen interest in finance and accounting. Financial examiners must be detail-oriented, and have not only immaculate math skills, but excellent writing skills since they must compile reports on the organizations they review. If this describes you and if the role as outlined here sounds appealing, you may consider a career as a financial examiner.
