Financial examiners held about 60,900 jobs in 2018. The largest employers of financial examiners were as follows:
|Credit intermediation and related activities||41%|
|Securities, commodity contracts, and other financial investments and related activities||14|
|Management of companies and enterprises||10|
|State government, excluding education and hospitals||8|
Financial examiners typically work in offices. They frequently have to travel to inspect a bank onsite.
Most financial examiners work full time.
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.
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.
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.
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.
Financial examiners typically have an interest in the Persuading and Organizing interest areas, according to the Holland Code framework. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Persuading or Organizing interest which might fit with a career as a financial examiner, you can take a career test to measure your interests.
Financial examiners should also possess the following specific 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 to identify risky assets.
Math skills. Financial examiners need good basic 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.
The median annual wage for financial examiners was $81,090 in May 2019. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $43,500, and the highest 10 percent earned more than $158,200.
In May 2019, the median annual wages for financial examiners in the top industries in which they worked were as follows:
|Securities, commodity contracts, and other financial investments and related activities||90,120|
|Management of companies and enterprises||55,550|
|Credit intermediation and related activities||74,830|
|State government, excluding education and hospitals||73.040|
Most financial examiners work full time.
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.
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.