Bank examiners or financial analysts ensure that financial institutions are following legal protocol and not committing fraud. Bank examiners must hold certification with the CPA, and optionally may hold specialized certification and licensure to further strengthen their credentials.
Bank examiner positions include job titles such as financial analyst, auditor, financial examiner or compliance officer. State-regulated certification and licensure may be necessary, and optional credentials are available for several professions. A minimum of a bachelor's degree in accounting is often required or strongly recommended for employment, licensing and certification.
|Required Education||A bachelor's degree in accounting and licensing or certification|
|Projected Job Growth (2014-2024)||10% for all financial examiners*|
|Median Annual Salary (2016)||$74,866 for all bank examiners**|
Sources: *U.S. Bureau of Labor Statistics, **PayScale.com
Certification Requirements for a Bank Examiner
Many of the professions under the umbrella of a bank examiner title require regulated licensure or recommend voluntary professional certification. Generally encompassing accounting duties, bank examiners are often responsible for regulatory compliance, internal auditing and financial reporting of a banking institution. Academic and experience requirements vary by state and profession, with some demanding detailed education covering specific disciplines and topics.
Depending on the job duties, bank examiners may be required to obtain certification and licensure as a Certified Public Accountant (CPA). Requirements for the credentials typically include a bachelor's degree in accounting, additional professional education, substantial work experience in the field and passage of one or more board examinations. A review and continuing education are usually necessary to maintain a valid license. Typically, those providing auditing, financial reporting or public accounting services must have a CPA license.
Additionally, optional credentials are available to bank examiners in a variety of specialties, including auditing, insurance and investment services. Organizations, such as the Society of Financial Examiners or the Institute of Management Accountants, offer post-baccalaureate certification options for experienced professionals. Comprehensive training and testing is typically required, and continuing education is often mandatory to renew certification.
Bank Examiner Career Information
The U.S. Bureau of Labor Statistics reported 38,200 financial examiners were employed in 2014. The BLS anticipated a faster-than-average 10% increase in employment between 2014-2024. According to PayScale.com, the median salary for all bank examiners was $74,866 in 2016.
Given the sensitive and exacting nature of their work, bank examiners must be certified by the CPA. Many employers prefer someone who has received additional specialized certification and licensure through the Society of Financial Examiners or other similar institutions.