Financial Examiner Job Duties, Requirements and Salary
Exciting Investigative Work
Since 1996, we have been a world of cyber-reality. Unfortunately, this includes cyber crime, but the field of Financial Examination and the related careers in Forensic Accounting are keeping pace with such crime and blocking its actions.
Financial Examination is more than checking columns of inventory and money figures - it is a form of Criminology that is very important and becoming vital int he worlds of finance, business, government, healthcare, and defense.
These occupations are exciting, well-paid, and much respected, earning its successful job holders praise and advancement in the world of finance. Experts in this field can work in banks, large corporations, casinos, government agencies, and even the clandestine services of dozens of governments ala TV's NCIS and CIS.
If you are interest6ed in this field, you could work for the FBI or Interpol or a White House task force on cyber crime.
A Hot Job In America
The position of Financial Examiner is on the list of the Top 10 Hottest Jobs predicted for the future by the US Federal Government. The numbers of job listings in this and similar positions are likely to increase significantly from 2015 2025.
Financial Examiners need a Bachelor's degree in accounting, economics, finance or a very similar field. They require Certification as an Accredited Financial Examiner (AFE) or must active seek that certificate. Most positions require that they have three or more years' experience; for example, in auditing, taxes, etc. Skills include math, analytics, loans, balance sheets, and bank management. The 2014 median salary in the USA was $76,300.
New Laws Mean More Jobs!
Quote from ReedSmith.com: Adjusting to CFPB's Auto Finance Examination Authority ( August 12, 2015) in Reed Smith Client Alerts. Authors: D. Patrick Yoest, Nicholas F.B. Smyth, Robert M. Jaworski
On Aug. 31, the Consumer Financial Protection Bureau rule that enables the CFPB to supervise the biggest non-bank automobile finance companies will take effect, subjecting the auto finance industry to new and unprecedented regulatory scrutiny.
The mention of "scrutiny" means that more work will be required of Financial Examiners and Forensic Accountants, leading to the requirement to hire new workers to handle a much increased work load in the large automobile and auto-finance industry in America.
How good is a career in Financial Examination and Forensic Accounting?
Financial Examination as a Career
American Salaries and Locations
Jobs advertised during August - September 2015 in this career field offer a range of annual salaries. Most of these job titles are attached to annual figures of $60,000 per year to over $120,000 yearly; but some entry level positions $40,000 to $59,000 per year. Benefits and perks are paid in addition to salary and depend on the company or government agency of hire.
The large metropolitan areas of the United States that need the most workers in this field include New York City, which usually advertises the most jobs of any sort in the country; Dallas and Houston, Texas; Chicago; Washington DC and McLean, Virginia; San Francisco and Los Angeles; Atlanta, Georgia; Boston, Massachusetts; Charlotte, North Carolina; and Phoenix, Arizona.
Your best bet, if you need to move to another city for this work, would be to move to NYC suburbs across the Hudson River for a lower cost of living, Texas, and the huge Washington DC Metroplex.
Locations for Best Chance of Hire
Notice the several cities around DC that can use more workers in Financial Examination and Forensic Accounting.
New Certification Available August 2015
Thomson Reuters company has introduced the Checkpoint Learning Forensic Accounting Certificate Program for CPAs and other accountants and auditors for building their credentials and skills in forensic investigation, especially in the areas of and litigation support. Professional education credits are also available to these workers.
A detailed description of the certification course and its benefits is presented at https://checkpointlearning.thomsonreuters.com/GetCertificate/FACP
The company is also working on using data and IT systems to increase sustainability around the world and feed a larger number of people more efficiently. Most of the public likely knows the company as a news agency. Their staff and management interests extend into taxes, life sciences and pharmacology as well. All these fields need financial examiners.
Some Usual Duties of Financial Examiners and Forensic Accountants
These frequent duties will involve both online materials and hard copy ledgers, invoices, inventories, and cash handling. Workers will:
- Examine the minutes of meetings of managers and directors of companies and agencies, including financial reports/announcements/snapshots. Keeping accurate minutes is required by law.
- Establish guidelines, procedures, policies, and remedy protocols to comply with regulations and any regulation updates.
- Examine company balance sheets, operating income accounts, expense accounts, and loan documentation. Determine exact assets and liabilities. Provide input to the annual company report and audits. Participate in internal and external audits.
- Examine flow of cash and inventories. Check invoices against inventories.
- Prepare examination reports about agency and company financial status and soundness.
- Review and analyze new regulations and policies and explain them to staff and management.
For additional useful information on job duties and educational opportunities, see The Importance of Financial Examiners and Forensic Accounting. Forensic Accounting is also becoming more important in India.
Is Something Amiss In a Business or Agency? You Can Find It.Click thumbnail to view full-size
The Companies Hiring the Most People for Financial Examination Jobs
- US Navy Reserve
- FTI Consulting
- US Department of State
- McGladrey - Assurance, tax and consulting services since 1926, expanding from Iowa to the world.
- Anthem - Insurance and Financial Products
- Price Water House Coopers
- Verizon Wireless
- Ernst and Young Financial
- Federal Reserve Bank of Philadelphia
- UT Southwestern Medical Center in Dallas
- Financial Industry Regulatory Authority, Inc - Washington DC
- First American Financial Corporation
- United States Postal Service (USPS)
- Sedgwick Claims Management Services
- York Risk Services Group Inc.
- Compliance Search
- JPMorgan Chase
- National Credit Union Administration -
- BB&T - North Carolina. One of the largest financial services holding companies in America.
Best Schools for Financial Examiners
The best schools for this career field preparation, especially in the NYC area and the large Washington DC area include those listed by Forbes Magazine:
- The Top 50 Best Business Schools - Forbes.com
Despite a shaky job market, an M.B.A. still pays for itself. We rank the 50 best programs.
© 2015 Patty Inglish