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Career and Education Opportunities for Financial Examiners in Rockford, Illinois

If you want to be a financial examiner, the Rockford, Illinois area offers many opportunities both for education and employment. About 1,500 people are currently employed as financial examiners in Illinois. By 2016, this is expected to grow 3% to 1,540 people employed. 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 $38 per hour or $79,260 annually on average in Illinois and about $34 per hour or $70,930 per year on average in the U.S. as a whole. Financial examiners earn more than people working in the category of Accounting and Auditing generally in Illinois and more than people in the Accounting and Auditing category nationally. Financial examiners work in a variety of jobs, including: chief bank examiner, bank examiner, and agent.

The Rockford area is home to twelve schools of higher education, including five within twenty-five miles of Rockford where you can get a degree as a financial examiner. The most common level of education 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 Rockford 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.
  • 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.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Financial Examiner Training

Highland Community College - Freeport, IL

Highland Community College, 2998 W Pearl City Rd, Freeport, IL 61032-9341. Highland Community College is a small college located in Freeport, Illinois. It is a public school with primarily 2-year programs and has 1,876 students. Highland Community College has a less than one year and an associate's degree program in Accounting which graduated three and five students respectively in 2008.

Rasmussen College-Rockford - Rockford, IL

Rasmussen College-Rockford, 6000 E. State St., Fourth Floor, Rockford, IL 61108-2513. Rasmussen College-Rockford is a small college located in Rockford, Illinois. It is a private for-profit school with primarily 2-year programs and has 622 students. Rasmussen College-Rockford has an associate's degree program in Accounting which graduated two students in 2008.

Rock Valley College - Rockford, IL

Rock Valley College, 3301 N Mulford Rd, Rockford, IL 61114-5699. Rock Valley College is a medium sized college located in Rockford, Illinois. It is a public school with primarily 2-year programs and has 8,030 students. Rock Valley College has an associate's degree program in Accounting which graduated ten students in 2008.

Rockford College - Rockford, IL

Rockford College, 5050 E State St, Rockford, IL 61108-2393. Rockford College is a small college located in Rockford, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,390 students and an admission rate of 67%. Rockford College has a bachelor's degree program in Accounting which graduated seven students in 2008.

Rockford Career College - Rockford, IL

Rockford Career College, 1130 South Alpine Road, Rockford, IL 61108. Rockford Career College is a small college located in Rockford, Illinois. It is a private for-profit school with primarily 2-year programs and has 616 students. Rockford Career College has an associate's degree program in Accounting.

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: Rockford, Illinois

Rockford, Illinois
Rockford, Illinois photo by Kranar_drogin

Rockford is situated in Winnebago County, Illinois. It has a population of over 157,272, which has grown by 4.8% in the past ten years. The cost of living index in Rockford, 78, is well below the national average. New single-family homes in Rockford are valued at $125,600 on average, which is far less than the state average. In 2008, sixty-four new homes were built in Rockford, down from one hundred fifty-seven the previous year.

The three most popular industries for women in Rockford are health care, educational services, and accommodation and food services. For men, it is metal and metal products, construction, and machinery. The average commute to work is about 20 minutes. More than 19.8% of Rockford residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 7.1%, is lower than the state average.

The unemployment rate in Rockford is 17.6%, which is greater than Illinois's average of 10.5%.

The percentage of Rockford residents that are affiliated with a religious congregation, 50.0%, is less than both the national and state average. Abundant Life Assembly of God Church, South Park Covenant Church and Souls Harbor Church are among the churches located in Rockford. The largest religious groups are the Catholic Church, the Evangelical Lutheran Church in America and the United Methodist Church.

Rockford is home to the McPhail Hall and the Mary McGaw Hall as well as Ken-Rock Park and Jamestown Park. Shopping malls in the area include Alpine Village Shopping Center, Eleventh Street Plaza Shopping Center and Fairview Shopping Center. Visitors to Rockford can choose from Extended Stay America - Rockford East, Courtyard Rockford and Hampton Inn Rockford for temporary stays in the area.