Financial Examiners

Career summary

#checked 2/27/19 lh

Examiners check that financial records are accurate. They collect data and review audits. They also review:

• Balance sheets
• Ledgers
• Account statements
• Reports

They monitor how much money a financial institution has and how much they owe. They make sure banks offer safe loans and that they have enough money on hand in case of emergencies. They also make sure that consumers are treated fairly.

Financial examiners often meet with bank directors, accountants, and lawyers to ask questions about financial matters. They examine minutes from meetings attended by directors and managers. They write reports and other documents that outline the company's fiscal soundness.

When necessary, financial examiners recommend changes. Financial laws and rules change regularly. Financial examiners help financial institutions make changes to procedures to comply with new regulations.

Financial examiners sometimes review applications for:

• Mergers
• Acquisitions
• Stock offerings

Financial examiners often use special accounting software to review complex financial data. They also must know the rules and regulations for their area of expertise, such as banking or insurance.

Related careers

This career is part of the Government and Public Administration cluster of careers.

Related careers include:

• Accountants and Auditors
• Budget Analysts
• Financial Counselors
• Financial Managers
• Forensic Accountants
• Job Benefits and Analysis Specialists
• Management Analysts
• Market Research Analysts
• Regulatory Affairs Managers
• Regulatory Affairs Specialists

Job duties

Task list

The following list of tasks is specific to financial examiners.

• Investigate companies and organizations to enforce laws and rules. Make sure the companies have enough money to continue running.
• Meet with bank officials, lawyers, accountants, and others. Gather information, review cases, and discuss issues.
• Prepare audit reports, charts, and other materials that show an organization's financial status.
• Review audit reports to make sure they are complete. Determine areas that need to be investigated further.
• Recommend ways for companies to comply with laws and regulations.
• Try to solve financial problems of banks, especially concerning investments, capital, and troubled accounts.
• Examine bank operations to see how it tracks all activities.
• Review and analyze new, proposed, or revised laws and policies. Develop guidelines for procedures and policies that comply with new regulations.
• Review applications for mergers, acquisitions, establishment of new institutions, and securities sales to determine their effect on the public.
• Plan, supervise, and review work of assigned subordinates.
• May train other examiners in the financial examination process.
• Take training to keep skills up to date.

Common work activities

Financial examiners perform the following tasks. These tasks are common to many careers.

• Get information needed to do the job
• Analyze data or information
• Communicate with supervisors, peers, or subordinates
• Evaluate information against standards
• Make decisions and solve problems
• Communicate with people outside the organization
• Use computers
• Identify objects, actions, and events
• Process information
• Update and use job-related knowledge
• Organize, plan, and prioritize work
• Document and record information
• Schedule work and activities
• Explain the meaning of information to others
• Establish and maintain relationships
• Judge the value of objects, services, or people
• Coordinate the work and activities of others
• Monitor events, materials, and surroundings
• Resolve conflicts and negotiate with others
• Develop and build teams
• Teach others
• Develop goals and strategies
• Coach others
• Provide advice and consultation to others
• Estimate sizes, quantities, time, cost, or materials needed
• Guide, direct, and motivate others
• Perform administrative tasks
• Think creatively

Work requirements

Working conditions

In a typical work setting, financial examiners:

Interpersonal relationships

• Have a medium level of social contact. They talk to others during investigations, but spend time alone writing reports.
• Communicate by e-mail, telephone, and in person on a daily basis. They also write letters and memos, but much less often.
• May work as part of a larger team of analysts.
• Sometimes find themselves in conflict situations when people disagree with their findings and recommendations.
• Are responsible for the work done by others.

Physical work conditions

• Always work indoors.
• May share office space with others.

Work performance

• Must be very exact in their work and be sure all calculations are accurate. Serious errors could result in companies losing money.
• Set nearly all their daily tasks and goals without consulting anyone first.
• Make decisions that greatly impact their company and clients on a weekly basis. They rarely consult a supervisor before deciding a course of action.
• Repeat the same mental tasks.
• Must meet strict weekly and daily deadlines.

Hours/travel

• Usually work at least 40 hours a week.
• In general, work a set schedule.
• Often must meet weekly deadlines.

Physical demands

Financial examiners frequently:

• Sit for long periods of time.

It is important for financial examiners to be able to:

• See details of objects that are less than a few feet away.
• Understand the speech of another person.
• Speak clearly so listeners can understand.

It is not as important, but still necessary, for financial examiners to be able to:

• See details of objects that are more than a few feet away.
• See differences between colors, shades, and brightness.
• Use fingers to grasp, move, or assemble very small objects.
• Hear sounds and recognize the difference between them.
• Focus on one source of sound and ignore others.

Skills and abilities

Financial examiners need to:

Communicate

• Read and understand work-related materials.
• Understand written information.
• Speak clearly so listeners can understand.
• Listen to others and ask questions.
• Write clearly so other people can understand.
• Understand spoken information.

Reason and problem solve

• Analyze ideas and use logic to determine their strengths and weaknesses.
• Notice when something is wrong or is likely to go wrong.
• Use reasoning to discover answers to problems.
• Combine several pieces of information and draw conclusions.
• Develop rules that group items in various ways.
• Understand new information or materials by studying and working with them.
• Judge the costs and benefits of a possible action.
• Recognize when important changes happen or are likely to happen in a system.
• Follow guidelines to arrange objects or actions in a certain order.
• Recognize the nature of a problem.
• Identify what must be changed to reach goals.
• Think of original, unusual, or creative ways to solve problems.
• Concentrate and not be distracted while performing a task.
• Make sense of information that seems without meaning or organization.
• Think of new ideas about a topic.

Use math and science

• Choose a mathematical method or formula to solve problems.
• Use math skills to solve problems.
• Add, subtract, multiply, and divide quickly and correctly.

