ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Importance Of Financial Examiners In The US Economy

Updated on August 13, 2015
Patty Inglish, MS profile image

Ms. Inglish is a successful employment & training pro, setting Midwest regional records with tens of thousands placed in gainful employment.

Money Makes the Country Operate.
Money Makes the Country Operate. | Source


In an age of government bailouts and new Ponzi schemes coast to coast in the early 21st Century, the role of Financial Examiner is an important position in an accountability mission. These professionals ensure compliance with laws and regulations that involve banks and other financial and securities institutions, finance accountability, and real estate transactions. This usually encompasses auditing and reviewing of immense systems of company records, including private companies, non-profit organizations, and government agencies.

Since the 1980s, a number of large church organizations, also known as mega-churches or regional churches, have come under the scrutiny of financial examiners amid claims of fraud and malfeasance, especially television ministries. One of the most famous of these was the Bob Baker Ministries organization, in which pet dogs enjoyed an air conditioned dog house. A different outcome came about in Joyce Meyer Ministries when she declared that her house was too large; and she downsized. A surprising result occurred when Pastor Kenneth Hagin, now deceased, opened his books to an examiner who found that Pastor and Mrs. Hagin took no salary from the church at all; their income came form book royalties. Other large churches are viewed with a gimlet eye - by this I mean those that refuse to file the required yearly non-profit reports 990 with the IRS.

Financial schemes of such as Bernie Madoff hurt a lot of people and there have been numeorus other Ponzi schemes in the US States and many cities, often involving real estate.

Financial Examiners - Important to Government and Business

This is "Newspaper Row" in Washington, D.C., from "Harper's New Monthly Magazine" in January 1874.
This is "Newspaper Row" in Washington, D.C., from "Harper's New Monthly Magazine" in January 1874.

Increasing population size in America that results in increasing numbers of new businesses and increasing sizes of existing businesses will call for additional number of financial examiners through at least 2020 and probably beyond. All companies, by industry standard, should have an internal audit every year, and many need an outside audit (Performed by professionals not on the company payroll). Non-profits must undergo outside audits in order to qualify for additional grant funds; etc.

As a volunteer effort, an acquaintance accepted a board position with a small non-profit entity that was 12 years old. In the course of applying for youth wellness grants, she was informed by a CPA she contracted to audit the agency that the company had never undergone either an outside or an inside audit and records were sketchy. Since audits for a few years were required by the grant proposal, no funding could be awarded to the company. A few years' time was needed before the non-profit could apply for grants again.

In another local case, a medical practice was highlighted in a Medicare situation. Auditors also found that in 15 year's business, the company had never paid its Workers' Compensation or Unemployment Insurance premiums, and had withheld Social Security contributions from some employees' paychecks, but not delivered those funds to the IRS/Social Security Administration. Legal action was forthcoming. Two employees are still missing 5 years' worth of SS contributions from their retirement accounts.

Charles Ponzi, infamous for US Federal mail fraud and lacerny at the state level.
Charles Ponzi, infamous for US Federal mail fraud and lacerny at the state level.

Job Titles

Financial processes in business are vital and financial examiners will likely be in high demand for some time. With new industry sectors emerging, such as privatized space flight (commerical passenger flights and space mining for example), business will be pursued off planet, with new and greater resulting possibilities for financial error and mishap.

Financial Examiners are classified in a number of Job Titles:

  • Auditors and Senior Auditors - Often CPAs, these professionals handle many duties similar to those of financial examiners.
  • Bank Examiner
  • Bank Secrecy Act-Anti-Money Laundering Officer
  • Compliance Specialist or Officer or Analyst
  • Compliance Vice President
  • Compliance Director or Manager
  • Community Reinvestment Act Officer
  • Finance Director
  • Fraud Examiner
  • Internal Auditor

Education Required for Financial Examiners

Candidates need to have an earned Bachelor's Degree with a specific core in accounting, finance, and/or business. Some financial examiners have an MBA and/or CPA certification at upper levels of pay and responsibility.


A financial examiner is on par with a scientist or attorney. 21st Century compliance requires more frequently then before, a Forensics and CSI type of professional. Arithmetic, accounting, algebra/business mathematics, statistics, geometry, calculus -- All are practical to the work and aide in developing more extensive Critical Thinking, Comprehension, Deduction, Induction, and Complex Problem Solving skills. Experience synergizes all these into a remarkable and marketable skill set.

