Financial Examiners

Summary

financial examiners image
Financial examiners ensure compliance with laws governing financial institutions and transactions.
Quick Facts: Financial Examiners
2019 Median Pay $qf_median_annual_wage_html $qf_median_hourly_wage_html
Typical Entry-Level Education $qf_education_html
Work Experience in a Related Occupation $qf_experience_html
On-the-job Training $qf_training_html
Number of Jobs, 2018 $qf_number_jobs_html
Job Outlook, 2018-28 $qf_outlook_html
Employment Change, 2018-28 $qf_openings_html

What Financial Examiners Do

Financial examiners ensure compliance with laws governing financial institutions and transactions.

Work Environment

Most financial examiners work for the finance and insurance industry, the federal government, or state governments. Most financial examiners work full time.

How to Become a Financial Examiner

Financial examiners typically need a bachelor’s degree that includes some coursework in accounting. Entry-level examiners are trained on the job by senior examiners.

Pay

Job Outlook

Employment of financial examiners is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations. Financial examiners will be in demand as financial institutions seek help with federal regulatory compliance.

State & Area Data

Explore resources for employment and wages by state and area for financial examiners.

Similar Occupations

Compare the job duties, education, job growth, and pay of financial examiners with similar occupations.

More Information, Including Links to O*NET

Learn more about financial examiners by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.

What Financial Examiners Do

Financial examiners
Financial examiners working in consumer compliance monitor lending activity to ensure that borrowers are treated fairly.

Financial examiners ensure compliance with laws governing financial institutions and transactions. They review balance sheets, evaluate the risk level of loans, and assess bank management.

Duties

Financial examiners typically do the following:

  • Monitor the financial condition of banks and other financial institutions
  • Review balance sheets, operating income and expense accounts, and loan documentation to confirm institution assets and liabilities
  • Prepare reports that detail an institution’s safety and soundness
  • Examine the minutes of meetings of managers and directors
  • Train other examiners in the financial examination process
  • Review and analyze new regulations and policies to determine their impact on the organization
  • Establish guidelines for procedures and policies that comply with new and revised regulations

Financial examiners typically work in one of two main areas: risk assessment or consumer compliance.

Those working in risk assessment evaluate the health of financial institutions. Their role is to ensure that banks and other financial institutions offer safe loans and that they have enough cash on hand to manage unexpected losses. These procedures help ensure that the financial system as a whole remains stable. These examiners also evaluate the performance of bank managers.

Financial examiners working in consumer compliance monitor lending activity to ensure that borrowers are treated fairly. They ensure that banks extend loans that borrowers are likely to be able to pay back. They help borrowers avoid “predatory loans”—loans that may generate profit for banks through high interest payments but may be costly to borrowers and damage their credit scores. Examiners also ensure that banks do not discriminate against borrowers based on race, ethnicity, or other characteristics.

Work Environment

Financial examiners
Financial examiners typically work in offices. They frequently have to travel to inspect a bank onsite.

Financial examiners typically work in offices. They frequently have to travel to inspect a bank onsite.

Work Schedules

Most financial examiners work full time.

How to Become a Financial Examiner

Financial examiners
Examiners working for the Federal Deposit Insurance Corporation (FDIC) must have at least six semester hours in accounting.

Financial examiners typically need a bachelor’s degree that includes some coursework in accounting. Entry-level examiners are trained on the job by senior examiners.

Education

Financial examiners typically need a bachelor’s degree. Although a specific major is usually not required, examiners generally need some coursework in accounting, finance, economics, or a related field. Examiners working for the Federal Deposit Insurance Corporation (FDIC) typically must have at least 6 semester hours in accounting.

Training

Once hired, financial examiners receive on-the-job training. Entry-level workers begin under the supervision of senior examiners, as they learn their job duties. The length of this training varies, but typically lasts over 1 year.

Advancement

After a few years of experience, financial examiners can advance to a senior examiner position. Senior examiners handle more complex cases, and can lead and direct examination teams. Requirements for these positions vary by employer but often a master’s degree in either accounting or business administration, or becoming a Certified Public Accountant (CPA), makes jobseekers more competitive.

