A financial examiner inspects records and practices of banks and securities or insurance organizations to ensure compliance with financial and securities laws and regulations. After appropriate training, financial examiners can earn a lucrative salary.
The typical financial-examiner education consists of accounting classes. A CPA, for example, will often get a job as a financial examiner. Some people with bachelor’s degrees in accounting can also get work as a financial examiner. This is particularly true of examiners in insurance companies or state government insurance departments. Some examiners also have degrees in actuarial science, finance, statistics, insurance, computer science, math, economics, or business administration. However, accounting classes should be part of that education.
The Society of Financial Examiners provides certification to insurance-company employees in examiner positions. You need at least a bachelor’s degree to become an Accredited Financial Examiner, and these degree holders typically major in accounting. A Certified Financial Examiner is similar, but they have also had at least one management course. Thus, those seeking to get a job in this field should also take some management courses while studying accounting in college.
Bank examiners have additional requirements. They attend schools via federal agencies and the Conference of State Bank Supervisors. Contact state banking departments for more information about how to qualify as a bank examiner. There is a link to the Texas Department of Banking below, but you can also find similar agencies in other states, as well.
To get a job as a financial examiner, you either apply with insurance companies or the federal and state government agencies that hire examiners. According to a study in May of 2010 by the Bureau of Labor Statistics, there were about 28,000 job positions for financial examiners. Those individuals had a median yearly salary of $74,940.
Resources:
Society of Financial Examiners Certification Programs
Texas Department of Banking Details About a Career as a Bank Financial Examiner
Bureau of Labor Statistics Information on the Job and Salary of Financial Examiners