Some of the better episodes of TV's Numb3rs, CSI, and NCIS illustrate how vital the field of mathematics is to financial and criminal examination. Financial examiners that understand the most extensive mathematics, are tech savvy, and can speak and write well will enjoy the largest salaries and the greatest room for advancement.


Understanding circuit boards, CPUs, data chips, electronic equipment, basic and peripheral hardware, and software applications/programming are all required in financial examining and forensic accounting. The examiner must be able to use Miocrosoft 2003/2007 Word, Excel, Access, and PowerPoint; as well as several types of financial and other software programs. The examiner may also need to write software.


This professional must have a command of the structure of English, including advanced vocabulary, specialized financial terminology, spelling, document composition, and grammar at the college and graduate school level.


Business and accounting principles and practices, financial markets, banking, financial analysis, other.


Understranding of relevant law, legal codes, court processes and legal precedents, Federal and State Government regulations, executive orders, agency rules and bylaws, other.


Business management principles. Strategic and Vision Planning, resource allocation, human resources, leadership, production methods, and coordination of human and material assets; clerical skills in word processing, records management, designing forms, other.

Top 10 Cities for Financial Examiners

From 2010 through 2015, the following large cities and metro areas afforded the largest number of related job listings.

Largest Numbers Of Job Listings In Financial Examination:

  1. Washington DC - Many government positions are listed in want ads, along with many corporate jobs.
  2. New York City - Manhattan especially.
  3. Chicago
  4. San Antonio: Dropped farther down the list in the 2010s.
  5. Atlanta GA
  6. Charlotte NC
  7. McLean VA
  8. Hoffman Estates, Illinois: Dropped off the list in the 2010s.
  9. Boston MA
  10. Dallas and Houston TX

Cities that moved up the list include San Francisco and Los Angeles, along with Phoenix Arizona.


Typical Duties

  • Investigate financial and inventory transactions of legal entities such as corporations, partnerships, sole proprietorships, non-profits, government agencies, and others in order to ensure law and regulation enforcement.
  • Extensively use calculators, adding machines, Desktop and Laptop computers: PC and MAC: especially Word Processing and Spreadsheets.
  • Understand, use and sometimes develop several types of Compliance, Financial Analysis, and Project Management software
  • Analyze new and revised relevant laws, regulations, policies, and procedures.
    Supervise and train subordinates.
  • Recommend actions to ensure compliance with laws and regulations and/or to protect entity solvency. Establish related action plans and follow-up procedures and schedules.
  • Examine the legally required Minutes of the meetings of directors, stockholders, and committees to investigate the operations of management at all levels.
  • Prepare and present professional reports and exhibits and recommend solutions for compliance.
  • Examine ledgers, financial statements, balance sheets, operating income/expense accounts, loan records, inventories, etc. in determining actual assets and liabilities.
  • Review reports of internal and external auditors for improvement and make recommendations.


Sample Job Description - Salary $100,000/year or More


Commissioned Bank Examiner - Federal Reserve Bank

  • The Federal Reserve Bank seeks condidates for positions that require regular mandatory travel among several US States. This will include overnight stays up to 60% of work time.
  • The Federal Reserve offers an ongoing Training and Career Development program for Continuous Improvement and advancement.


  • Candidate will act as examiner-in -charge for planning, organizing, and controlling examination activities and supervising staff.
  • Candidate will direct examination and inspection of all phases of financial institution performance. This can include complex issues and extensive investigations.
  • Candidate will complete major portions of each examination. This includes risk management, asset quality, capital adequacy, earnings performance, securities, foreign exchange & interest rate risk management, liquidity, operations & internal controls, MIS systems, audit coverage, fiduciary trust operations, and other.
  • Candidate will prepare comprehensive examination reports with substantiating evidence in a timely manner and conduct discussion with senior management, controlling boards, etc.

Education and Others Required

  • Bachelor's Degree with concentration in accounting, finance or business desirable.
  • Examiner Commission issued by the Federal Reserve Bank.
  • 5-8 years of bank examination experience.
  • PC skills will include Microsoft Office Suite 2007, all features and applications.
  • Valid driver's license required.
  • Must be US Citizen, US National, or Green Card holder with intent to become US Citizen.


© 2010 Patty Inglish MS


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)