Important Qualities

Analytical skills. Financial examiners need strong analytical skills to evaluate how well the managers of financial institutions are handling risk and whether the individual loans the institution makes are safe.

Detail oriented. Financial examiners must pay close attention to details when reviewing balance sheets in order to identify risky assets.

Math skills. Financial examiners need good math skills to monitor balance sheets and see if the bank’s or other financial institution’s available cash is dangerously low.

Writing skills. Financial examiners regularly write reports on the safety and soundness of financial institutions. They must be able to explain technical information clearly.

Pay

Financial Examiners

Median annual wages, May 2019

Financial examiners

$81,430

Financial specialists

$73,840

Total, all occupations

$41,950

 

Most financial examiners work full time.

Job Outlook

Financial Examiners

Percent change in employment, projected 2018-28

Financial examiners

7%

Financial specialists

4%

Total, all occupations

4%

 

Employment of financial examiners is projected to grow 7 percent from 2018 to 2028, faster than the average for all occupations. Employment growth for financial examiners will vary by industry group. Financial examiners will be in demand as financial institutions seek help with federal regulatory compliance.

Demand for these workers has risen in the financial industry because of the need for financial institutions to effectively comply with federal regulation. More financial institutions are hiring financial examiners to help navigate the regulatory environment and reduce the cost of compliance. Financial examiners’ employment is projected to grow 8 percent from 2018 to 2028 in the finance and insurance industry.

At the federal level, the creation of the Consumer Financial Protection Bureau (CFPB) has increased employment of financial examiners in recent years. However, changes to this agency and overall budget constraints in the federal government may limit employment growth. Employment of financial examiners in the federal government is projected to show little or no change from 2018 to 2028.

Job Prospects

Financial examiners should face competition for jobs. Those with previous work experience in banking, insurance, or accounting, for example having worked as accountants and auditors or financial analysts, should have the best prospects.

Employment projections data for financial examiners, 2018-28
Occupational Title SOC Code Employment, 2018 Projected Employment, 2028 Change, 2018-28 Employment by Industry
Percent Numeric

SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program

Financial examiners

13-2061 66,900 71,800 7 4,900 Get data

State & Area Data

Occupational Employment and Wage Statistics (OEWS)

The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas.

Projections Central

Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved.

CareerOneStop

CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.

Similar Occupations

This table shows a list of occupations with job duties that are similar to those of financial examiners.

Occupation Job Duties ENTRY-LEVEL EDUCATION 2019 MEDIAN PAY
Accountants and auditors Accountants and Auditors

Accountants and auditors prepare and examine financial records.

$qf_education_html $qf_median_annual_wage_html
Budget analysts Budget Analysts

Budget analysts help public and private institutions organize their finances.

$qf_education_html $qf_median_annual_wage_html
Financial analysts Financial Analysts

Financial analysts provide guidance to businesses and individuals making investment decisions.

$qf_education_html $qf_median_annual_wage_html
Loan officers Loan Officers

Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses.

$qf_education_html $qf_median_annual_wage_html
Tax examiners and collectors, and revenue agents Tax Examiners and Collectors, and Revenue Agents

Tax examiners and collectors, and revenue agents determine how much is owed in taxes and collect tax from individuals and businesses on behalf of the government.

$qf_education_html $qf_median_annual_wage_html
Management analysts Management Analysts

Management analysts propose ways to improve an organization’s efficiency.

$qf_education_html $qf_median_annual_wage_html
Personal financial advisors Personal Financial Advisors

Personal financial advisors provide advice to help individuals manage their finances and plan for their financial future.

$qf_education_html $qf_median_annual_wage_html
Private detectives and investigators Private Detectives and Investigators

Private detectives and investigators search for information about legal, financial, and personal matters.

$qf_education_html $qf_median_annual_wage_html
Suggested citation:

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, Financial Examiners,
at https://www.bls.gov/ooh/business-and-financial/financial-examiners.htm (visited January 22, 2022).

Last Modified Date: Wednesday, September 4, 2019