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Career and Education Opportunities for Financial Examiners in Elgin, Illinois

There are many career and education opportunities for financial examiners in the Elgin, Illinois area. About 1,500 people are currently employed as financial examiners in Illinois. By 2016, this is expected to grow 3% to about 1,540 people employed. This is not quite as good as the nation as a whole, where employment opportunities for financial examiners are expected to grow by about 41.2%. In general, financial examiners enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions.

Financial examiners earn about $38 per hour or $79,260 annually on average in Illinois and about $34 per hour or $70,930 annually on average nationally. Earnings for financial examiners are better than earnings in the general category of Accounting and Auditing in Illinois and better than general Accounting and Auditing category earnings nationally. Financial examiners work in a variety of jobs, including: compliance officer, agent, and bank secrecy act-anti-money laundering officer .

There are fifteen schools within twenty-five miles of Elgin where you can study to be a financial examiner, among sixty-one schools of higher education total in the Elgin area. Given that the most common education level for financial examiners is a Bachelor's degree, it will take about four years to learn to be 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 Elgin 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.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • 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.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Financial Examiner Training

Elmhurst College - Elmhurst, IL

Elmhurst College, 190 Prospect Ave, Elmhurst, IL 60126-3096. Elmhurst College is a small college located in Elmhurst, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,315 students and an admission rate of 69%. Elmhurst College has a bachelor's degree and a master's degree program in Accounting.

Judson University - Elgin, IL

Judson University, 1151 N State St, Elgin, IL 60123-1498. Judson University is a small university located in Elgin, Illinois. It is a private not-for-profit school with primarily 4-year or above programs and has 1,226 students. Judson University has a bachelor's degree program in Accounting.

College of Lake County - Grayslake, IL

College of Lake County, 19351 W Washington St., Grayslake, IL 60030-1198. College of Lake County is a large college located in Grayslake, Illinois. It is a public school with primarily 2-year programs and has 16,359 students. College of Lake County has a one to two year and an associate's degree program in Accounting which graduated five and four students respectively in 2008.

Triton College - River Grove, IL

Triton College, 2000 5th Ave, River Grove, IL 60171-1995. Triton College is a large college located in River Grove, Illinois. It is a public school with primarily 2-year programs and has 15,547 students. Triton College has an associate's degree program in Accounting which graduated six students in 2008.

North Central College - Naperville, IL

North Central College, 30 N Brainard St, Naperville, IL 60540. North Central College is a small college located in Naperville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,726 students and an admission rate of 69%. North Central College has a bachelor's degree program in Accounting which graduated four students in 2008.

Aurora University - Aurora, IL

Aurora University, 347 S Gladstone Ave, Aurora, IL 60506-4892. Aurora University is a small university located in Aurora, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,291 students and an admission rate of 80%. Aurora University has a bachelor's degree program in Accounting.

Elgin Community College - Elgin, IL

Elgin Community College, 1700 Spartan Drive, Elgin, IL 60123-7193. Elgin Community College is a medium sized college located in Elgin, Illinois. It is a public school with primarily 2-year programs and has 9,821 students. Elgin Community College has an associate's degree program in Accounting which graduated five students in 2008.

University of Phoenix-Chicago Campus - Schaumburg, IL

University of Phoenix-Chicago Campus, 1500 McConnor Pkwy., Suite 700, Schaumburg, IL 60173-4399. University of Phoenix-Chicago Campus is a small university located in Schaumburg, Illinois. It is a private for-profit school with primarily 4-year or above programs and has 793 students. University of Phoenix-Chicago Campus has a bachelor's degree program in Accounting which graduated one student in 2008.

Harper College - Palatine, IL

Harper College, 1200 W Algonquin Rd, Palatine, IL 60067-7398. Harper College is a large college located in Palatine, Illinois. It is a public school with primarily 2-year programs and has 15,250 students. Harper College has a less than one year program in Accounting which graduated four students in 2008.

Benedictine University - Lisle, IL

Benedictine University, 5700 College Rd, Lisle, IL 60532-0900. Benedictine University is a medium sized university located in Lisle, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,053 students and an admission rate of 80%. Benedictine University has a bachelor's degree program in Accounting.

Rasmussen College-Aurora - Aurora, IL

Rasmussen College-Aurora, 2363 Sequoia Drive, Suite 131, Aurora, IL 60506. Rasmussen College-Aurora is a small college located in Aurora, Illinois. It is a private for-profit school with primarily 2-year programs and has 36 students. Rasmussen College-Aurora has an associate's degree program in Accounting.

Northern Illinois University - Dekalb, IL

Northern Illinois University, 1425 W. Lincoln Hwy., Dekalb, IL 60115-2825. Northern Illinois University is a large university located in Dekalb, Illinois. It is a public school with primarily 4-year or above programs. It has 24,397 students and an admission rate of 58%. Northern Illinois University has 2 areas of study related to Financial Examiner. They are:

  • Accounting, bachelor's degree and master's degree which graduated 179 and 104 students respectively in 2008.
  • Taxation, master's degree which graduated 45 students in 2008.

Lewis University - Romeoville, IL

Lewis University, One University Parkway, Romeoville, IL 60446-2200. Lewis University is a medium sized university located in Romeoville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,536 students and an admission rate of 71%. Lewis University has a bachelor's degree program in Accounting which graduated one student in 2008.

McHenry County College - Crystal Lake, IL

McHenry County College, 8900 US Hwy 14, Crystal Lake, IL 60012-2761. McHenry County College is a medium sized college located in Crystal Lake, Illinois. It is a public school with primarily 2-year programs and has 5,374 students. McHenry County College has a one to two year and an associate's degree program in Accounting which graduated one and eight students respectively in 2008.

Waubonsee Community College - Sugar Grove, IL

Waubonsee Community College, Rte 47 at Waubonsee Drive, Sugar Grove, IL 60554-0901. Waubonsee Community College is a medium sized college located in Sugar Grove, Illinois. It is a public school with primarily 2-year programs and has 9,218 students. Waubonsee Community College has a less than one year and an associate's degree program in Accounting which graduated one and eight students respectively 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: Elgin, Illinois

Elgin, Illinois
Elgin, Illinois photo by James Jordan

Elgin is located in Kane County, Illinois. It has a population of over 106,330, which has grown by 12.5% over the last ten years. The cost of living index in Elgin, 104, is above the national average. New single-family homes in Elgin cost $156,500 on average, which is far less than the state average. In 2008, three hundred thirty-two new homes were constructed in Elgin, down from seven hundred fifty-six the previous year.

The top three industries for women in Elgin are health care, educational services, and finance and insurance. For men, it is construction, metal and metal products, and administrative and support and waste management services. The average travel time to work is about 26 minutes. More than 20.5% of Elgin residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 6.0%, is lower than the state average.

The unemployment rate in Elgin is 12.4%, which is greater than Illinois's average of 10.5%.

The percentage of Elgin residents that are affiliated with a religious congregation, 56.0%, is more than both the national and state average. Holy Trinity Lutheran Church, Seventh Day Adventist Church and Saint Thomas More Roman Catholic Church are some of the churches located in Elgin. The largest religious groups are the Catholic Church, the Lutheran Church and the Evangelical Lutheran Church in America.

Elgin is home to the Fox Bluff Corporate Center and the Elgin Fire Station Number 2 as well as Wing Park and College Park. Shopping malls in the area include Wing Park Manor Shopping Center, Tyler Creek Plaza Shopping Center and Town and Country Plaza Shopping Center. Visitors to Elgin can choose from Elgin-Days Inn, Colonial Lodge Motel and Crowne Plaza for temporary stays in the area.