Who is Financial Examiner?
Financial examiners make sure that the financial institutions are in line with the laws and regulations. They are also hired to make sure that the transactions, both financial and real estate, are done in accordance with the rules governing them. They assess the risk involved with the loans, the probabilities of losses, account management and balance sheet maintenance etc. the work nature of the financial examiners may vary. Those who work in the risk assessment area are more concerned about the financial institution, profit, and stability. In contrast, consumer compliance work officials work to ensure that the borrowers do not face any form of injustice.
Typical day at work
What does Financial Examiner do?
Financial examiners make ensuring that the regulations that regulate financial institutions and transactions are followed. In addition, they are responsible for various roles, such as monitoring the condition of banks and other financial institutions. Review balance sheets, operating income and expense accounts, and loan documentation to confirm an institution's assets and liabilities; prepare reports that detail an institution's safety and soundness.
- One of the main functions of the examiner is to monitor the financial condition of institutions. Through inspection of the balance sheets and documents, the assets, liabilities, income, and expenditure of the institution is evaluated.
- To make sure the resources are not dangerously low enough to threaten the existence of the institution under a crisis or loss
- The internal control procedures such as cash reserves, assigned, collateral and bank owned securities are checked.
- To review lending, deposit and other transactions
- To identify any malpractices, involving risky services, transactions that may prove disadvantageous for both the institution and consumers are identified and reported.
- To provide accurate information and guidance regarding the rules and regulations governing them.
- To assess the minutes of the manager and director board meetings to ensure the compliance.
- To create reports on the evaluation conclusions and to communicate them with the institution in a crisp and clear manner.
- Upon discrepancies in compliance to the laws, appropriate corrective actions has to be kept forward.
- To review the impact of the new rules and regulations as well as to establish guidelines to adhere to the new ones.
- To help the consumers avoid falling pray for unethical loan schemes and not to face discrimination.
- To train the new employees
Abilities & aptitude needed
What are the skills, abilities & aptitude needed to become Financial Examiner?
- The soft skills required for a financial examiner are interpersonal and communication skills. The employees usually have to work with teams in analyzing the financial status and security of an institution. Therefore, interpersonal and communication skills would enhance teamwork.
- They also have to communicate the conclusions made by the evaluation to the employers of the institution in a crisp and precise manner. The requirement for a report at the end of the evaluation would make writing skills handy. The technical information has to be mentioned in the report too.
- A financial examiner must possess analytical skills to identify whether the services provided by the institutions are safe for them as well as the consumers. The ability of the managers to handle the risk, if at all it arises, is possible only with a sharp analytical mind.
- Attention to detail and mathematical skills are required to cross-check the balance sheets, evaluate the presence of minimum cash reserve required, and identify risky assets.
- Along with identifying the problem, the employees are also entitled to suggest solutions, and this would require them to have creative thinking and problem-solving skills. The additional technical knowledge, such as the softwares Hyperion, SAP, and QuickBooks, would enable easy operation of these accounting programs maintained by most officials.
Which course I can pursue?
Which are the best colleges to attend to become Financial Examiner?
Hindu College, Delhi
Delhi | Delhi UniversityNIRF Rank : 2
Presidency College, Chennai
Chennai | UGCNIRF Rank : 3
Loyola College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 6
Xavier Labour Relations Institute, Jamshedpur
, Jamshedpur, Jharkhand 831001 | AACSBNIRF Rank : 7
Hans Raj College, Delhi
Delhi | Delhi University,UGCNIRF Rank : 9
Savitribai Phule Pune University, Pune
Pune, Maharashtra | Savitribai Phule Pune University, PuneNIRF Rank : 10
Madras Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 13
