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Do you have a knack for numbers and an eye for detail? You might consider pursuing a career in finance. There are many types of career opportunities in the finance field, including the role of financial examiner.
What is a financial examiner and what does a financial examiner do? Learn about this exciting and rewarding profession in this in-depth career guide. You’ll also learn about the steps needed to become a professional financial examiner.
Table of Contents for Financial Examiner Resource Guide
The job of a financial examiner lies at the intersection of finance and law. It is the responsibility of these professionals to monitor financial transactions and ensure that they are in full compliance with all applicable regulations. A financial examiner is also responsible for ensuring the compliance of banks and other financial institutions.
There are two main specializations for financial examiners:
If the general job description of a financial examiner appeals to you, it’s time to take a closer look at their typical daily tasks. A day in the life of a financial examiner can depend on their chosen specialization, but in general, they may do any of the following:
Senior financial examiners may also spend some time training entry-level professionals.
Now that you know the answers to the questions, “What is a financial examiner and what does a financial examiner do?” you may be wondering how to become one. If you’re in high school, you can request an appointment with your guidance counselor to discuss your career goals and current course load.
It’s recommended that students interested in finance careers take as many classes as possible in mathematics, such as:
After high school, your next step is to earn a relevant undergraduate degree. Financial examiners are expected to have at least a bachelor’s degree. As long as your degree is within the finance field and includes coursework in accounting, you have some flexibility regarding the type of degree.
For example, you might choose to earn a Bachelor of Science in Finance or a Bachelor of Science in Accounting degree. Either of these would be a solid choice for an aspiring financial examiner. Above all, make sure you choose a school that is accredited.
The specific curriculum will vary from one school to the next. In general, however, finance majors can expect to study topics such as the following:
As you can see, this type of curriculum is well suited to students who wish to pursue careers as financial examiners. However, an accounting degree would also work well. Students pursuing accounting degrees may expect to study topics such as the following:
There is some overlap between finance and accounting degree programs. The primary difference between these two degrees is that a finance degree focuses on overall money management with an eye toward revenue growth. In contrast, an accounting degree focuses on the daily operations of monetary transactions.
If you’re thinking about choosing a finance degree, be sure its curriculum would enable you to pursue a voluntary certification (see below). You may need to demonstrate that you have completed a certain number of credit hours in accounting and business law.
Hands-on training is valued in this field. While you’re working toward your degree, you should visit your campus’s career services department to discuss local internship opportunities. Some internship placements that would be ideal for a future financial examiner include the following:
An internship would give you invaluable experience, allow you to build professional connections and make your resume more attractive to hiring managers.
After you’ve earned your bachelor’s degree in finance or accounting, you’ll be ready to pursue an entry-level job as a financial examiner. It’s customary for new financial examiners to undergo a lengthy period of on-the-job training.
You can expect your company to pair you with a senior financial examiner, who will serve as your mentor and trainer. You may work under their supervision for up to one year before you’ll be considered sufficiently qualified to work independently.
It’s important to make a good impression during this time. Be sure to:
Financial examiners aren’t legally required to be licensed or certified. However, obtaining a voluntary professional certification is recommended. Certified financial examiners tend to make more desirable job candidates, and certification may qualify you to pursue senior-level positions within their organization.
The main professional organization that certifies financial examiners is the Society of Financial Examiners (SOFE). The first SOFE credential you may be eligible to pursue is the Accredited Financial Examiner (AFE) certification.
To qualify for this certification, you’ll need to demonstrate that you have a bachelor’s degree or master’s degree in accounting. Alternatively, you may qualify if you are a certified public accountant (CPA). You could also qualify if you have a bachelor’s degree in another field, such as finance, provided you can prove that the curriculum included sufficient coursework in finance or economics, accounting and business law.
You must also be a member of SOFE to qualify for the AFE certification. Furthermore, certification candidates must demonstrate at least two years of full-time work experience in a relevant position. Finally, an AFE credential requires the successful completion of four rigorous AFE exams, which are administered by SOFE. You’ll need to submit an application for approval by the SOFE committee before you can take your exams.
After you obtain the AFE credential, you’ll officially be a certified financial examiner. If you want to further enhance your job qualifications, you might choose to pursue the advanced SOFE credential: the Certified Financial Examiner (CFE) designation.
You must earn the AFE before you can earn the CFE. It’s possible to pursue both credentials concurrently, although the CFE cannot be granted until the AFE is granted.
Qualifying to pursue the CFE requires proof of certain educational requirements, such as coursework in management and general auditing. If you did not take this coursework during your bachelor’s degree program, you may still qualify if you complete a certification course or master’s degree program from an accredited school.
CFE credential candidates must also successfully complete four exams administered by SOFE. These exams cover the following topics: financial examination methods and management, enterprise risk management, reinsurance and financial analysis.
In addition to earning one or more voluntary certifications, you can increase your chances of advancing to the level of senior financial examiner by going back to school. Although it’s not required to build a career in the field, earning a master’s degree can significantly enhance your career qualifications and possibly pave the way to a promotion.
If you do decide to head back to school to earn a graduate degree, there are a few options to consider. For instance, you might decide to earn a Master of Science (MS) in Accounting or a Master of Business Administration (MBA) with an Emphasis in Accounting. These degrees are similar, but there are notable differences.
An MBA will give you a broad spectrum of business competencies in management, leadership and operations, as well as accounting competencies. In contrast, an MS is more sharply focused on specialized skills in accounting.
Which degree program is right for you all depends on your career goals. If you’re quite satisfied with your career, but want to move into a senior-level financial examining position, then an MS in Accounting could be the right choice. If you think you would rather move into management, then an MBA could help you navigate this transition.
Throughout the course of your academic and professional career, you can actively work on becoming a more effective financial examiner by cultivating some core skills and characteristics, including:
Currently, there is a strong demand for qualified financial examiners. The Bureau of Labor Statistics Occupational Outlook Handbook estimates job growth for financial examiners to increase by about 7% from 2019 to 2029, faster than average, accounting for an estimated increase of 4,900 jobs in the field.1
The demand for financial examiners in the banking industry is expected to be particularly robust. Financial institutions rely on these professionals to ensure that the institutions are in full compliance with all applicable regulations. In this niche, financial examiners are expected to help mitigate the growing costs of compliance.
If you’re passionate about the world of finance, you can build a solid foundation for success at Grand Canyon University. Apply today for enrollment in the Bachelor of Science in Accounting program or the Bachelor of Science in Finance degree offered by the renowned Colangelo College of Business.
Click on Request Info at the top of your screen to learn how to become a finance major at GCU.
1 COVID-19 has adversely affected the global economy and data from 2020 may be atypical compared to prior years. The pandemic may impact the predicted future workforce outcomes indicated by the Bureau of Labor Statistics as well. Accordingly, data shown is based on 2020, which can be found here: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Examiners
