Financial ExaminersFinancial Examiners salary statistic
There is a huge body of law and regulations that relate to financial institutions – banks, investment firms, insurance companies, real estate investment firms, etc. Compliance with all of these means that these institutions must employ individual who remain current on all new and changing regulations and ensure that their employers are in compliance. That compliance is also checked by outside examiners who conduct regular audits. These examiners may be contracted by the institution itself, but other financial audits are conduct by governmental and regulatory agencies, such as the SEC, as another check. Compliance is critical, because errors and omissions will result in fines and other penalties.
Financial examiners, then, are employed by institutions themselves, by CPA firms that conduct independent audits, and by government agencies at both state and local levels. The median financial examiner salary is right around $80,000, but with years of experience, the top 10% earn as much as $150,000. Examiners who work for the federal government tend to be at the higher end of the earnings scale.
Examinations conducted by financial examiners are complex and very detailed. Once they are completed, a report is developed that discusses the findings and makes recommendations for changes and correction of non-compliance. They also help institutions develop strategies to get or remain in compliance. If there have been glaring errors, the examiner will provide a timeframe for correction and return to re-examine.
In general, duties are as follows:
- Review of deposit, lending and other financial transactions
- Review of policies and procedures to ensure that there are no deceptive, discriminatory, or other unfair behaviors
- Develop reports on the financial soundness of an institution
- Reviewing all owned securities, collateral, and cash reserves
- Review of all board meeting minutes and financial reports that have been generated by the institution.
Typically, such examiners have a minimum of a Bachelor’s degree in accounting, economics, or finance. Specific coursework should include math, computer skills, and English composition.
To progress to senior positions and thus a much higher financial examiner salary, most examiners will pursue a graduate and one or more professional certifications.
There are a number of certifications that are often preferred and that result in a higher entry level financial examiner salary – Certified Treasury Professional or Certified Public Account (CPA) being two of the most valued. Most examiners will obtain these two as they progress in their careers.
Despite the fact that technology has brought much more efficiency to this career position, there will still be an above-average need for financial examiners. This is primarily the result of increasing regulations and, as well, the 2010 legislation that created the Federal Consumer Financial Protection Agency. The growth rate is expected to be about 27% over the next 6-8 years, far above the average for all career jobs.
As with any occupation, educational qualifications and work experience will affect employment opportunities and salary potential. Local market conditions generally are also a factor.
For those who enjoy crunching numbers and who are detail-oriented, the position of financial examiner provides a great career with a lot of mobility and very diverse work environments.