Job Responsibilities
As a Securities Compliance Examiner for the SEC, I am responsible
for regulating the Act of 1940, which consists of Investment
Advisers and Investment Companies. Examiners have two main
responsibilities.
First, we conduct routine and cause examinations of various
registrants. We routinely examine registrants every 3-5 years for
compliance with all applicable rules and regulations. We also
examine individual incidents of possible fraud. More recently, in
light of the mutual fund scandals, the SEC has been involved in
more sweeps of hot issues. For instance, if we believed there was
fraud involved in a particular product, we would exam multiple
sources that have an interest in that product.
Second, after any examination, we write detailed reports on our
findings. These reports are confidential, although certain
findings in the report may be used in a letter the registrant
receives within 90 days of our examination. If the examination
team finds anything egregious that constitutes fraud, we will
refer the findings over to our attorneys for further review and
possible indictment.
There are total of 11 regional and district offices along with
the headquarters located in Washington, DC. Each office with the
exception of Washington is split into three main programs. The
IA/IC program which is my program, the Broker/Dealer program, and
the Enforcement Program. The IA/IC program regulates the Act of
1940, the Broker Dealer Program regulates the act of 1934, and
the Enforcement program receives referrals from each program as
well as referrals from Washington based on tips and cases within
the region. Washington will handle everything else; Corporate
Finance, Market Regulation, Economic Analysis, etc
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Job Requirements
The SEC usually hires examiners from top undergraduate programs
throughout the nation, as well as highly experienced
professionals. Undergrads need to demonstrate excellence in their
studies. Most typically accounting or finance. Experienced hires
will need to demonstrate excellence in their profession. Again,
most typically accounting or finance.
The only possible way receive an interview for any position at
the SEC is to fulfill the requirements of the job announcement.
Every job is posted online at www.sec.gov. If you qualify through
the job announcement, your resume will be delivered to the
specific office in which you applied. At that time, you may still
just be a needle in a haystack. Cross your fingers.
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Uppers
The benefit of the job is the satisfaction you receive when you find fraud and
work to bring justice to its cause. Since examiners are becoming more involved in
sweeps, it gives the examiner a chance to investigate more interesting and
complex issues. Hopefully, if wrongdoing is uncovered, we have an opportunity to
make a difference in the lives of anyone affected by such fraud.
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Downers
Life will never be 100% perfect at any job. This is just the
nature of everyone??s different interests. At the SEC, it??s rare
to hear people complain about different aspects of their job.
Since it is a Government position, most people entering already
have a preconceived notion that there will be political and
bureaucratic barriers that will always apply some sort of burden
on the employee.
The only downer I personally have is some of the negative
feelings I built towards the industry. We are surrounded by
problems, but do not work like consultants and try to rectify the
situation. We are there to locate fraud and deliver our findings
to the attorneys. When I graduated from college, the only thing I
ever wanted to do was get involved with the stock market. As my
career evolved on Wall St., I had a genuine love for the
industry. But when I joined a government organization
investigating problems in the industry I so dearly admired, my
fondness diminished rapidly.
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Lifestyle
Examiners usually spend approximately 1-2 weeks out of the office each month and
usually travel in teams of 2-3. Our travel extends to the limits our particular
region. Sometimes we travel by air but most commonly by automobile.
We dress down at the regional and district offices and dress in business attire
when visiting a registrant.
Every office will participate in various social events throughout the year. Most
commonly; Christmas party, summer outings, etc. These events are not paid for by
taxpayers, hence the employee bears the burden of the cost.
It??s common to find more men then women in the examination program. I believe
this is do to the simple fact that men seem to have more of an interest in
finance and accounting. Although, the ratio of men to women has decreased over
the years.
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Compensation
The SEC introduced pay-parity a few years back. This increased
the government pay scale for all SEC employees. We now receive a
minimum of a step 14 within a particular grade. It is not
uncommon for an examiner to make six figures upon entry or a few
years after beginning their career. Although we do not receive
bonuses, we do have a fabulous retirement package.
I am very pleased with the salary. It was much more than I
expected when I received my offer.
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Advice to Jobseekers
The advice I would give to anyone interested in working for the
SEC is to make sure you have the necessary requirements for entry
into any program. A deep understanding of finance and accounting
is crucial to your success. The SEC will provide training to new
examiners, as well as reimbursement for classes up to $700 per
semester and $10,000 per year in loans up to $60,000. But without
a unique knowledge of either subject, entry into this highly
sought after organization remains limited. A CPA and/or MBA will
provide much needed weight on your resume.
I think the outlook for more opportunities to open up at the SEC
looks very bright. Knowing what I know, there are many issues
outstanding and many we cannot look at given our resources. There
will always be bad apples on the tree so there will always be a
need for inquisitive examiners to weed out those apples.
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