How Much Do Insurance Company Financial Examiners Make in Illinois?

Insurance company financial examiners are key players in the insurance industry. They help make sure insurance companies stay financially healthy and follow the rules.

If you’re thinking about becoming an insurance financial examiner in Illinois, you may be wondering: How Much Do Insurance Company Financial Examiners Make in Illinois?

Let’s explore the salary ranges, what affects earnings, and the outlook for this role in Illinois.

What Does an Insurance Financial Examiner Do?

Before talking about pay, let’s look at what insurance financial examiners do. They check the financial health of insurance companies.

Their tasks include reviewing financial statements, making sure the company has enough reserves, and ensuring they follow regulations. They also assess investments and identify any potential financial risks.

Salary of Insurance Financial Examiners in Illinois

Salaries for insurance financial examiners in Illinois vary. On average, they earn around $82,000 per year.

However, the salary can range from $50,000 to $100,000 or more. It depends on factors like experience, location, and company size.

• Entry-Level (0-2 years): $50,000 to $65,000 per year.
• Mid-Career (3-7 years): $65,000 to $85,000 per year.
• Experienced (8+ years): $85,000 to $105,000+ per year.

Examiners in larger cities like Chicago might earn more due to the higher cost of living and greater demand for skilled professionals.

What Affects the Salary of a Financial Examiner?

Several factors influence how much an insurance financial examiner makes in Illinois. Let’s look at the most important ones.

• Experience: As with most jobs, the more experience you have, the higher your salary. Entry-level examiners start lower, but experienced examiners can make significantly more.
• Education: A bachelor’s degree in accounting, finance, or a similar field is required. Having an advanced degree, like an MBA, can increase your earning potential.
• Certifications: While not always necessary, certifications like CPA or CFE can help you earn more. These show your expertise and can open doors to higher-paying roles.
• Location: Cities like Chicago have a higher cost of living, but they also offer higher salaries. Smaller towns or rural areas may have lower salaries.

Job Outlook for Insurance Financial Examiners in Illinois

The demand for insurance financial examiners in Illinois is strong. The job outlook is positive, with a growth rate of 7% expected between 2021 and 2031.

This growth is driven by a few factors:

• More Regulations: As financial rules increase, companies need more examiners to ensure compliance.
• Complex Products: As insurance products become more complex, examiners will be needed to assess new risks.
• Global Connections: Insurance companies are becoming more global, which means examiners may need to understand international rules.

Benefits of Being an Insurance Financial Examiner

Being an insurance financial examiner in Illinois has several perks beyond the salary.

Some of the main benefits include:

• Job Stability: The insurance industry is stable, and there is consistent demand for skilled examiners.
• Career Growth: As you gain experience and certifications, you can move into higher-paying roles, like audit manager or CFO.
• Benefits Packages: Many insurance companies offer good benefits, such as health insurance, retirement plans, and paid time off.
• Impactful Work: You’ll play a critical role in maintaining the financial health of insurance companies, protecting both consumers and the economy.

How to Become an Insurance Financial Examiner in Illinois

Becoming an insurance financial examiner in Illinois requires a few key steps.

1. Earn a Degree: A bachelor’s degree in accounting, finance, or economics is the first step.
2. Get Experience: Entry-level positions, like an accounting assistant or financial analyst, can help you gain the experience you need.
3. Earn Certifications: Certifications like CPA, CFA, or CFE can give you a competitive edge and may lead to higher salaries.
4. Apply for Jobs: With the right qualifications, you can start applying for positions with insurance companies.
5. Keep Learning: The insurance industry changes, so continuing education helps you stay up to date with new regulations and practices.

Learn more about Can I Get Financial Aid If I’m Dual Enrollment? What You Need to Know

Conclusion

Insurance financial examiners in Illinois earn competitive salaries that grow with experience. The job offers a stable career with plenty of room for advancement.

If you’re interested in this career, now is a good time to start. With the right qualifications and experience, it’s a rewarding profession that offers job security and financial stability.

FAQs about How Much Do Insurance Company Financial Examiners Make in Illinois

Q1: How much do insurance financial examiners make in Illinois?

The average salary is around $82,000 per year. However, it can range from $50,000 to over $100,000, depending on experience and location.

Q2: What qualifications do I need to become an insurance financial examiner?

You’ll need a bachelor’s degree in accounting, finance, or a related field. Experience and certifications, like CPA or CFE, can help boost your earning potential.

Q3: Is the job outlook for financial examiners good in Illinois?

Yes, the demand is expected to grow by 7% from 2021 to 2031. As regulations increase and insurance products become more complex, more examiners will be needed.

Q4: What benefits can I expect as an insurance financial examiner?

You can expect good benefits, including health insurance, retirement plans, and paid time off. Many companies also offer performance bonuses.

Q5: How can I increase my salary as an insurance financial examiner?

Increasing your salary is possible by gaining more experience, earning certifications, and working in larger cities where salaries tend to be higher.