Corporate Employee Program
Entry-Level Financial Institution Specialists
The Job of a Financial Institution Specialist
Financial Institution Specialists participate in the assessment of financial institutions to determine:
- safe and sound practices, violations of law and regulation
- the adequacy of internal controls and procedures
- the general character of management
- compliance with consumer protection, fair lending and civil rights laws and regulations, and the Community Reinvestment Act
To carry out these responsibilities, Financial Institution Specialists:
- review, monitor and provide analysis of information pertaining to resolutions, settlements, pro-forma preparation, information package preparation, and deposit insurance claims.
- write comments and analyses for inclusion in reports and meet with insured depository institution officials to discuss the findings of an examination and, if necessary, any corrective programs.
Where do Financial Institution Specialists work?
Do you qualify as an entry-level Financial Institution Specialist?
To become a Financial Institution Specialist, you will need:
- U.S. Citizenship
- the level of education or experience, or a combination of both education and experience described below that qualifies for the grade 7 in the federal employment schedule.
Applicants who qualify for hire based on education must receive their degrees prior to initial appointment. To be qualifying, education must have been earned at accredited colleges or universities. While all coursework requirements are stated in semester hours, quarter hour equivalents are, of course, accepted.
To qualify for the entry level on the basis of education, you must meet one of the following two requirements:
- Completion of all requirements for one full academic year of graduate education. This education must include major study in accounting, banking, business administration, commercial or banking law, economics, finance, marketing, or other related fields. This graduate education must include at least 24 semester hours in business administration, accounting, finance, marketing, or economics with at least six semester hours of accounting (these six semester hours of accounting may have been earned at the undergraduate level),
- Completion of all requirements for a bachelor's degree for which the major study is in accounting, banking, business administration, commercial or banking law, economics, finance, marketing, or other fields related to the position, which includes a minimum of 24 semester hours in business administration, finance, economics, marketing, or accounting subjects, with at least six semester hours in accounting with Superior Academic Achievement (SAA).
To qualify for Superior Academic Achievement (SAA), you must meet one of the following:
- A grade-point average of "B" (i.e., a GPA of 2.95 or higher out of a possible 4.0) for all completed undergraduate courses or those completed in the last two years of undergraduate study.
- A grade-point average of "B+" (i.e., a GPA of 3.45 or higher out of a possible 4.0) for all courses in your major field of study or those courses in your major completed in the last two years of undergraduate study.
- Rank in the upper one-third of your class in the college, University, or major subdivision.
- Membership in a national honor society (other than freshman honor societies) recognized by the Association of College Honor Societies.
To qualify for a grade CG-7 Financial Institution Specialist job:
You must have one year of experience which demonstrated skill in gathering and analyzing financial data; interpreting balance sheets and income statements; and using a variety of software applications. To be creditable, experience must have been equivalent to at least the CG-5. Examples of qualifying specialized experience include:
- Work requiring a thorough knowledge and application of commercial accounting or auditing principles and practices (but less than full professional accounting knowledge) with a financial institution.
- Examining or auditing such financial institutions as savings and loan associations, savings or commercial banking institutions or trust companies, farm credit associations, or Federal or State credit unions.
- Professional accounting or auditing work that provided a broad knowledge of the application of accounting or auditing principles and practices.
- Work that provided a thorough knowledge of Federal and State laws applicable to the type of financial institution involved (e.g., savings and loan associations, Bank for Cooperatives, savings or commercial banks, investment institutions, etc.), and of the operations and practices of such institutions.
Combination Education and Experience-Based Requirements
Combinations of successfully completed education and experience may be used to meet the full qualification requirements for the CG-7 as long as the education and experience demonstrates skill in gathering and analyzing financial data; interpreting balance sheets and income statements; and using a variety of software applications.
New entrants are appointed at the grade CG-7 as Financial Institution Specialists (FIS). FIS are Intern appointments under the Schedule D excepted service appointing authority. FIS are appointed for an initial period expected to last for two-years. After two years, FDIC may noncompetitively convert a FIS to a term or permanent appointment in the competitive service.
Program participants are trained for and assessed against performance benchmarks at each grade level. Each participant must successfully earn a commission in their specialization track within three years of employment.
Work and On-the-Job Training Assignments in the First Year
The participants will be provided a training program that will include the following:
- Field Office assignments focused on risk management examinations OR consumer compliance examinations
- Various classroom programs in Arlington, Virginia, including sessions such as: orientation, compliance examination orientation or risk management examination orientation, FDIC writing style, and Leadership 101.
To maximize the training program, Financial Institution Specialists may be temporarily assigned outside their official duty location either to obtain training or complete work assignments.
After attending a comprehensive orientation program, Financial Institution Specialists receive training and on-the-job experience. This learning and development approach provides Financial Institution Specialists with the basic knowledge and skills needed to contribute to the work of an examination team.
FDIC is committed to continuous learning and development and provides significant internal and external training opportunities for its employees. FDIC's internal training has been certified by professional associations for continuing education requirements.
Once FISs have successfully earned a commission, they are also eligible for FDIC's Professional Learning Accounts which provide funds for external training opportunities. We encourage motivated employees to pursue industry certifications and other valuable credentials that will enhance their professional advancement.
Travel and Relocation
Frequent travel is required for regular duty assignments in financial institutions and formal training. The degree and means of travel varies with the official duty station of the Financial Institution Specialist.
The FDIC reimburses travel expenses including lodging costs and compensation for the use of an employee's privately owned automobile.
After the possible initial relocation, subsequent relocations may be based on management needs and/or the career goals of the employee.
Candidates will be assigned to an FDIC field office. After the initial training period, employees may be relocated to another field office as they begin to progess in their chosen discipline.
This chart shows the amount of travel associated with individual FDIC field offices.
The FDIC offers a comprehensive package of employee benefits and worklife programs. Some benefits are at no cost while others involve a premium or contribution, often on a pre-tax basis:
Benefits Programs, including:
- Federal Employees Retirement System (FERS)
- Federal Thrift Savings Plan (TSP) and the FDIC Savings Plan (401(k)), both with employer matching funds,
- Health and the Dependent Care Flexible Spending Accounts
- Federal Employees' Group Life Insurance (FEGLI) and the FDIC Life Insurance Programs,
- Federal Employees Health Benefits (FEHB) Program and the FDIC dental and vision, with cost-sharing.
- Thirteen paid sick leave days annually, including sick leave usage options for family-related reasons.
- Ten paid holidays per year.
- Thirteen paid days of vacation for the first 3 years of federal service, increasing to 20 days for more than 3 to 15 years of service, and 26 days for more than 15 years of federal service
Worklife Programs and Services, including:
- Alternative Work Schedules
- Part-Time employment
- Business Casual Dress code
- Supplemental pay and support for activated Reserve and Guard members
- Information and Referral, Elder and Adult Care, and Clinical Support Services.
How to Apply
- Talk to an FDIC recruiter at a participating campus recruiting event or professional and diversity event or
- Contact a participating college career placement office from a targeted school.