S. P. Jain Institute of Management and Research, Mumbai
Mumbai | AIUNIRF Rank : 16
Punjabi University, Patiala
Patiala, Punjab | UGC, NAAC.AIUNIRF Rank : 18
Banasthali Vidyapith, Banasthali
Jaipur, Rajasthan | UGCNIRF Rank : 19
Symbiosis Institute of Business Management, Pune
Lavale, Maharashtra | Symbiosis International University, PuneNIRF Rank : 20
PSGR Krishnammal College for Women, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 22
Indian Institute of Management Shillong
Shillong, Meghalaya | AutonomousNIRF Rank : 24
Fergusson College, Pune
Pune | Savitribai Phule Pune UnisversityNIRF Rank : 27
Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur
Nagpur, Maharashtra | UGC,AIUNIRF Rank : 29
Scott Christian College, Nagercoil
Nagercoil, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 30
Women`s Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 32
Maharshi Dayanand University, Rohtak
Rohtak, Haryana | UGC, NAAC-ANIRF Rank : 32
Thiagarajar College, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 34
Loyola Institute of Business Administration, Chennai
Chennai, Tamil Nadu |NIRF Rank : 36
Banaras Hindu University, Varanasi
Varanasi | ACU AIU NAAC UGCNIRF Rank : 39
St. Joseph's College, Tiruchirappalli
Tiruchirappalli, Tamil Nadu | Bharathidasan University, TiruchirappalliNIRF Rank : 39
Queen Mary`s College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 40
Alliance University, Bengaluru
Bengaluru | UCCNIRF Rank : 42
Xavier University, Bhubaneswar
Bhubaneshwar | UGC,NBA,AIUNIRF Rank : 44
Sri Padmavati Mahila Visvavidyalayam, Tirupathi
Tirupati, Andhra Pradesh | UGCNIRF Rank : 46
Govt. College for Women, Thiruvananthapuram
Thiruvananthapuram Kerala | Kerela UniversityNIRF Rank : 47
Pt. Ravishankar Shukla University, Raipur
Raipur, Chhattisgarh | UGCNIRF Rank : 48
Kanchi Mamunivar Centre for Post Graduate Studies, Puducherry
Puducherry | Pondicherry UniversityNIRF Rank : 49
Lovely Professional University, Phagwara
Phagwara, Punjab | UGC, AIU, PCI, NCTE, COA, ACBSP,NIRF Rank : 52
VELS Institute of Science Technology and Advanced Studies, Chennai
Chennai, Tamil Nadu | ?UGC NAACNIRF Rank : 52
Sri Krishna Arts and Science College, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 53
Kurukshetra University, Kurukshetra
Thanesar, Haryana | UGCNIRF Rank : 53
Sam Higginbottom Institute of Agriculture, Technology and Sciences, Allahabad
Allahabad, Uttar Pradesh | UGC, ACU AIU IAU IAUANIRF Rank : 56
St. Xavier's College, Ahmedabad
Gujarat | Gujarat UniversityNIRF Rank : 56
Sacred Heart College, Ernakulam
Thevara, Kochi | Mahatma Gandhi University, KottayamNIRF Rank : 57
Stella Maris College for Women, Chennai
Chennai | University of MadrasNIRF Rank : 58
Koneru Lakshmaiah Education Foundation University(K L College of Engineering), Vaddeswaram
Guntur, Andhra Pradesh | University Grants Commission, All India Council for Technical EducationNIRF Rank : 58
National Institute of Technology Hamirpur
Ubak, Himachal Pradesh | Ministry of Human Resource DevelopmentNIRF Rank : 60
Shoolini University of Biotechnology and Management Sciences, Solan
Solan, Himachal Pradesh | UGCNIRF Rank : 65
Mohanlal Sukhadia University, Udaipur
Udaipur, Rajasthan | Mohanlal Sukhadia University, UdaipurNIRF Rank : 67
SRM Institute of Science and Technology, Chennai
Kattankulathur, Tamil Nadu | SRM University, ChennaiNIRF Rank : 73
Lal Bahadur Shastri Institute of Management, Delhi
New Delhi, Delhi | AICTENIRF Rank : 74
St. Francis College for Women, Hyderabad
Hyderabad, Telangana | Osmania University, HyderabadNIRF Rank : 95
St. Xavier's College, Mumbai
Mumbai, Maharashtra | University of MumbaiNIRF Rank : 96
Muthurangam Govt. Arts College, Vellore
Vellore, Tamil Nadu | Thiruvalluvar University, VelloreNIRF Rank : 98
NITTE Meenakshi Institute of Technology, Bengaluru
Govindapura, Karnataka | Visvesvaraya Technological University, BelagaviNIRF Rank : 142
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Are there internships available for Financial Examiner?
What does the future look like for Financial Examiner?
The industry is expecting 7% growth through 2028. Typically, financial examiners have a full-time office job; they also travel to assess the banks on-site. In addition, they usually get to work with the management of companies and enterprises, securities, commodity contracts and other financial investment-related activities, the federal government, state government etc. With experience, the financial examiners could get promoted to senior examiners and lead the team. A master's in accounting and finance-related studies would enhance the chances of promotion.
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