Become a financial examiner in 2021? The main responsibility of financial examiners is to make sure that the financial transactions of a person or business don't violate the law. Simply put, they examine and evaluate whether the money coming in and out is legal. They also review balance sheets.
Now, let's see if being a financial examiner is right for you:
What is the average salary of a financial examiner? What is the job market like for financial examiners? Would it be hard for you to get a job? Would this occupation be compatible with your personality and interests? What kind of education do you need to become a financial examiner? What will happen to financial examiners ten years from now? Let's get started.
Monitor the condition of banks and other financial institutions Review balance sheets, operating income and expense accounts, and loan documentation to confirm an institution's assets and liabilities Prepare reports that detail an institution’s safety and soundness Examine the minutes of meetings of managers and directors Train other examiners in the financial examination process Review and analyze new regulations and policies to determine their impact on an institution Establish guidelines for procedures and policies that comply with new and revised regulations Financial examiners typically work in one of two main areas: risk assessment or consumer compliance.
Those working in risk assessment evaluate the health of financial institutions. Their role is to ensure that banks and other financial institutions offer safe loans and that they have enough cash on hand to manage unexpected losses. These procedures help ensure that the financial system as a whole remains stable. These examiners also evaluate the performance of bank managers.
Financial examiners working in consumer compliance monitor lending activity to ensure that borrowers are treated fairly. They ensure that banks extend loans that borrowers are likely to be able to pay back. They help borrowers avoid “predatory loans”—loans that may generate profit for banks through high interest payments but may be costly to borrowers and damage their credit scores. Examiners also ensure that banks do not discriminate against borrowers based on race, ethnicity, or other characteristics.
