Financial examiners perform many duties in the field. One of the most important ones is reviewing financial records to detect potential fraud and illegal activity. They also inspect bank documents and check out loan documentation to verify asset and liability amounts, operating expenses, and profit and loss statements. In some cases, a financial examiner will also review current laws or regulations affecting banks and lenders, such as the Truth in Lending Act (TILA) and the Fair Debt Collection Practices Act (FDCPA).
There are two main types of financial examiners: commercial examiners and consumer Compliance examiners. Commercial financial examiners monitor the financial condition of large to medium-sized commercial banks and credit unions. They also review loan documentation and perform assessments of how well lenders comply with federal and state consumer protection laws. Most commercial examiners have law experience and can speak about the specifics of laws in the areas they oversee. Consumer examiners, however, review financial institutions’ compliance with a different set of laws, such as fair debt collection practices.
Some other important jobs in the industry include consumer specialists and compliance experts. Consumer specialists are responsible for implementing and enforcing anti-fraudulent and anti-spam rules for financial institutions and credit card companies. These specialists gather information from lenders and banks and track down people who are illegally making purchases. They ensure that the proper procedures are followed and that high standards are maintained. This role requires an individual to be detail-oriented, analytical and able to communicate well with others.
The Federal Trade Commission (FTC) is another important body in the field of how to become a financial examiner. The FTC works with other federal agencies to ensure fair and consistent regulation of financial practices within the industry. This agency monitors and enforces financial transactions, consumer protection laws and helps to educate the public about scams and unfair practices.
How to become financial examiners can take many years of formal training. Graduates of trade schools, working as interns and working their way through corporate America can get the skills and knowledge needed to be excellent financial examiners. Courses can be at colleges or online. There are also formal programs, including the FHA Test for Financial Analysts, provided by the US Department of Housing and Urban Development (HUD). To become an FHA consultant, graduates must obtain a licensing program from HUD. A few universities also offer short courses that allow people to get a certificate in less than a month.
There are several ways for people to become financial examiners. They can go directly to work for firms that need them and begin to work as independent contractors. There is a wealth of information available on how to become a financial examiner on the internet. By networking with people who have the skill set and background needed, anyone can become certified in financial examining and open up their own practice in this field.
How to become a financial examiner can be accomplished through formal education or by taking classes online. Many people start their careers as financial examiners without formal training. They often find this job is more interesting and lucrative than what they originally thought. Working your way up the ladder from being an intern to an assistant to a licensed examiner gives the person a solid foundation for further advancement. The job market is growing and the number of job openings is expected to continue to grow for years to come.