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Entry-Level Financial Institution Specialists –the first step into the
Corporate Employee Program (CEP)
The Corporate
Employee Program prepares FDIC’s workforce of Financial Institution
Specialists to be ready for rapid changes in the financial industry and
resulting shifts in corporate workload. To achieve this flexibility, the
Financial Institution Specialists (a.k.a. Corporate Employees) are
developed in an array of functional proficiencies so they be rapidly
deployed to different mission-critical efforts.
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?
Our regions are:
Atlanta,
Boston/New York,
Chicago,
Dallas/Memphis,
Kansas City,
San Francisco
and
Washington, DC.
Financial Institution
Specialists work out of field offices within the Regions --
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.
Education-Based
Requirements
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:
1. 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),
OR
2. 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) 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.
b) 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.
c) Rank in the upper one-third of your class in the college,
University, or major subdivision.
d) Membership in a national honor society (other than freshman honor
societies) recognized by the Association of College Honor Societies
http://www.achsnatl.org/quick_link.asp
Experienced-Based Requirements
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:
1. 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.
2.
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.
3.
Professional accounting or auditing work that provided a broad knowledge
of the application of accounting or auditing principles and practices.
4. 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.
Career Advancement
New entry
level employees will be appointed at the grade CG-7 as Financial
Institution Specialists for a three-year excepted service internship,
with potential conversion to a permanent Financial Institution
Specialist position with the FDIC.
Successful
progress in meeting the CEP milestone requirements will allow management
to promote Financial Institution Specialists to CG-9 at which level they
will be developing a specialization in the tracks of risk management or
compliance financial institution examination, in order to achieve a
Financial Institution Specialist commission.
Employees
who successfully complete the three-year internship and either finalize
commissioning or demonstrate a high potential for successfully
completing commissioning will be converted to permanent career
appointments. Those employees who have not been commissioned prior to
conversion must complete commissioning within 12 months, or they will be
separated from the FDIC.
As part of
the CEP, along with an examination commission, the FIS will acquire a
certification in resolutions and receiverships (R&R). Upon commissioning
and completion of the R&R certificate, employees are promoted to the
CG-11. Following one year at the 11 level, with successful
performance the Corporate Employee will be eligible for
promotion to the CG-12 level, which is the full performance level for
the Financial Institution Examiner position.
Note:
If the financial institution supervision workload changes significantly
due to unforeseen shifts in the industry that FDIC oversees, management
may not be able to convert interns to career appointments in order to
limit staff growth.
Work and On-the-Job Training Assignments in the First Year
The participants will broadly cover all the areas of the CEP during a
multi-functional training program that will include the following
assignments:
• Field Office assignment focused on risk management
• Field Office assignment focused on consumer rights and community
reinvestment compliance
• Regional Office assignment in Dallas, Texas, to learn about
resolutions and receivership activities
• Short programs in Washington, DC Headquarters, including a one-week
orientation, a one week program on insurance and research, a one-week
compliance orientation, a one-week risk management orientation, and a
one-week accounting workshop. .
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.
Professional
Development
After attending a comprehensive orientation program, Financial
Institution Specialists will receive training and on-the-job experience
in the various FDIC business lines. The development plan provides
Financial Institution Specialists with basic corporate knowledge and
skills transferable across the Risk Management, Compliance and
Resolutions and Receiverships areas.
Financial Institution Specialists will meet periodically to share
experiences and develop a corporate network that reaches across
functional lines. Upon completion of this general skills development
plan, Financial Institution Specialists will be placed on a Risk
Management, Compliance or Resolutions and Receiverships commissioning
track. This will be based on corporate need, as well as employee
aptitude and preference. Financial Institution Specialists will continue
to be exposed to functions outside of their specialized area and are
expected to remain current in the additional function(s).
Upon
completion of the intern phase of the CEP, Financial Institution
Specialists will have Professional Learning Accounts available for
further career development and credential completion. FDIC’s internal
training has been certified by professional associations for credit for
continuing education requirements, and we encourage motivated employees
to pursue CPAs, CFAs and other valuable credentials that will enhance
their professional advancement.
Travel and Relocation
Frequent travel is required for regular duty assignments in financial
institutions, formal training, and rotational 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 rotation training period, employees may be relocated to
another field office as they begin to specialize for their chosen
discipline.
Benefits
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:
Enrollment in the Federal Employees Retirement System.
Federal Thrift Savings Plan and FDIC 401(k)Plan, both with employer matching funds.
Health and Dependent Care Flexible Spending Accounts.
Federal and FDIC Life Insurance Programs.
Federal health insurance and 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.
Transit Subsidy Program for employees who commute via public transportation.
WorkLife Programs and Services, including:
telework, alternative work schedules, part-time employment,
Information and Referral Services and Elder Care Support Services.
Business Casual Dress Code. Clinical Support Services.
Supplemental pay and support for activated Reserve and Guard members.
HOW TO APPLY
To obtain instructions to
apply on-line, you must:
-
talk to an FDIC recruiter in
a participating campus recruiting event
or
professional and diversity event
OR
-
contact a participating college career placement office
from a targeted school
or a professional organization
If you are not affiliated with the
participating schools or professional organizations, you may obtain
instructions on how to apply by attending a job fair open to the general
public or another recruiting outreach event listed in item number 1.
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