Financial Examiners: Salary Overview
Financial examiners review balance sheets, evaluate the risk level of loans, and assess bank management in order to ensure that the institution and the transactions comply with the laws that govern financial institutions.
Their job description typically includes monitoring the financial condition of banks and other financial institutions, preparing reports, examining the minute of meetings between managers and directors, training other examiners, reviewing and analyzing new regulations, and establishing guidelines and procedures to comply with the new regulations.
Some financial examiners work in risk assessment while others specialize in consumer compliance.
Their job description differs depending on their expertise.
Those who specialize in risk assessment evaluate financial institutions to ensure that they offer safe loans while consumer compliance financial examiners monitor lending activity to make sure that the borrowers are treated fairly.
According to the Bureau of Labor Statistics, the median annual wage for financial examiners was $81,090 as of May 2019, which means that half of all financial examiners made less than this amount while half earned more.
Salaries in this field usually range between $40,000 and more than $150,000, depending on a variety of factors, including the worker’s level of experience, his/her level of education, and the industry of employment.
Financial Examiner Salary by Industry
As mentioned earlier, the industry of employment plays an important part in determining a financial examiner’s salary.
According to the Bureau of Labor Statistics, financial examiners held approximately 60,900 jobs in the United States in 2018, most of them being employed by companies that provide credit intermediation and related activities, and by businesses in the fields of securities, commodity contracts, and other financial investment and related activities.
Another large employer for financial advisors was the federal government.
The report published by BLS shows that the average annual wage reported by financial examiners who worked for the federal government was higher than the one reported by those who worked in other sectors.
On average, financial examiners who worked for the federal government earned $121,060 per year as of May 2019 while those who worked in the field of securities, commodity contracts, and other financial investment and related activities earned $90,120 per year, on average.
The average annual wage was $85,550 for financial examiners employed by companies who provide management services for companies and enterprises and $73,830 for those who worked in the field of credit intermediation and related activities.
State governments hired, according to BLS, around 8 percent of all financial examiners and offered them an average annual wage of $73,040.
In 2018 the highest paying field for financial advisors was the federal executive branch.
Financial examiners employed in this sector reported an average annual wage of $127,720 a year.
The second-highest paying employer was the field of scientific research and development services- a sector that hired only a few financial examiners and paid them, on average, with $124,720 a year.
Financial examiners who worked for the Central Bank reported an average annual wage of $109,700 in May 2018- also higher than the median for this profession.
Salaries for this occupation vary on a variety of other factors, besides the industry of employment.
The top-paying state for this profession was, in 2018, the District of Columbia.
Financial examiners who worked in this region reportedly earned, on average, $157,860 a year, almost triple the salary earned by financial examiners in Alabama- a state where the average pay for this profession was only $59,910.
Other top-paying states where the average annual wage was over the $100,000 mark were New York, New Jersey, California, and Connecticut.
The lowest salaries were reported in Alabama, South Carolina, West Virginia, Maine, Iowa, Kentucky, Arizona, Nevada, and Oregon- states where the reported average annual wage for this profession was below $70,000.
Employment prospects for financial examiners are looking good in the future.
According to the Bureau of Labor Statistics, this profession is projected to grow 7 percent from 2018 to 2028.
Their services are sought after because financial institutions need to make sure that they effectively comply with regulations.
* Based on information from the May 2021 salary report from the BLS. The figures represent accumulated data for all states of employment for Financial Examiners. BLS data represents averages and medians for workers at all levels of education and experience. This data doesn't represent starting salaries.
* Employment conditions in your area may vary.