Career Testing
Career Testing
Career Testing
CHOOSING A CAREER / SEP. 13, 2014
version 2, draft 2

How to Become a Financial Examiner

To ensure profitability, financial institutions need to adhere to an intricate set of protocols regarding each single aspect of their operations. This is where the role of a financial examiner comes in. Financial examiners are professionals in the accounting and financial field, whose responsibility is to ensure that these regulations are adhered to.

What Do Financial Examiners Do?

The position of a financial examiner is tasked with the performance of the following duties:

  • Monitoring the fiscal condition of banks and various other financial institutions
  • Reviewing balance sheets, expense accounts, loan documentation and operating income to confirm institutional liabilities and assets
  • Preparing reports detailing an organization’s soundness and safety
  • Examining the minutes of meetings held by directors and managers
  • Training other examiners in the procedure of financial examination
  •  Reviewing and analyzing new policies and regulations to define their impact on the institution
  •  Establishing guidelines for policies and procedures that are in compliance with fresh and revised regulations
  • Planning, supervising and reviewing duties assigned to subordinates
  • Recommending actions to ensure adherence to regulations and to protect solvency of organizations
  • Reviewing audit reports of external and internal auditors to monitor sufficiency of the reports’ scope or to find out specific flaws in internal routines

Salary

Earnings for financial examiners highly depend on their level of expertise, employer and dedication.

 

 

Lowest 10 percentile

Median

Top 10 percentile

Annual salary

 

 

$43,340

$75,800

$140,580

Source: BLS

Skills

To succeed as a financial examiner, you need to have the following important qualities:

  • Reading comprehension
  • Excellent oral and written communication skills
  • Ability to use logic to identify weaknesses and strengths of alternative solutions, approaches or conclusions to various problems
  • Active learning and instructing skills
  • Excellent judgment and decision making skills
  • Ability to manage own time and that of others
  • Social perceptiveness to be aware of other people’s concerns
  • Excellent monitoring skills and a diligent attention to detail
  • Outstanding negotiation skills
  • Service orientation

Qualifications

Basically, financial examiners occur in two practices. They either work in risk scoping of consumer compliance. For an entry position, aspiring financial examiners need to obtain a bachelor’s degree in any of the following college majors:

  • Business
  • Accounting
  • Finance
  • Economics

Due to higher expectations for these professionals, most potential employers prefer candidates who have pursued a master’s degree for management positions. Once hired, financial examiners receive on-the-job training where they start by performing basic duties as they learn the business policies. The training can last from one month to one year depending on the institution and the complication of the position.

To boost your prospects, you can complete the CPA training program. Once you secure a master’s degree and pass the Uniform CPA Examination, you qualify to become a CPA. Individuals who pursue PhD and Doctoral degrees in this field are open to better prospects, higher pay and higher ranking positions in the training and management capacities.

Career Prospects

The BLS projects a 6% growth in job opportunities for financial examiners.  This is due to the execution of emergent financial regulations that will increase the demand for these professionals. Additionally, there is a spontaneous increase in openings for these professionals during times of financial instability.

If you have a resilient grasp of accounting and mathematical skills, this career has the best package for you!

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