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What Does it Take to Be a Financial Examiner?

Financial Examiner Job Description Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify, or authenticate records.

List of Financial Examiner Job Duties

  • Review applications for mergers, acquisitions, establishment of new institutions, acceptance in Federal Reserve System, or registration of securities sales to determine their public interest value and conformance to regulations, and recommend acceptance or rejection.
  • Establish guidelines for procedures and policies that comply with new and revised regulations and direct their implementation.
  • Resolve problems concerning the overall financial integrity of banking institutions including loan investment portfolios, capital, earnings, and specific or large troubled accounts.
  • Plan, supervise, and review work of assigned subordinates.
  • Confer with officials of real estate, securities, or financial institution industries to exchange views and discuss issues or pending cases.
  • Review and analyze new, proposed, or revised laws, regulations, policies, and procedures to interpret their meaning and determine their impact.

Skills Needed to be a Financial Examiner

Below is a list of the skills most Financial Examiners say are important on the job.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.

Management of Personnel Resources: Motivating, developing, and directing people as they work, identifying the best people for the job.

  • Bank Compliance Officer
  • Escrow Officer
  • Credit Union Examiner
  • Compliance Manager
  • Agent

Job Outlook for Financial Examiners

In 2016, there was an estimated number of 52,500 jobs in the United States for Financial Examiners.

New jobs are being produced at a rate of 9.8% which is lower than average. The Bureau of Labor Statistics predicts 5,100 new jobs for Financial Examiners by 2026. The BLS estimates 4,600 yearly job openings in this field per year.

Forecasted Number of Jobs for Financial Examiners in U.S.

The states with the most job growth for Financial Examiners are Texas, Florida, and California.

Watch out if you plan on working in Wyoming, Mississippi, or West Virginia. These states have the worst job growth for this type of profession.

Salary for Financial Examiners

The salary for Financial Examiners ranges between about $42,150 and $154,590 a year. The median salary is $80,180.

Salary Ranges for Financial Examiners

How much do Financial Examiners make in different U.S. states?

Annual Mean Salary by State
State Annual Mean Salary

District of Columbia

$157,860

New York

$115,980

New Jersey

$109,100

California

$108,740

Connecticut

$108,520

Massachusetts

$107,840

Georgia

$106,870

Illinois

$102,690

Louisiana

$100,420

Washington

$95,910

Pennsylvania

$91,850

Minnesota

$91,530

New Hampshire

$91,330

Rhode Island

$89,470

South Dakota

$86,920

Delaware

$85,610

Florida

$85,580

New Mexico

$84,370

Texas

$84,350

Tennessee

$83,170

Colorado

$82,380

Mississippi

$81,800

Michigan

$81,270

Virginia

$80,700

Ohio

$78,540

Maryland

$77,440

Wisconsin

$76,680

Vermont

$76,670

North Dakota

$75,770

Idaho

$74,390

Kansas

$74,360

Indiana

$74,140

Missouri

$73,870

Alaska

$71,830

Nebraska

$71,790

North Carolina

$71,310

Utah

$71,220

Arkansas

$70,640

Oklahoma

$70,250

Montana

$70,180

West Virginia

$68,940

Oregon

$67,980

Nevada

$67,820

Maine

$66,720

South Carolina

$65,720

Iowa

$65,410

Kentucky

$64,400

Hawaii

$64,380

Arizona

$61,710

Alabama

$59,910

What Tools & Technology do Financial Examiners Use?

Although they’re not necessarily needed for all jobs, the following technologies are used by many Financial Examiners:

  • Structured query language SQL
  • Microsoft SharePoint
  • Microsoft Access
  • SAP
  • Microsoft Word
  • Microsoft Excel
  • Microsoft Windows
  • Microsoft Project
  • Microsoft Outlook
  • Microsoft Visio

Where do Financial Examiners Work?

Financial Examiner Sectors

Those thinking about becoming Financial Examiners might also be interested in the following careers:

  • Claims Examiners, Property and Casualty Insurance
  • Administrative Law Judges, Adjudicators, and Hearing Officers

Those who work as Financial Examiners sometimes switch careers to one of these choices:

  • Fraud Examiners, Investigators and Analysts

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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