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Career and Education Opportunities for Financial Examiners in Fort Smith, Arkansas

If you want to be a financial examiner, the Fort Smith, Arkansas area offers many opportunities both for education and employment. Currently, 180 people work as financial examiners in Arkansas. This is expected to grow 12% to 210 people by 2016. This is not quite as good as the national trend for financial examiners, which sees this job pool growing by about 41.2% over the next eight years. In general, financial examiners enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions.

A person working as a financial examiner can expect to earn about $26 hourly or $55,150 yearly on average in Arkansas and about $34 hourly or $70,930 per year on average in the U.S. as a whole. Incomes for financial examiners are better than in the overall category of Accounting and Auditing in Arkansas, and better than the overall Accounting and Auditing category nationally. People working as financial examiners can fill a number of jobs, such as: bank compliance officer, treasury analyst, and financial analyst.

There are nine schools of higher education in the Fort Smith area, including one within twenty-five miles of Fort Smith where you can get a degree to start your career as a financial examiner. Financial examiners usually hold a Bachelor's degree, so you can expect to spend about four years training to become a financial examiner if you already have a high school diploma.

CAREER DESCRIPTION: Financial Examiner

Financial Examiner video from the State of New Jersey Dept. of Labor and Workforce Development

In general, financial examiners enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. They also may examine, verify correctness of, or establish authenticity of records.

Every day, financial examiners are expected to be able to think through problems and come up with general rules. They need to articulate ideas and problems. It is also important that they listen to and understand others in meetings.

It is important for financial examiners to formulate and review work of assigned subordinates. They are often called upon to investigate efforts of institutions to enforce laws and regulations and to insure legality of transactions and operations or financial solvency. They also inspect balance sheets, operating income and expense accounts, and loan documentation to confirm institution assets and liabilities. They are sometimes expected to recommend actions to insure adherence to laws and regulations, or to safeguard solvency of institutions. Somewhat less frequently, financial examiners are also expected to evaluate data processing applications for institutions under examination to evolve recommendations for coordinating existing systems with examination procedures.

Financial examiners sometimes are asked to train other examiners in the financial examination process. They also have to be able to inspect audit reports of internal and external auditors to track adequacy of scope of reports or to discover specific weaknesses in internal routines and inspect and analyze new, proposed, or revised laws, regulations and procedures to interpret their meaning and decide on their impact. And finally, they sometimes have to establish guidelines for procedures and policies that comply with new and revised regulations and direct their implementation.

Like many other jobs, financial examiners must have exceptional integrity and be thorough and dependable.

Similar jobs with educational opportunities in Fort Smith include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Financial Examiner Training

University of Arkansas-Fort Smith - Fort Smith, AR

University of Arkansas-Fort Smith, 5210 Grand Ave, Fort Smith, AR 72913-3649. University of Arkansas-Fort Smith is a medium sized university located in Fort Smith, Arkansas. It is a public school with primarily 4-year or above programs. It has 6,846 students and an admission rate of 62%. University of Arkansas-Fort Smith has a bachelor's degree program in Accounting which graduated twenty-one students in 2008.

CERTIFICATIONS

Certified Forensic Accountant: Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, auditing, and investigative skills to uncover truth, form legal opinions, and assist in investigations.

For more information, see the American College of Forensic Examiners website.

Associate in Premium Auditing: The Associate in Premium Auditing program provides a sold foundation in essential auditing, accounting, and insurance principles.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Risk Management for Public Entities: Understand the unique nature of the public sector.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Certified Treasury Professional Associate: We recognize the accomplishments of these full-time students who successfully completed the Corporate Treasury Management program at their college/university and passed the CTP exam to earn the Certified Treasury Professional Associate credential.

For more information, see the Association for Financial Professionals website.

Certified Fraud Examiner: The ACFE established and administers the Certified Fraud Examiner (CFE) designation.

For more information, see the Association of Certified Fraud Examiners website.

Certified Bank Auditor: The purpose of BAI Center for Certification - Certified Bank Auditor® (CBA) Continuing Professional Education (CPE) Program is to promote professional development and to provide a means for recognizing CBAs to keep current with industry changes or furthering their own development in banking, technology, auditing, or other disciplines that contribute to a CBA?s growth and development.

For more information, see the BAI Center for Certification website.

International Certificate in Banking Risk and Regulation: The role of risk management is becoming more important as both banks and supervisors around the world increasingly recognize that sound risk management practices are vital, not only for the success of individual banks, but also for the banking system as a whole.

For more information, see the Global Association of Risk Professionals website.

Certified IRA Services Professional: Applicable to financial services professionals who have dedicated IRA operational and technical experience.

For more information, see the Institute of Certified Bankers website.

Accredited Insurance Examiner: An Accredited Insurance Examiner (AIE) is awarded to insurance regulatory professionals who have been extensively trained in one of two primary fields of insurance regulation, Property and Casualty or Life and Health.

For more information, see the Insurance Regulatory Examiners Society website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

Economic Development Finance Professional: In NDC's EDFP Certification Program you will build the capacity to translate development opportunities into results for their communities.

For more information, see the The National Development Council website.

LOCATION INFORMATION: Fort Smith, Arkansas

Fort Smith, Arkansas
Fort Smith, Arkansas photo by Infrogmation

Fort Smith is located in Sebastian County, Arkansas. It has a population of over 84,716, which has grown by 5.5% in the past ten years. The cost of living index in Fort Smith, 82, is well below the national average. New single-family homes in Fort Smith are priced at $151,400 on average, which is above the state average. In 2008, two hundred one new homes were constructed in Fort Smith, down from two hundred ninety-four the previous year.

The top three industries for women in Fort Smith are health care, educational services, and accommodation and food services. For men, it is food, construction, and health care. The average travel time to work is about 17 minutes. More than 18.6% of Fort Smith residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 6.7%, is lower than the state average.

The unemployment rate in Fort Smith is 8.1%, which is greater than Arkansas's average of 6.9%.

The percentage of Fort Smith residents that are affiliated with a religious congregation, 68.8%, is more than both the national and state average. Mallalieu United Methodist Church, Loves Chapel Seventh Day Adventist Church and King Solomon Missionary Baptist Church are among the churches located in Fort Smith. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Fort Smith is home to the Fort Smith Trolly Museum and the Fort Smith Inter-Faith Community Center as well as Riverfront Park and Kay Rodgers Park. Shopping centers in the area include Laville Shopping Center, Maybranch Shopping Center and Midland Mall Shopping Center. Visitors to Fort Smith can choose from Patel P L, Westark Inn Motel and Stonewall Jackson Inn for temporary stays in the area.