### Bureau of Labor Statistics U.S. Bureau of Labor Statistics

Financial Examiners Summary
                        
            
                                                        
                                                                
                        
            
            
            
                            
                                                
                                                
                                                
                                                
            						
							
				                                                
                                            




            			financial examiners imageFinancial examiners ensure compliance with laws governing financial institutions and transactions.							
						Quick Facts:     Financial Examiners2023     Median Pay
            						$84,300     per year
										$40.53     per hourTypical Entry-Level Education
                                    Bachelor's degreeWork Experience in a Related Occupation
                                    NoneOn-the-job Training
                                    Long-term on-the-job trainingNumber of Jobs, 2022
                                    65,600Job Outlook, 2022-32
                                    20% (Much faster than average)Employment Change, 2022-32
                                    12,800What Financial Examiners Do
                                                
                        
                        
Financial examiners ensure compliance with laws that govern institutions handling monetary transactions.
            
                        Work Environment
                        
Most financial examiners work for the finance and insurance industry, the federal government, or state governments. Most financial examiners work full time.
            
                                                How to Become a Financial Examiner
                                                
                        
Financial examiners typically need a bachelor’s degree that includes some coursework in accounting. Entry-level examiners are trained on the job by senior examiners.
            
                        Pay
                        												                            																				    														The median annual wage for financial examiners was $84,300 in May 2023.									                                					
						
            
                        Job Outlook
                        						
												Employment							of financial examiners is projected to grow							 20 percent from 2022 to 2032, much faster than the average for all occupations.
						About 6,300 openings for financial examiners are projected each year, on average, over the decade.
            			
            			 Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
						State & Area Data
                       Explore resources for employment and wages by state and area for financial examiners.
            
            
						
                        Similar Occupations
                        
                                                    Compare the job duties, education, job growth, and pay of financial examiners with similar occupations.
            
            
                        More Information, Including Links to O*NET
                        
                                               
                        Learn more about financial examiners by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations.
 What Financial Examiners Do 
            

			Financial examinersFinancial examiners working in consumer compliance monitor lending activity to ensure that borrowers are treated fairly.			
Financial examiners ensure compliance with laws that govern institutions handling monetary transactions. They review balance sheets, evaluate the risk level of loans, and assess bank management.
Duties
Financial examiners typically do the following:
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 regulationsFinancial 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.
 Work Environment
			Financial examinersFinancial examiners typically work in offices. They frequently have to travel to inspect a bank onsite.			

	    
				
	
	
	
	
	
	
	    					 Financial examiners held about 65,600 jobs in 2022. The largest employers of financial examiners were as follows:
        Credit intermediation and related activities
                42%Securities, commodity contracts, and other financial investments and related activities
                15Federal government
                10Management of companies and enterprises
                9State government, excluding education and hospitals
                8Financial examiners typically work in offices. They frequently have to travel to inspect a bank onsite.
Work Schedules
Most financial examiners work full time.
 How to Become a Financial Examiner

			Financial examinersProfessional certification, although not required, indicates competency for financial examiners who have it.			
Financial examiners typically need a bachelor’s degree that includes some coursework in accounting. Entry-level examiners are trained on the job by senior examiners.
Education
Financial examiners typically need a bachelor’s degree to enter the occupation. A degree in business or a related field is common. Coursework should include accounting, finance, or related subjects.
Licenses, Certifications, and Registrations
Although it is not required, professional certification indicates competencies for financial examiners who have it. The Society of Financial Examiners (SOFE) offers the Accredited Financial Examiner (AFE) and the Certified Financial Examiner (CFE) designations. Both may be earned after completing extensive requirements and passing a series of examinations. Continuing education is required to maintain these designations.
Some financial examiners become Certified Public Accountants (CPAs). CPAs are licensed by their state’s Board of Accountancy. Becoming a CPA requires passing a national exam and meeting other state requirements.
Training
Once hired, financial examiners receive on-the-job training. Entry-level workers learn their job duties while supervised by senior examiners. The length of training varies but typically lasts more than 1 year.
Advancement
After a few years of experience, financial examiners may advance to a senior examiner position. Senior examiners handle more complex cases and may lead examination teams. Requirements for these positions vary, but employers often prefer candidates who have a master’s degree in either accounting or business administration or who are Certified Public Accountants (CPAs).
Important Qualities
***Analytical skills.*** Financial examiners need to evaluate how well the managers of financial institutions are handling risk and whether the individual loans the institution makes are safe.
***Detail oriented.*** Financial examiners must pay close attention to minutiae when reviewing balance sheets in order to identify risky assets.
***Math skills.*** Financial examiners must do calculations and monitor balance sheets to ensure that a financial institution has available cash.
***Writing skills.*** Financial examiners regularly write reports on the safety and soundness of financial institutions. They must be able to explain technical information clearly.
 Pay

			



	
 
                                                     
            
    
                Financial ExaminersMedian annual wages, May 2023Financial examiners$84,300  Financial specialists$80,090  Total, all occupations$48,060Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics
 

	
	



		
	
	
	
The median annual wage for financial examiners was $84,300 in May 2023. 


