The Average Salary of a Financial Examiner: What to Expect

Financial examiners play a crucial role in ensuring the stability and integrity of the financial system. They are responsible for examining financial institutions and organizations to ensure compliance with laws and regulations, and to prevent financial fraud and abuse. Due to the important nature of their work, many people are interested in the average salary of a financial examiner and what to expect from this career.

The average salary of a financial examiner varies depending on several factors, such as experience, level of education, and location. According to the Bureau of Labor Statistics, the median annual wage for financial examiners was $81,410 in May 2021, with the top 10% earning more than $131,400 per year.

Experience is one of the biggest factors that affect a financial examiner's salary. Here is a general guide to financial examiner salaries based on experience:

• Entry-Level Financial Examiner: Financial examiners who are just starting out in their careers can expect to earn a starting salary in the range of $50,000 to $70,000. At this level, you will be working under the supervision of a more senior financial examiner, conducting routine audits and assessments, and developing your skills and knowledge.
• Junior Financial Examiner: As you gain experience and take on more responsibilities, you may be promoted to a junior financial examiner role. In this role, you may lead smaller audit teams and work more independently, which can result in a higher salary of $60,000 to $85,000.
• Senior Financial Examiner: They are responsible for overseeing complex audits and investigations and ensuring that financial institutions comply with regulations. They are also often involved in developing and implementing policies and procedures for their organization. A senior financial examiner can expect to earn a salary in the range of $75,000 to $120,000.
• Lead Financial Examiner: They are responsible for managing large audit teams and working with senior management to ensure that the organization's goals and objectives are met. They may also be involved in developing and implementing new programs and initiatives. Lead financial examiners can expect to earn a salary of $100,000 to $150,000 or more.

Level of education is also an important factor in determining a financial examiner's salary.  Here is a general guide to financial examiner salaries based on level of education:

• Bachelor's Degree: Financial examiners with a bachelor's degree in finance, accounting, or a related field can expect to earn a starting salary in the range of $50,000 to $70,000. A bachelor's degree is typically the minimum requirement for entry-level financial examiner positions.
• Master's Degree: Financial examiners with a master's degree in finance, accounting, or a related field can expect to earn a higher salary than those with only a bachelor's degree. A master's degree can demonstrate a higher level of expertise and skills, and can result in a salary in the range of $60,000 to $90,000.
• Professional Certifications: Financial examiners who hold professional certifications, such as the Certified Public Accountant (CPA) or Certified Financial Examiner (CFE), can command higher salaries. These certifications demonstrate a commitment to professional development and a high level of knowledge and skill, and can result in a salary of $75,000 to $120,000 or more.

Location is another important factor that affects a financial examiner's salary. Here is a general guide to financial examiner salaries based on location:

• Metropolitan Areas: Financial examiners who work in metropolitan areas, such as New York, Los Angeles, or Chicago, can expect to earn higher salaries due to the higher cost of living in these areas and the greater demand for financial services. In these areas, a financial examiner can expect to earn a salary in the range of $60,000 to $120,000 or more.
• Suburban Areas: Financial examiners who work in suburban areas, such as in the suburbs of a metropolitan area or in smaller cities, can expect to earn lower salaries due to the lower cost of living in these areas. In these areas, a financial examiner can expect to earn a salary in the range of $50,000 to $85,000.
• Rural Areas: Financial examiners who work in rural areas can expect to earn the lowest salaries due to the lower demand for financial services in these areas and the lower cost of living. In these areas, a financial examiner can expect to earn a salary in the range of $45,000 to $75,000.

Financial examiners working in the public sector, such as those employed by federal or state government agencies, typically earn a lower salary compared to those working in the private sector. However, government jobs offer stability, a comprehensive benefits package, and the opportunity to advance within the organization.

Financial examiners working in the private sector, such as those employed by banks, investment firms, or accounting firms, typically earn a higher salary compared to those in the public sector. However, private sector jobs may offer less stability and may require longer hours and more demanding workloads.

Financial examiners can also increase their salary by acquiring additional certifications, such as the Certified Regulatory and Compliance Professional (CRCP) or the Certified Internal Auditor (CIA). These certifications demonstrate a level of expertise and can help financial examiners stand out in a competitive job market.

In addition to a competitive salary, financial examiners can also expect a comprehensive benefits package, including health insurance, retirement plans, paid time off, and opportunities for professional development.

In conclusion, the average salary of a financial examiner can vary depending on several factors, including experience, level of education, location, and type of employer. Entry-level financial examiners can expect to earn a lower salary, while experienced financial examiners with advanced degrees can earn more than $100,000 per year. Financial examiners can also increase their salary by acquiring additional certifications and taking advantage of professional development opportunities. If you are interested in a career as a financial examiner, be sure to consider the factors that affect salary and choose a career path that aligns with your goals and aspirations.