A Career as A Compliance Examiner

The Louisiana Office of Financial Institutions (OFI) may have a position of great promise for you.....if you are or soon will be a college graduate with 12 semester hours in accounting.....if you are seeking challenging assignments and opportunities for growth in a professional organization which promotes almost solely from within.....if you are willing to travel.....if you can communicate effectively with people and have a strong interest in banking and finance.

If this sounds appealing, you should seriously consider the opportunities available as a Compliance Examiner, working for an established state agency that supervises depository institutions and nondepository financial service providers in Louisiana. A career as a Compliance Examiner can be rewarding from the individual's point of view and in terms of importance to the state's overall economy.    

Recent American Banker editorial about the Examiner career path
(reprinted with the permission of author)

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What Does An Examiner Do?

A Compliance Examiner seeks to determine the financial condition of a bank, savings and loan association, or credit union, evaluates the adequacy of its internal procedures, and the effectiveness of its management. Compliance Examiners also review and evaluate loan and investment portfolios to determine quality and suitability. After assembling and analyzing data and other relevant information, the Examiner discusses the findings with management and, when necessary, makes appropriate recommendations. A written report detailing the findings of the examination is produced and submitted to the Commissioner for transmittal to the entity's Board of Directors.

A Compliance Examiner may also be assigned to examine entities licensed by OFI's Nondepository Division for compliance with applicable law. The Nondepository Division regulates licensed lenders, residential mortgage lenders, pawnbrokers, collection agencies, credit repair service organizations, notification filers, sale of checks, and bond for deed escrow agents. A third division to which a Compliance Examiner may be assigned is the Securities Division, which regulates the securities industry in the state.

During training, a Compliance Examiner is usually assigned as a working member of a team of examiners. As an examiner gains experience, she/he progresses to more difficult tasks including the analysis of earnings, expense and capital accounts, review and evaluation of assets, and the evaluation of policies/procedures.

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What Qualifications Are Required?

A baccalaureate degree with twelve semester hours in accounting and an additional twelve semester hours in accounting, economics, finance, insurance, statistics, or money and banking is required to qualify as a Compliance Examiner.

In addition, Compliance Examiners must be persons of integrity who can deal effectively with people in the business community.

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What About Benefits?

A full range of benefits are available including accrual of paid leave for vacations and illness, health insurance, life insurance, flexible benefits plan, dental insurance, workers' compensation for on-the-job injury, and membership in an excellent retirement plan.

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What About Educational Opportunities?

The majority of a Compliance Examiner's training is accomplished through "on-the-job" training. However, OFI frequently utilizes external and internal schools/seminars to enhance and reinforce on-the-job training. To ensure consistency, OFI adopted a formal policy that requires satisfactory completion of specific schools as part of the minimum requirements for promotions from the Compliance Examiner 1 through the Compliance Examiner 3 levels.

OFI attempts to have each of its examiners attend a minimum of one external school or seminar each year. Examiners are periodically given the opportunity to attend other schools to further their knowledge of more specialized areas of examinations. Some of these areas include examination procedures for trust departments, bank holding companies, and the discussion of emerging issues.

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What About Promotions and Salaries?

Promotions and salary increases are based on job performance and satisfactory completion of specific schools, experience, and demonstrated ability. The beginning position of Compliance Examiner 1 presently receives an annual salary of $27,664. This beginning salary may be increased for related experience and/or additional education above minimum requirements. After six months of satisfactory service, a new employee may be eligible for a 4% merit increase; thereon, eligibility for merit raises occurs on a yearly basis.

The Compliance Examiner 1, 2, & 3 is a three level training series.  Eligibility for promotion from one level to the next begins one year after the original date of employment.   The pay schedule of each level of classification of the Compliance Examiner is as follows:

* - Training series; automatic progression up to level 3 based on qualifications, motivation and performance or assignment.

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 Who Should Apply?

Anyone without preference to age, disability, race, sex, religion, veterans' status, or national origin] who is qualified and interested in the career opportunities afforded the Compliance Examiner should apply. The Office of Financial Institutions is an equal opportunity employer.

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 How Do I Apply?

If you meet the requirements and qualifications outlined in this brochure, complete a Civil Service Application (SF-10) which may be downloaded from the Department of Civil Service website, www.dscs.state.la.us, attach a copy of your transcript, and forward to the Office of Financial Institutions, Attention: Barbara Parche, P. O. Box 94095, Baton Rouge, Louisiana 70804-9095.

If you have a disability and require an accommodation for the interview, please attach a note to your application describing the accommodation.

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Questions?

If you have any questions, contact the Office of Financial Institutions, Post Office Box 94095, Baton Rouge, Louisiana 70804-9095 or telephone (225) 925-4660.