The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $49,710, and the highest 10 percent earned more than $165,670.





		
	    					 In May 2023, the median annual wages for financial examiners in the top industries in which they worked were as follows:	
        Federal government
                $140,630Securities, commodity contracts, and other financial investments and related activities
                99,130Management of companies and enterprises
                90,300State government, excluding education and hospitals
                80,410Credit intermediation and related activities
                76,020Most financial examiners work full time.
 Job Outlook

   
        
    
          
        
    
                Financial ExaminersPercent change in employment, projected 2022-32Financial examiners20%  Financial specialists5%  Total, all occupations3%Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program
            
            
			 
	
	
	

			Employment				of financial examiners is projected to grow				 20 percent from 2022 to 2032, much faster than the average for all occupations.
			
			About 6,300 openings for financial examiners are projected each year, on average, over the decade.
			
			 Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
			Employment
	
			
Demand for these workers has risen, particularly in the financial industry, because of the need for banking institutions to comply with federal regulation. More of these institutions are hiring financial examiners to help navigate the regulatory environment and reduce the cost of compliance. Financial examiners also will continue to be needed at the federal level to enforce regulations.
			

                        Employment projections data for     financial examiners, 2022-32
                Occupational Title
                        SOC Code
                        Employment, 2022
                        Projected Employment, 2032
                        Change, 2022-32
                        Employment by IndustryPercent
                        NumericSOURCE: U.S. Bureau of Labor Statistics, Employment Projections program**Financial examiners**
			13-2061
			65,600
			78,500
			20
			12,800
			Get data
 State & Area Data **Occupational Employment and Wage Statistics (OEWS)** The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. These estimates are available for the nation as a whole, for individual states, and for metropolitan and nonmetropolitan areas. The link(s) below go to OES data maps for employment and wages by state and area. Financial examiners **Projections Central** Occupational employment projections are developed for all states by Labor Market Information (LMI) or individual state Employment Projections offices. All state projections data are available at www.projectionscentral.com. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. In addition, states may produce projections for areas; there are links to each state’s websites where these data may be retrieved. **CareerOneStop** CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code.
 Similar Occupations This table shows a list of occupations with job duties that are similar to those of financial examiners. Occupation
                Job Duties
                ENTRY-LEVEL EDUCATION
                2023     MEDIAN PAY**Accountants and Auditors**
            Accountants and auditors prepare and examine financial records.
            Bachelor's degree
            $79,880**Budget Analysts**
            Budget analysts help public and private organizations plan their finances.
            Bachelor's degree
            $84,940**Financial Analysts**
            Financial analysts guide businesses and individuals in decisions about expending money to attain profit.
            Bachelor's degree
            $99,890**Loan Officers**
            Loan officers evaluate, authorize, or recommend approval of loan applications.
            Bachelor's degree
            $69,990**Tax Examiners and Collectors, and Revenue Agents**
            Tax examiners and collectors, and revenue agents determine how much is owed in taxes and collect tax from individuals and businesses on behalf of the government.
            Bachelor's degree
            $58,530**Management Analysts**
            Management analysts recommend ways to improve an organization’s efficiency.
            Bachelor's degree
            $99,410**Personal Financial Advisors**
            Personal financial advisors provide advice to help individuals manage their money and plan for their financial future.
            Bachelor's degree
            $99,580**Private Detectives and Investigators**
            Private detectives and investigators gather, analyze, and report information to clients regarding legal or personal matters.
            High school diploma or equivalent
            $49,540
 Contacts for More Information
								
For more information about financial examiners, visit
Federal Deposit Insurance Corporation
Consumer Financial Protection Bureau
For more information about the certification, visit
Society of Financial Examiners
For more information about the Certified Public Accountant (CPA) license, the Chartered Global Management Accountant (CGMA), and other designations, visit
American Institute of Certified Public Accountants (AICPA)

                                                
                                                        
                                                                                                    O*NET
                                        Financial Examiners
 Suggested citation: Bureau of Labor Statistics, U.S.  Department of Labor, Occupational Outlook Handbook, Financial Examiners, 
        	 at https://www.bls.gov/ooh/business-and-financial/financial-examiners.htm (visited *May 21, 2024*).
 **Last Modified Date:**
                        Wednesday, April 17, 2024


**U.S. Bureau of Labor Statistics**
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