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Career and Education Opportunities for Financial Examiners in Lexington-Fayette, Kentucky

There are many career and education opportunities for financial examiners in the Lexington-Fayette, Kentucky area. There are currently 320 working financial examiners in Kentucky; this should grow by 5% to about 330 working financial examiners in the state by 2016. 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%. Financial examiners generally 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 $33 per hour or $70,600 annually on average in Kentucky and about $34 per hour or $70,930 annually on average in the U.S. as a whole. Earnings for financial examiners are better than earnings in the general category of Accounting and Auditing in Kentucky and better than general Accounting and Auditing category earnings nationally. Jobs in this field include: bank compliance officer, community reinvestment act officer , and risk manager.

The Lexington-Fayette area is home to twenty-two schools of higher education, including seven within twenty-five miles of Lexington-Fayette where you can get a degree as a financial examiner. The most common level of education for financial examiners is a Bachelor's degree. You can expect to spend about four years studying 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 Lexington-Fayette 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.
  • Insurance Underwriter. Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
  • 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

Berea College - Berea, KY

Berea College, 101 Chestnut Street, Berea, KY 40404-2182. Berea College is a small college located in Berea, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,550 students and an admission rate of 22%. Berea College has a bachelor's degree program in Accounting which graduated twenty-one students in 2008.

Georgetown College - Georgetown, KY

Georgetown College, 400 East College Street, Georgetown, KY 40324. Georgetown College is a small college located in Georgetown, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,856 students and an admission rate of 84%. Georgetown College has a bachelor's degree program in Accounting.

Eastern Kentucky University - Richmond, KY

Eastern Kentucky University, 521 Lancaster Ave, Richmond, KY 40475-3102. Eastern Kentucky University is a large university located in Richmond, Kentucky. It is a public school with primarily 4-year or above programs. It has 16,050 students and an admission rate of 69%. Eastern Kentucky University has a bachelor's degree and a postbaccalaureate certificate program in Accounting which graduated fifty and zero students respectively in 2008.

National College-Lexington - Lexington, KY

National College-Lexington, 2376 Sir Barton Way, Lexington, KY 40509. National College-Lexington is a small college located in Lexington, Kentucky. It is a private for-profit school with primarily 4-year or above programs and has 2,694 students. National College-Lexington has an associate's degree and a bachelor's degree program in Accounting which graduated forty-three and one students respectively in 2008.

Asbury College - Wilmore, KY

Asbury College, 1 Macklem Dr, Wilmore, KY 40390-1198. Asbury College is a small college located in Wilmore, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,521 students and an admission rate of 56%. Asbury College has a bachelor's degree program in Accounting which graduated two students in 2008.

Transylvania University - Lexington, KY

Transylvania University, 300 N Broadway, Lexington, KY 40508-1797. Transylvania University is a small university located in Lexington, Kentucky. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,158 students and an admission rate of 23%. Transylvania University has a bachelor's degree program in Accounting which graduated one student in 2008.

University of Kentucky - Lexington, KY

University of Kentucky, , Lexington, KY 40506-0032. University of Kentucky is a large university located in Lexington, Kentucky. It is a public school with primarily 4-year or above programs. It has 26,083 students and an admission rate of 77%. University of Kentucky has a bachelor's degree and a master's degree program in Accounting which graduated 144 and eighteen 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: Lexington-Fayette, Kentucky

Lexington-Fayette, Kentucky
Lexington-Fayette, Kentucky photo by Jonesey

Lexington-Fayette is located in Fayette County, Kentucky. It has a population of over 282,114, which has grown by 8.3% over the last ten years. The cost of living index in Lexington-Fayette, 84, is well below the national average. New single-family homes in Lexington-Fayette are valued at $167,600 on average, which is well above the state average. In 2008, seven hundred seventy-one new homes were built in Lexington-Fayette, down from 1,227 the previous year.

The three big industries for women in Lexington-Fayette are health care, educational services, and accommodation and food services. For men, it is educational services, construction, and accommodation and food services. The average travel time to work is about 19 minutes. More than 35.6% of Lexington-Fayette residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 14.5%, is higher than the state average.

The percentage of Lexington-Fayette residents that are affiliated with a religious congregation, 47.3%, is less than both the national and state average. Victory Baptist Church, Aldersgate Church and Trinity Hill United Methodist Church are all churches located in Lexington-Fayette. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Lexington-Fayette is home to the Tates Creek Country Club and the Home of Henry Clay as well as Kentucky State Horse Park and Duncan Park. Shopping centers in the area include Fayette Mall, Turfland Mall and Lexington Mall.