Career and Education Opportunities for Financial Examiners in Worcester, Massachusetts
There are many career and education opportunities for financial examiners in the Worcester, Massachusetts area. Currently, 1,400 people work as financial examiners in Massachusetts. This is expected to grow 2% to about 1,430 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.
The income of a financial examiner is about $35 per hour or $73,990 per year on average in Massachusetts. In the U.S. as a whole, their income is about $34 per hour or $70,930 annually on average. Earnings for financial examiners are better than earnings in the general category of Accounting and Auditing in Massachusetts and better than general Accounting and Auditing category earnings nationally. Financial examiners work in a variety of jobs, including: risk manager, compliance manager, and auditor.
There are six schools within twenty-five miles of Worcester where you can study to be a financial examiner, among thirty-nine schools of higher education total in the Worcester area. Given that the most common education level 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
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 Worcester 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.
- 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 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.
- Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.
EDUCATIONAL OPPORTUNITIES: Financial Examiner Training
Fitchburg State College - Fitchburg, MA
Fitchburg State College, 160 Pearl St, Fitchburg, MA 01420-2697. Fitchburg State College is a medium sized college located in Fitchburg, Massachusetts. It is a public school with primarily 4-year or above programs. It has 6,400 students and an admission rate of 66%. Fitchburg State College has a master's degree program in Accounting which graduated two students in 2008.
Quinsigamond Community College - Worcester, MA
Quinsigamond Community College, 670 West Boylston Street, Worcester, MA 01606-2092. Quinsigamond Community College is a medium sized college located in Worcester, Massachusetts. It is a public school with primarily 2-year programs and has 7,227 students. Quinsigamond Community College has a one to two year program in Accounting which graduated one student in 2008.
Assumption College - Worcester, MA
Assumption College, 500 Salisbury St, Worcester, MA 01609-1296. Assumption College is a small college located in Worcester, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,888 students and an admission rate of 71%. Assumption College has less than one year, associate's degree, and bachelor's degree programs in Accounting which graduated four, zero, and two students respectively in 2008.
Salter College-West Boylston - West Boylston, MA
Salter College-West Boylston, 184 West Boylston Suite # 1, West Boylston, MA 01583. Salter College-West Boylston is a small college located in West Boylston, Massachusetts. It is a private for-profit school with primarily 2-year programs and has 852 students. Salter College-West Boylston has a one to two year and an associate's degree program in Accounting which graduated eighteen and four students respectively in 2008.
Atlantic Union College - South Lancaster, MA
Atlantic Union College, 338 Main St, South Lancaster, MA 01561-1000. Atlantic Union College is a small college located in South Lancaster, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs and has 384 students. Atlantic Union College has an associate's degree and a bachelor's degree program in Accounting which graduated zero and one students respectively in 2008.
Nichols College - Dudley, MA
Nichols College, Center Rd, Dudley, MA 01571-5000. Nichols College is a small college located in Dudley, Massachusetts. It is a private not-for-profit school with primarily 4-year or above programs. It has 1,520 students and an admission rate of 65%. Nichols College has a bachelor's degree program in Accounting which graduated one student in 2008.
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: Worcester, Massachusetts
Worcester is located in Worcester County, Massachusetts. It has a population of over 175,011, which has grown by 1.4% in the past ten years. The cost of living index in Worcester, 121, is far greater than the national average. New single-family homes in Worcester cost $108,900 on average, which is far less than the state average. In 2008, sixty-one new homes were constructed in Worcester, down from two hundred fourteen the previous year.
The top three industries for women in Worcester are health care, educational services, and finance and insurance. For men, it is educational services, construction, and health care. The average commute to work is about 22 minutes. More than 23.3% of Worcester residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 9.8%, is lower than the state average.
The unemployment rate in Worcester is 9.9%, which is greater than Massachusetts's average of 8.4%.
The percentage of Worcester residents that are affiliated with a religious congregation, 57.4%, is more than the national average but less than the state average. Burncoat Baptist Church, United Congregational Church and Unitarian Universalist Church are among the churches located in Worcester. The largest religious groups are the Catholic Church, the United Church of Christ and the Episcopal Church.
Worcester is home to the Tatnuck Country Club and the Massachusetts Biotech Research Park as well as Ty Cobb Park and General Foley Stadium. Shopping malls in the area include Lincoln Plaza Shopping Center, Mid Town Mall and Norwich Place Shopping Center. Visitors to Worcester can choose from Days Inn, Hampton Inn and Maple Manor Hotel for temporary stays in the area.