Bank Examiners: Job Description, Education, Skills, Duties, Earnings and Outlook
Submitted by: paula
Job Overview In the old days, banking system was not organized and stable. It greatly affected financial organizations and people withdrew their money from banks. This created a bank panic and even the banks did not have enough cash. The establishment of Federal Deposit Insurance Corporation (FDIC) prevented unsound bank practices and stabilized the banking system. Banks are now examined yearly by more than one regulatory organization. A bank examiner's role is very important since it protects the account holders and their investments and the federal and state government.
Education, Knowledge and Trainings Required
Mathematics courses like Statistics, Algebra, Business and Geometry will be needed by individuals who would want to pursue a career as bank examiner. Computer class is needed. Since the job would require research, compiling and presenting reports, English class is beneficial. College degree in Commercial or Banking Law, Economics, Accounting, Business Administration or any business-related courses is required. Five or more years of experience in examining or auditing financial institution is required.
Skills and Abilities
Bank examiners should be keen to details and observant.
They need to know how to interact with different professionals in the financial institutions. They need to be updated with laws and regulations, changes in banking system and computer developments. They will be required to travel to examine banks in one state to the other. They should have strong critical thinking and analytical skills as well .
Duties
It is the main objective of the bank examiners is to make sure that banks remain safe and strong. They are responsible in taking care of money that people deposited in the bank. They make sure that rules and regulations set by the state or federal organization is enforced in the bank. They travel to different banks and examine the bank for a few weeks or months. Their stay in the bank would depend on the size of the bank. They are different from accountants or auditors since they examine the policies and financial records of the bank. It is their responsibility to observe the banks daily operation and to interview employees and managers. They should analyze all the information gathered, make a conclusion and prepare a report to be presented to the regulatory agency. Once the report is reviewed, they will be sent to the bank’s board of directors and problems identified should be corrected. There will be penalties or fines for banks that fail to correct the problem.
Earnings and Job Outlook
Bank examiners’ income ranges from $33,950 to $111,2000. Their average income is around $63,090. They also receive excellent benefits and are well-compensated. Financial institutions are being examined frequently because there are changes on the regulations set by the government. This profession provides a good job security. Job openings are primarily brought about by the vancancies due to those people who are promoted to a higher position or because of retirement.
Paula Hiz is a researcher and a human resource specialist who helps newly graduates, job applicants and post graduate professionals be aware of their job opportunities and available trainings for skills and practice upgrading.
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Word Count: 522 Date: Thu, 25 Nov 2010 Time: 7:51 PM
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