Financial Examiners: Salary, career path, job outlook, education and more
- Education Required
- Financial examiners typically need a bachelors degree. Although a specific major is usually not required, examiners generally need some coursework in accounting, finance, economics, or a related field. Examiners working for the Federal Deposit Insurance Corporation (FDIC) typically must have at least 6 semester hours in accounting.
- Training Required
- Once hired, financial examiners receive on-the-job training. Entry-level workers begin under the supervision of senior examiners, as they learn their job duties. The length of this training varies, but typically lasts over 1 year.
- Job Outlook
The projected percent change in employment from 2016 to 2026: 10% (Faster than average)
(The average growth rate for all occupations is 7 percent.)
- After a few years of experience, financial examiners can advance to a senior examiner position. Senior examiners handle more complex cases, and can lead and direct examination teams. Requirements for these positions vary by employer but often a masters degree in either accounting or business administration, or becoming a Certified Public Accountant (CPA), makes jobseekers more competitive.
- Median pay: How much do Financial Examiners make?
- $79,280 Annual Salary
- $38.11 per hour
Financial examiners ensure compliance with laws governing financial institutions and transactions. They review balance sheets, evaluate the risk level of loans, and assess bank management.
What do Financial Examiners do?
Financial examiners typically do the following:
- Monitor the financial condition of banks and other financial institutions
- Review balance sheets, operating income and expense accounts, and loan documentation to confirm institution assets and liabilities
- Prepare reports that detail an institutions safety and soundness
- Examine the minutes of meetings of managers and directors
- Train other examiners in the financial examination process
- Review and analyze new regulations and policies to determine their impact on the organization
- Establish guidelines for procedures and policies that comply with new and revised regulations
Financial examiners typically work in one of two main areas: risk assessment or consumer compliance.
Those working in risk assessment evaluate the health of financial institutions. Their role is to ensure that banks and other financial institutions offer safe loans and that they have enough cash on hand to manage unexpected losses. These procedures help ensure that the financial system as a whole remains stable. These examiners also evaluate the performance of bank managers.
Financial examiners working in consumer compliance monitor lending activity to ensure that borrowers are treated fairly. They ensure that banks extend loans that borrowers are likely to be able to pay back. They help borrowers avoid predatory loansloans that may generate profit for banks through high interest payments but may be costly to borrowers and damage their credit scores. Examiners also ensure that banks do not discriminate against borrowers based on race, ethnicity, or other characteristics.
Careers for Financial Examiners
- Bank compliance officers
- Bank examiners
- Financial compliance examiners
- Home mortgage disclosure act specialists
- Payroll examiners
- Pension examiners