Salary Information for Financial ExaminersCareer News November 15, 2013
The salary range for financial examiners is as wide as the job title may suggest. A bank examiner brings in $93,000 a year, while a voucher examiner brings in only $30,000 a year. The range runs from $40,000 (for most jobs) to $102,000, with a median income of around $67,000 a year. The range is broad because this is the breadth of the responsibilities and demands.
One can imagine that a bank examiner would have to be talented with numbers, willing to work long hours during tax season, and particularly feverish hours during an audit. A voucher examiner, on the other hand, would most likely get all weekends and holidays off and have only nominally but comparatively stressful time periods.
Why the Broad Disparity?
Although all applicants must hold a bachelor’s degree in accounting, economics, finance or related degrees, the intrinsic abilities of applicants is considered. Equally important is the ability to network and skill with math and analytics. CPA Certification, as well as experience in loans, balance sheets, and bank management is also an advantage worth seeking. Three years of working experience and taking exams is also a booster for job interviews, and an indicator of your future salary.
The most intensive of the financial jobs have the simplest job description. An in-house financial examiner looks, at the company, to see if it is obeying the laws and gives an honest accounting of the business’ activities. Sounds simple and yet it involves a multitude of laws, techniques and practices. A government financial examiner will look at exactly the same facts and figures and try to prove the opposite.
Both government and in house financial examiners look, at the company, to see if it is spending money wisely, and if the company is financially stable in the present and the projected future. If you work for a bank or the government, you will look to see if the company can withstand a downturn. The intensity and importance of these positions suggest why salaries vary.
How Work Will Affect Your Earnings
Job titles are wide and cover the gamut of the financial world. Auditor, compliance examiner, bank examiner, claims examiner and numerous other titles fall into this range. The more difficult the job, the more income you will receive. For instance, consider median income was just shy of $68,000.
There does seem to be a growth taking place in the profession; upwards of 27% over the next 10 years. That estimate came before the new laws and restrictions of the Affordable Care Act were known. The new laws will make the need for examiners at business, state and federal levels even greater.
Benefits included in this Career
This can be a mentally rigorous job, but one just as rewarding personally and financially. Depending on which company or government you choose to work for, you may even get those coveted weekends and holidays off!
This is a strong and growing career that offers the ability to work very late into your life. Arthritis or bone disease is not likely to hinder you. On the other hand, carpal tunnel can be a scourge in this position. As long as you have eyesight and good mental facilities, this job allows you to work and feel productive for as long as you may choose.