What Do Financial Examiners Do?
In the financial and accounting industries, many rules and regulations need to be abided by for the sake of a company’s profitability. A financial examiner’s role in a company is to make sure that these regulations are being followed. As a financial examiner, you will also be responsible for ensuring the accuracy and authenticity of various financial records.
Financial Examiners Skills and Abilities
Financial examiners need to have a specific skillset in order to be succesful in their career field. As a financial examiner, you must be able to critically think about situations presented to you. You must also know how to motivate and work well with others, especially those who manage the accounts of the particular organization. Additionally, you must have a thorough and up-to-date knowledge of all financial regulations and rules as they apply to the way your organization runs. As far as knowledge goes, you must have a keen knowledge of economic and accounting principles, and know how to apply them to the financial records you analyze. You must also have a firm grasp of the English language, understand how the law and government regulations apply to financial records, and have a solid knowledge of management and business administration-related tasks.
Financial Examiners Duties
If you work as a financial examiner, some of your daily activities may include some of the following:
- Looking into the financial activities of an organization and ensuring they are in accordance with certain regulations
- Providing recommendations to the organization regarding what they can do to remain in compliance with various regulations
- Attending meetings with financial representatives, such as the bank director, head of financial operations, or managing accountant
- Reviewing audit reports from previous time periods in order to identify any weaknesses within an organization’s structure
- Training others in the organization to understand how to better comply with certain financial regulations.
- Looking over balance sheets, income and expense accounts, and various loan documentation to determine what assets and liabilities an organization possesses. You may also review financial documents and applications before an organization completes a merger, acquires another business, or completes a real estate transaction.
Financial Examiners Tools and Technology
In order to effectively carry out your responsibilities, you will likely use a variety of tools and software on a daily basis. For example, you will likely use a computer and a 10-key calculator throughout the duration of any given workday. Additionally, you might use compliance software, financial analysis software, project management software, and spreadsheet software, like Excel.
Education and Training for Financial Examiners
In order to attain an entry-level position as a financial examiner, you will need to earn a Bachelor’s field in a field related to accounting, auditing, financial forensics, or taxation. In many cases, you will not need to have any prior experience before you work in a position as a financial examiner. However, if you do not have prior experience as a financial examiner, you will likely undergo moderate on-the-job training as you learn your responsibilities.
Financial Examiners Salary
You can expect to earn a respectable salary as a financial examiner. In the U.S., the bottom 10 percent of financial examiners earn $44,000 on an annual basis. Comparatively, the top 90 percent earn approximately $146,000 on a yearly basis. You can expect your salary to increase as you gain more experience as a financial examiner and complete more training in your field.
Financial Examiners Jobs by Geography
Florida, Utah, and Arizona have the most jobs available for financial examiners, and New Jersey, New York, and New Mexico employ the fewest professionals in this field. However, working as a financial examiner, you can expect to find decent employment opportunities in whichever state you choose to work.