Financial Examiner: Job Description, Education, Career Outlook & Employment

Are you ready to make a career in the finance industry? Well, the industry offers aspiring candidates a host of career options. If you have a keen interest in working for financial institutions and banks and handling financial transactions, you can consider becoming a financial examiner. Since financial institutions have to abide by multiple laws and rules, financial examiners are called upon to see to it that these institutions work in compliance with the laws that govern them. Private corporations, federal government agencies and state agencies - all of them offer employment opportunities for financial examiners. Read on to know more about the job description, typical responsibilities of these examiners, educational qualification required and career prospects that await you in this field of banking and finance.

 

Job Description
Depending on where they work or are employed, the job responsibilities of financial examiners may vary a little. For example, examiners who work for private companies hold the responsibility of examining the company's tax documentation before filing the same. While performing their duties with financial institutions, examiners ensure that the records and authentic and in appropriate order. They are responsible for checking the tax return to make sure the deductions are accurate and legitimate.

 

Job duties of a financial examiner will also vary depending on their job position. Sometimes, these professionals are also called upon to manage accounting procedures for large computer accounting systems. Examiners who join at entry level positions may need to perform some clerical task including entering tax information into the computer system.

 

Typical job duties of a financial examiner includes -

 

Evaluating and examining bank owned securities, cash reserves etc
Preparing procedural guidelines and policies in compliance with revised regulations
Analyzing the minutes of meetings for directors, stock holders etc
Ensuring legality of financial transactions and operations
Recommending necessary actions complying with laws and regulations
Ensuring that various financial activities conform to regulations
Investigating the activities of financial institutions to remove errors
Maintaining the overall financial integrity of banks and financial institutions

 

Depending on their work roles, financial examiners may specialize as internal auditors, compliance analysts, compliance specialists, compliance officers etc. They work closely with bank directors, accountants, trustees of a financial institution, consultants etc.

 

Educational Qualification & Licensing Requirements
To become a financial examiner, candidates should possess at least a bachelor's degree in accounting or a related field. Besides having an accounting degree, candidates also need to be quite well versed with computer databases and various accounting and auditing software programs to perform their work efficiently. Licensing requirements for financial examiners vary from one state to another. Employers prefer hiring candidates who possess certifications like CPA, CISA etc.

 

Job Outlook
According to the BLS reports, financial examiners occupied around 27,000 jobs in 2008 in the United States. The occupation is projected to show a faster employment growth, as compared to other job positions that require a bachelor's degree. The employment growth for these finance jobs is dependent on the economy situations. Job growth will be driven as the economy gets better more and more. On the other hand, private companies offer good employment prospects for financial examiner jobs.

 

Major Employers
State agencies, federal government agencies and private financial institutions offer good employment opportunities for professionals. Other major employers featuring excellent job prospects include companies that are engaged in security and commodity contracts.

 

Annual Salary
Salaries of financial examiners will vary depending on the employment sector they work in. In the year 2008, these professionals earned a median annual salary of around $70,930. Highest salaries are offered to those who work for employers like federal executive branch, investment pools, Central Bank, commodity industry, securities etc.