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Details for Financial Examiners


Description

Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.

Tasks

  • Investigate activities of institutions in order to enforce laws and regulations and to ensure legality of transactions and operations or financial solvency.
  • Review and analyze new, proposed, or revised laws, regulations, policies, and procedures in order to interpret their meaning and determine their impact.
  • Plan, supervise, and review work of assigned subordinates.
  • Recommend actions to ensure compliance with laws and regulations, or to protect solvency of institutions.
  • Examine the minutes of meetings of directors, stockholders and committees in order to investigate the specific authority extended at various levels of management.
  • Prepare reports, exhibits and other supporting schedules that detail an institution's safety and soundness, compliance with laws and regulations, and recommended solutions to questionable financial conditions.
  • Review balance sheets, operating income and expense accounts, and loan documentation in order to confirm institution assets and liabilities.
  • Review audit reports of internal and external auditors in order to monitor adequacy of scope of reports or to discover specific weaknesses in internal routines.
  • Train other examiners in the financial examination process.
  • Establish guidelines for procedures and policies that comply with new and revised regulations, and direct their implementation.
  • Direct and participate in formal and informal meetings with bank directors, trustees, senior management, counsels, outside accountants and consultants in order to gather information and discuss findings.
  • Verify and inspect cash reserves, assigned collateral, and bank-owned securities in order to check internal control procedures.
  • Review applications for mergers, acquisitions, establishment of new institutions, acceptance in Federal Reserve System, or registration of securities sales in order to determine their public interest value and conformance to regulations, and recommend acceptance or rejection.
  • Resolve problems concerning the overall financial integrity of banking institutions including loan investment portfolios, capital, earnings, and specific or large troubled accounts.
  • Evaluate data processing applications for institutions under examination in order to develop recommendations for coordinating existing systems with examination procedures.
  • Confer with officials of real estate, securities, or financial institution industries in order to exchange views and discuss issues or pending cases.

Interests

  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Education, Training, Experience

  • Education - Most of these occupations require a four-year bachelor's degree, but some do not.
  • Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Experience - A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Knowledge

Skills

  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Speaking - Talking to others to convey information effectively.
  • Mathematics - Using mathematics to solve problems.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
  • Learning Strategies - Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
  • Monitoring - Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
  • Coordination - Adjusting actions in relation to others' actions.
  • Instructing - Teaching others how to do something.
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
  • Systems Analysis - Determining how a system should work and how changes in conditions, operations, and the environment will affect outcomes.
  • Systems Evaluation - Identifying measures or indicators of system performance and the actions needed to improve or correct performance, relative to the goals of the system.
  • Time Management - Managing one's own time and the time of others.
  • Management of Personnel Resources - Motivating, developing, and directing people as they work, identifying the best people for the job.

Related Careers

  • Accountants
  • Budget Analysts
  • Chief Executives
  • Economists
  • Education Administrators, Elementary and Secondary School
  • Farm and Home Management Advisors
  • Financial Managers, Branch or Department
  • Purchasing Agents and Buyers, Farm Products
  • Treasurers and Controllers
Wages for this career
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