Financial Examiners Career
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The average value of the Bachelor degree needed to become a Financial examiners is $931,889.00.
Points of Interest
Most all jobs require a at least a bachelor's degree in finance, accounting, or some other related field. Job prospects should be favorable, especially for individuals who have obtained their bachelor's or master's degrees. Job growth is expected be much faster than the average career.
Nature of the Work
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Financial examiner professionals play a vital role in ensuring that their company's operations are in compliance with various laws, rulings, and regulations. Whether it is state, federal, or corporate rules, financial examiners investigate the actions of their company in order to enforce and comply with various regulations.
Because there is consistent changes made to internal policies and procedures, financial examiners must also review and interpret their meanings in order to determine their impact on the operations of the company. Therefore, financial examiners will prepare and analyze reports to determine whether there are any questionable financial transactions or conditions present. They also work closely with internal and external auditors so that weaknesses in the system can be discovered and immediately corrected.
Specifically, financial examiners review balance statements, expense accounts, operating income, and loan documentations in order to confirm the assets and liabilities that belong to the company. They also review the minutes of meetings held by stockholders, directors, or committee members so that they may investigate various levels of authority in upper management.
Financial examiners are key in managing employees and training all staff on the proper guidelines and procedures to ensure compliance. They are also instrumental in reviewing, planning, and supervising their subordinate team in the area of financial examination.
In order to adequately perform this profession, financial examiners have to utilize the best in technology to keep up with changing rules, laws, and regulations. The most common types of software systems being used in this career are programs such as compliance software, financial analysis programs, and information retrieval systems. Financial examiners also utilize tools that are common to office positions such as word processing, spreadsheets, desktop computers, adding machines, and copier machines.
Training, Other Qualifications, and Advancement
Financial examiners most often are required to have a bachelor's degree in accounting or finance. There are some positions that request that students acquire there master degrees in this profession, however it is generally not required for entry level positions. Some of the standard course that are taken while attending school for this profession are:
- Economic Statistics
- Information Technology
- Business Law
Most importantly, individuals who are looking to obtain a career in this industry must acquire skills that are sufficient to be successful. Therefore it is important that financial examiners display skills such as critical thinking, the ability to effectively communicate (orally and written), good problem solving skills, and solid judgment and decision-making skills.
Because being able to manage subordinates is essential to this career, financial examiners should be qualified to effectively motivate, manage, train, and teach employees. They also should display key leadership qualities in order to organize, plan, and prioritize daily workloads.
Finally, financial examiners who display integrity, persistence, dependability, and analytical thinking will be highly regarded in this career because these traits are critical to the success of the individual.
In 2008, there were 26,000 jobs held by financial examiners. The majority of the jobs were in the government sector, with 23% of the work force in Federal Executive Branch jobs. The remaining jobs were occupied in state, securities and commodities, and central banking industries.
The industries with the highest levels of employment during the 2008 year is as follows:
- Federal Executive Branch 5,990
- State Government 3,980
- Depository Credit Intermediation 3,440
- Securities and Commodity Contracts 2,690
- Management of Companies and Enterprise 1,650
The job outlook for this profession is expected to be favorable for individuals who are highly trained and capable. The financial examiner occupation is expected to grow at a rate of 23% between the years of 2008-2018. According to the Bureau of Labor Statistic, this growth rate is much faster than the average occupation during the same time frame.
The increase in demand for this job will release approximately 16,000 additional financial examiner jobs into the nationwide job-pool.
Earnings for financial examiner career was at a mean annual wage of $79,070 during 2008. Approximately, the lowest 10% of individuals earned $40,680 per annum. On the other hand, the top 90% of the financial examiners made $129,620.
Earnings usually include benefits such as, health insurance, life insurance, paid vacation, sick leave, and 401K.
The industries that were highest paid during the 2008 year were as follows:
- Federal Executive Branch $101,650
- State Government $89,900
- Depository Credit Intermediation $88,440
- Securities and Commodity Contracts $86,610
- Management of Companies and Enterprise $85,360
The highest paid workers per state is:
- District of Columbia $126,10
- Illinois $91,170
- New York $88,780
- New Jersey $88,620
- Connecticut $88,020
The median hourly wage of financial examiners in 2008 was $34.49 nationwide. The lowest 10% made $19.56 per hour, with the top 90% at $62.32 per hour. However the mean hourly wage was $38.01 during the 2008 year.
Financial examiners have the fortunate option of transitioning to many other career related opportunities; especially, for highly qualified candidates who have obtained ample experience and training in the industry. Forensic examiner careers can also lead to professions in the following related areas:
- Chief Executives formulate policies and procedures which provide direction to the company as they are mandated by the board of directors. The median salary for this occupation is $160,720 per year.
- Treasurers and Controllers - This career requires planning, procurement, and investment activities for the organization. The median career for this industry is $101,190 per year.
- Financial managers are key in directing financial matters of workers that are in a department, branch, office, or brokerage house. This career makes a median wage of $101,190 per annum.
- Accountants analyze and prepare financial reports within the organization. Specifically, they maintain assets, liabilities, profit and loss, tax liability, etc. Accountants make approximately $60,340 per year as a median wage.
- Budget Analyst are responsible for controlling expenditures through examining budget estimates. This career averages at a median wage of $66,660 per year.
- Economists conduct research and statistical analysis in order to aid in the appropriate solutions to economic problems. Most of the problems being solved arises from production and distribution of goods and services. This career has a median average salary of $86,930 annually.
Sources of Additional Information
Below is a list of information that can be useful to the financial examiners industry:
Association of Certified Fraud Examiners This organization is responsible for many of the anti-fraud training and education in the industry. www.acfe.com
Society of Financial Examiners The SOFE organizes meetings with financial examiners from the banking, savings and loans, and credit unions. They offer education, training, certifications, and designations that's specific to the industry www.sofe.org
People with the educational background, skills, and desire to become a Financial examiners might be well suited to work in one of the following fields as well:
- Accountants and auditors
- Tax examiners, collectors, and revenue agents
- Securities, commodities, and financial services sales agents
- Financial analysts
- Personal financial advisors
- Credit analysts