Financial Examiners

What Financial Examiners Do

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

https://www.youtube.com/watch?v=pxrRR1mcth4

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

The median annual wage for financial examiners was $81,090 in May 2019.

Job Outlook

Employment of financial examiners is projected to grow 7 percent from 2019 to 2029, faster than the average for all occupations. Financial examiners will be in demand as financial institutions seek help with federal regulatory compliance.

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.

Financial examiners held about 66,900 jobs in 2019. 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 16
Federal government 11
Management of companies and enterprises 9
State government, excluding education and hospitals 7

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

Work Schedules

Most financial examiners work full time.

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

Occupation Job Duties Entry-Level Education Median Annual Pay, May 2019

Accountants and Auditors

Accountants and auditors prepare and examine financial records.

Bachelor’s degree $71,550

Budget Analysts

Budget analysts help public and private organizations plan their finances.

Bachelor’s degree $76,540

Financial Analysts

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

Bachelor’s degree $81,590

Loan Officers

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

Bachelor’s degree $63,270

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.

Bachelor’s degree $54,890

Management Analysts

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

Bachelor’s degree $85,260

Personal Financial Advisors

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

Bachelor’s degree $87,850

Private Detectives and Investigators

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

High school diploma or equivalent $50,510

For more information about financial examiners, visit

Federal Deposit Insurance Corporation

Consumer Financial Protection Bureau

O*NET

Financial Examiners


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 ).