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Financial examiners study the financial transactions of companies and government agencies to ensure compliance with financial laws. Approximately one-third of financial examiners are employed by federal or state governments, while others work for financial institutions and security and commodity exchanges. Financial examiners generally have an accounting background and can evaluate tax returns, balance sheets, loan documentation, and operating income and expense accounts for authenticity.

Financial examiners need to be familiar with accounting and economic principles, mathematics, and financial laws and regulations. Communication skills are also important, as financial examiners must write reports and present their findings to companies and government agencies.

Financial examiner salaries

According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for financial examiners was $74,940 in 2010. Salaries varied by location, industry and experience, and the top 10 percent of financial examiners earned a median 2010 salary of $134,820.

The federal government employed the largest number of financial examiners in 2010, and it also paid the highest average salary. The following industries offered the highest financial examiner salaries in 2010 (BLS):

1. Federal government - $104,830
2. Scientific research and development services - $101,520
3. Security and commodity exchanges - $97,110

Financial examiner salaries also vary by state. In 2010, the following states and districts had the highest average salaries for financial examiners:

1. Washington, D.C. - $128,110
2. New York - $101,610
3. New Jersey - $94,260
4. Connecticut - $92,700
5. Illinois - $90,230

Because the federal government offers the highest average salaries, many of the most lucrative financial examiner careers are based in and around Washington, D.C.

Becoming a financial examiner

Financial examiners customarily need to earn a bachelor's degree in accounting, finance or a related field. While there aren't any specialized financial examiner schools, most four-year colleges and universities offer majors in accounting and other financial fields. Over 10 percent of financial examiners also earn master's degrees, according to the BLS. Only 3 percent of financial examiners in 2010 did not hold a college degree.

Many financial examiners begin their careers performing clerical tasks, such as entering tax and financial information into databases. As they advance, they take on more responsibility analyzing data, leading their own investigations and supervising others.

In addition to education and experience, certification can help distinguish qualified financial examiners. According to the Society of Financial Examiners, the following accreditations and certifications are available:

• Accredited financial examiner
• Certified financial examiner
• Accredited financial examiner-financial/ratings analyst
• Certified financial examiner-financial/ratings analyst
• Automated examination specialist

In order to earn the above certifications, financial examiners must pass a test and fulfill continuing education requirements. Financial examiner training online can help you prepare for certification tests.

Financial examiner career outlook

According to the BLS, employment of financial examiners is expected to grow by 20 percent from 2008 to 2018. This growth is considered much faster than average, and it should result in approximately 16,000 job openings through 2018. If you enjoy number crunching and have an interest in finance law, becoming a financial examiner could be a lucrative, rewarding career choice.

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