What is the Average Salary of a Bank Examiner?

What is the Average Salary of a Bank Examiner?

Bank examiners are responsible for ensuring that financial institutions operate in compliance with laws and regulations. They review financial records, assess risk, and provide recommendations for improvement. The average salary of a bank examiner varies depending on experience, location, and employer.

Salary Range

Thesalary rangefor bank examiners can vary significantly depending on the state and type of institution they work for. According to the Bureau of Labor Statistics, the median annual wage forfinancial examinerswas $81,690 as of May 2020. The lowest 10% earned less than $44,940, while the highest 10% earned more than $154,590.

Experience

Experience is a significant factor in determining a bank examiner's salary. Entry-level positions typically pay less than those with more experience. According to Glassdoor, the national average salary for an entry-level bank examiner is $53,817 per year. However, with five to nine years of experience, a bank examiner can expect to earn an average salary of $85,000 per year.

Location

Location is another important factor in determining a bank examiner's salary. Salaries can vary significantly between states due to differences in the cost of living and demand for bank examiners. Bank examiners in states with high costs of living, such as California, New York, and Massachusetts, typically earn higher salaries than those in states with lower costs of living.

Employer

The type of institution that employs a bank examiner can also affect their salary. According to the Bureau of Labor Statistics, bank examiners working for the federal government earned a median annual wage of $110,040 as of May 2020. Those working for state governments earned a median annual wage of $76,820, while those working for credit intermediation and related activities earned a median annual wage of $79,040.

Investment Tips

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1. Do your research: Before investing in any stock or fund, research the company's financials and performance to make an informed decision.

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4. Consult with a financial advisor: If you're unsure about investing, consider working with a financial advisor who can help you develop a personalized investment strategy.

Conclusion

In conclusion, the average salary of a bank examiner varies depending on experience, location, and employer. Entry-level positions typically pay less than those with more experience, while salaries can vary significantly between states. Investing wisely is an essential part of building wealth, so be sure to do your research, diversify your portfolio, and stick to a long-term strategy that aligns with your financial goals.