Manage oneself, people, time, and things

• Motivate, develop, and direct people as they work.
• Check how well one is learning or doing something.
• Manage the time of self and others.

Work with people

• Change behavior in relation to others' actions.
• Use several methods to learn or teach new things.
• Teach others how to do something.
• Be aware of others' reactions and understand the possible causes.
• Solve problems by bringing others together to discuss differences.
• Look for ways to help people.
• Persuade others to approach things differently.

Work with things

• Analyze needs and requirements when designing products.

Perceive and visualize

• Identify a pattern (a figure, object, word, or sound) that is hidden in distracting material.
• Quickly and accurately compare letters, numbers, objects, pictures, or patterns.

Education and training

Educational programs

The programs of study listed below will help you prepare for the occupation or career cluster you are exploring.

Programs of study directly related to this occupation

• Accounting
• Economics
• Finance
• Taxation

Other programs of study to consider

• Applied Mathematics
• Financial Forensics and Fraud Investigation
• Law Enforcement and Police Science
• Statistics

Training

To work as a financial examiner, you typically need to:

• have a high school diploma;
• have a bachelor's degree; and
• complete long-term, on-the-job training.

Education after high school

You need a bachelor's degree to work as a financial examiner. Many have a master's degree or higher. College majors that are best for this work are accounting, finance, and economics. Math and statistics are also excellent majors.

Success in this field usually depends on taking numerous continuing education courses and passing at least two exams. The exams cover several topics, including insurance, property, and liability. They are administered by the Society of Financial Examiners.

Work experience

While in college, you can gain experience through summer or part-time internship programs.

People seeking to become financial examiners often need at least two years of work-related experience to begin taking financial examiner exams.

On-the-job training

After college, you work on routine tasks and are supervised by experienced financial examiners. As you gain experience, you are given more difficult tasks and more responsibility. Training typically lasts more than a year.

Helpful high school courses

In high school, take classes that prepare you for college. A college preparatory curriculum may be different from your state's graduation requirements. Financial examiners need a strong math background. Take as many math courses as you can.

You should also consider taking some advanced courses in high school. This includes Advanced Placement (AP) and International Baccalaureate (IB) courses if they are available in your school. If you do well in these courses, you may receive college credit for them. Advanced courses can also strengthen your college application.

Helpful electives to take in high school that prepare you for this career include:

• Accounting
• Banking and Finance
• Computer Applications
• Economics
• Probability and Statistics

The courses listed above are meant to help you create your high school plan. If you have not already done so, talk to a school counselor or parent about the courses you are considering taking.

You should also check with a teacher or counselor to see if work-based learning opportunities are available in your school and community. These might include field trips, job shadowing, internships, and actual work experience. The goal of these activities is to help you connect your school experiences with real-life work.

Join some groups, try some hobbies, or volunteer with an organization that interests you. By participating in activities you can have fun, make new friends, and learn about yourself. Maybe one of them will help direct you to a future career. Here are examples of activities and groups that may be available in your high school or community.

Things to know

Most employers require at least a bachelor's degree in accounting or a related field. Some employers prefer applicants who have a master's degree in accounting or a related field. Some employers also require work experience.

Employers prefer applicants who are familiar with computer applications in accounting or internal auditing. They also prefer to hire people who can communicate sensitive information in a friendly and tactful way. Employers also like people who can get along with others. Being an Accredited Financial Examiner (AFE) or Certified Financial Examiner (CFE) can be an advantage.

Financial examiners must be honest because they work with other people's money.

Some workers join professional associations, which may have annual dues. Financial examiners who want to be certified may have to pay for education, testing, and continuing education to maintain certification.

#Took over national content to remove statement about preference for applicants who are familiar w/ computers, 4/11/16 cj.

Job listings

Listed below are links to job categories from the National Labor Exchange that relate to this career. Once you get a list of jobs, you can view information about individual jobs and find out how to apply. If your job search finds too many openings, or if you wish to search for jobs outside of Washington, you will need to refine your search.

• Financial Examiners 

To get a listing of current jobs from the WorkSource system, go to the WorkSource website .

Wages

Wages vary by employer and the examiner's level of education and experience.

Financial examiners who work full time generally earn benefits. Typical benefits include paid vacation, sick leave, and health insurance. Some employers also provide a retirement plan.

Employment and outlook

Washington outlook

The table below provides information about the number of workers in this career in various regions. It also provides information about the expected growth rate and future job openings.

National employment

Major employers:

• Banks and credit unions
• Stock brokers and dealers
• Insurance companies
• Federal, state, and local government agencies

National outlook

Employment of financial examiners is expected to grow due to new financial regulations. Businesses are likely to hire outside firms or develop larger, internal departments to monitor their finances. In addition, more examiners will be needed to work on consumer compliance due to the creation of the Consumer Financial Protection Bureau (CFPB). Growth in this occupation will slow in the federal government due to budget decreases.

Other resources

American Academy of Financial Management 
1670 F East Cheyenne Mtn Blvd
Colorado Springs, CO 80906

Society of Financial Examiners 
3505 Vernon Woods Road
Summerfield, NC 27358
800.787.7633
703.234.4140

References

Career cluster

• Government and Public Administration

Career path

• Enterprising (Business Communications)

O*Net  occupation

• Financial Examiners (13-2061.00) 

O*Net job zone 

• Job Zone 4 - Considerable preparation needed. A minimum of two to four years of work-related skill, knowledge, or experience is needed for these occupations.

DOT occupations

• Auditor (160.167-054) 
• Auditor, Internal (160.167-034) 
• Chief Bank Examiner (160.167-046) 

Holland occupational cluster

• Enterprising/Conventional/Investigative

COPSystem

• Business Professional