Financial Examiners: Career, Courses, Training, Jobs & Growth Prospects
Career as Financial Examiner need you to have strong mathematical, computational, research and analysis skills and if you have inclination towards these traits then a career as a financial examiner may be a good choice. Financial examiners generally have an accounting background and can evaluate tax returns, balance sheets, loan documentation, and operating income and expense accounts for authenticity. Approximately one-third of financial examiners are employed by federal or state governments, while others work for financial institutions and security and commodity exchanges.
Financial examiners typically work in one of two main areas: risk scoping or consumer compliance.
- Those working in risk scoping evaluate the health of financial institutions.
- Financial examiners working in consumer compliance monitor lending activity to ensure that borrowers are treated fairly.
Role of Financial Examiners
• Monitor the financial condition of banks and other financial institutions
• Review balance sheets, operating income and expense accounts, and loan
• Develop, present and discuss their findings, and make recommendations for corrective actions.
• Develop and implement supervision strategies for regulated entities.
• Prepare reports that detail an institution’s safety and soundness
• Recommend solutions to questionable financial conditions
• 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
Skills of Financial Examiners
Analytical skills: Financial examiners need strong analytical skills to evaluate risks for the financial entities.
Detail oriented: Financial examiners must have an eye for details to review bank’s balance sheet to identify risky assets.
Math skills: Financial examiners need good basic math skills to monitor a bank’s balance sheet and see if the bank’s available cash is dangerously low.
Communication skills: Financial examiners regularly write reports and present them before companies and government so the communication skills are very important.
Some Job Titles
Bank Secrecy Act Anti-Money Laundering Officer (BSA/AML Officer), Community Reinvestment Act Officer (CRA Officer), Credit Union Examiner, Credit Union Field Examiner, Examining Officer, Home Mortgage Disclosure Act Specialist (HMDA Specialist), Principal Examiner, Senior Capital Markets Specialist, Senior Examiner, Supervisory Examiner
Where to study
You can study programmes in finance at under graduate and graduate level. Professional qualification like MBA or a Masters in Finance is recommended. However candidates from other areas like Mathematics and Accounting etc also work as Financial Examiner. To find a suitable study programme go to University Hub