Career Definition for a Bank Examiner
The primary duties of bank examiners are to ensure that a bank's activities are legal and guarantee financial stability. Examiners complete their assignments by conducting audits and checking official bank records. These positions are typically found at the federal level within the U.S. Department of Treasury or at the state or regional level within various bank reserves and agencies.
|Education||Bachelor's degree in finance|
|Job Skills||Knowledge of finance and regulations, analytical aptitude, ability to supervise|
|Median Salary (2018)*||$80,180 (for financial examiners)|
|Job Growth (2016-2026)*||10% (for financial examiners)|
Source: *U.S. Bureau of Labor Statistics
A 4-year bachelor's degree in finance is the first step in becoming a bank examiner. Coursework typically covers economics, finance, accounting, and risk and security analysis. After obtaining a degree, the next steps are completing at least a few years of field experience and successfully completing a testing process designed to assess professional competency.
Bank examiners need to demonstrate credibility and comprehensive knowledge of finance and financial regulations. Strong analytical aptitude and supervisory skills are also required in the bank examining field.
Career and Economic Outlook
According to the U.S. Bureau of Labor Statistics (BLS), financial examiners are expected to see a 10% increase in jobs from 2016-2026, largely due to the need for workers to implement new financial regulations. Job prospects in the finance and insurance industry are expected to be better than in federal government agencies. The BLS also reports the median annual salary for financial examiners to be $80,180, as of May 2018.
Alternate Career Options
Careers that are similar to a bank examiner include:
A financial analyst reviews a company's investment goals and portfolio along with market trends and forecasts to recommend various investment decisions. Financial analysts may find work in the financial and insurance industries. Entry-level jobs can be attained with a bachelor's degree in a field such as finance, accounting, economics, or math. A relevant master's degree may be required for advancement. Industry licensing is usually required through the Financial Industry Regulatory Authority and is often employer-sponsored; requirements can vary. Voluntary professional certification is also available. The BLS predicts that jobs in this field will increase 11% from 2016-2026; financial analysts earned median pay of $85,660 in 2018.
An auditor reviews the financial records of a company or organization. They check for accuracy in bookkeeping and lawful reporting according to applicable regulations. They usually prepare reports and explain the results to clients or company management. A bachelor's degree in accounting is required for employment; some employers will consider candidates with a bachelor's degree in a related field, while others prefer candidates with a master's degree. Earning the Certified Public Accountant credential is common, and required for those who may be filing reports with the Securities and Exchange Commission. Education and testing requirements apply but additional requirements can vary by state. Auditors may earn Certified Internal Auditor (CIA), Certified Information Systems Auditor (CISA), and various additional professional certifications; work experience and testing are commonly required. The BLS reports that jobs for accountants and auditors are expected to grow 10% from 2016-2026 and that these jobs paid a median salary of $70,500 in 2018.