Bank examiner a bad beginning career move?
I have my foot in the door at a place where I most likely can get a job as a bank examiner. The people are great and the work would be fun for a few years. It's not something I'm set on doing but something I have my eye on just in case. Are there any transition possibilities from this? I expect that some examiners go to work for commercial banks in management positions, which isn't really what I want. Not sure what I want, actually, just not that because it seems small time and not exciting.
So my question is, does being a bank examiner have any transferrable skills? Would I be pigeonholed into small-time stuff? Can these lead to good moves later on in my career?
Thanks.
I sometimes wished I has looked into that when I graduated ('08), would have been quite interesting, especially in that period.
The only reason I ever thought about it was because it's how this guy got his start: http://en.wikipedia.org/wiki/Joseph_P._Kennedy,_Sr.#Early_ventures Things clearly turned out ok for him. But taking over a bank with one year of experience won't happen unless your pops has an obscene amount of duckets.
graduated Harvard, in 1912...
Bank examiners go mostly to "control" functions like Risk, Audit, Compliance, Regulatory Relations...I know a lot of people in the US who went from this kind of regulatory roles to large banks, brokers and funds. If you're into this go ahead, you probbly have no problems in getting a job after you leave the govt.
I have no idea on the salary, though.
Exit Ops For A Bank Examiner (Originally Posted: 05/26/2013)
I am currently in the process of becoming a certified bank examiner for a major regulatory agency (think Fed, FDIC, OCC). I have an MBA from a target and have completed the CFA level 1. I am planning on staying in this position for about five to seven years max. However, I would like to look at potential exit ops into the private sector. Does anyone have any experience in this type transition? Any recommendations for specific paths (PE,IB, Consulting ect.). Thank you for your response.
FIG banking, auditing.
Hello,
I'd really appreciate you're insight! I'm also a bank examiner. I started as a co-op student in undergrad and started working as an examiner full-time out of under grad. I think my (or "our") experience is very unique and I have no idea where I can go afterwards (everyone seems to have a wide range of opinions on this). What has your experience been when looking to the private sector? I'm terrified of being stuck in audit my whole life and would appreciate any insight you could provide me!
PS, I just made my account and apparently I don't have enough bananas to PM you. Feel free to PM if you'd like.
Well, right off the bat, if you are a bank examiner at OCC, you probably have heard about Promontory Financial Group. The ex-head of OCC started it up and is raking in cash. In other words, financial regulatory consulting can be an exit opp (which obviously makes sense). I have also talked to some bank examiners who have hopped to the private sector and they work mainly in compliance, e.g. BAML Compliance. I have also looked around on LinkedIn, and at least in the DC area, there have been exits into FIG IBs and PE firms, although very few. I would seriously consider financial regulatory consulting. Every Big 4 firm has a practice in it and there are plenty of firms out there.
National Bank Examiner to IB? (Originally Posted: 11/14/2011)
I just accepted an offer from the Office of the Comptroller of the Currency to work as an assistant national bank examiner. Pay is 64.5k a year and there are bonuses of around 5k. I'm wondering how hard it is to transition from this job to equity research or trading at a major bank. Also, I got an interview with Structured Products Compliance at Deloitte...is it worth going to this?
i would recommend becoming the comptroller of the currency (SES level) after about 20 years and lateralling in as an MD in a BB FIG group. this is assuming that we still have BBs in 20 years.
^lol
Yes, this is a decent...not great, but decent...area to nework out of. Better would be to push for TAS / valuation, but you can do that later. I have no knowledge about working for the government and will leave that for someone else to answer.OH YUK! a bank examiner!? Abandon ship!
Bank Examiner--Transferrable Skills? (Originally Posted: 05/27/2011)
A family friend encouraged me to apply for a state-level Bank Examiner position at the agency where he works. It seems like a good opportunity, but I'm on the fence. I work in the government now and am concerned it may permanently lock me into a government career.
I was wondering, how valuable to private-sector employers is the the experience and training that bank examiners accumulate?
What kinds of private sector jobs do a bank examiner's experience transfer to?
How long must one work as a bank examiner before he/she becomes valuable to other employers?
Any advice is greatly appreciated. Thanks!
I'm not the most familiar with this, so take my advice with a grain of salt. However, I do know a few individuals who worked on the regulation side of banks and were recruited by Financial Institutions Groups at Investment Banks since they would be able to provide insight into how regulators think about deals.
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