The AFE Examiners of accredited finance review the financial records of the company in order to make sure the fulfillment with the regulations and laws governing financial regulations. As a division of these obligations, the financial examiners will assess bank management, evaluate loan risk and review balance sheets. They also train the other examiners, review board minutes, and establish policies and AFE Guidelines to ensure the regulatory observance along with monitoring the financial conditions of other financial institutions and banks.
The Financial Examiners operate in two major areas: Consumer compliance or risk scoping. The examiner working in consumer compliance evaluates the lending activity to make sure the borrowers are not subjected to predatory lending and are treated fairly. Whereas, on the other hand, examiners working in risk scoping asses the health of the financial institutions as well as banks.
More About The Exam:
You need to pass four examinations in order to obtain an AFE PDF designation, moreover to meeting the added necessities listed below. All the four exams include 50 questions that come with multiple choices. Each candidate receives a time of three hours to finish every exam.
The Four Exams are as Follows:
The first exam is of liability and property insurance accounting: This particular paper covers the primary principles of life and property insurers. The second exam is of health and life insurance accounting: This AFE Paper Covers the primary regulatory problems that are faced by the life insurer while preparing financial statement and the primary fundamentals of financial statements.
The third exam being liability and property insurance fundamentals: This paper covers the fundamentals of an insurance mechanism. The fourth exam being health and life insurance fundamentals: This paper covers the primary concepts of the role of life insurers as the financial institutions, pricing concepts in life insurance and fundamentals of health and life insurance.
Additional Requirements:
In addition to passing the Accredited Financial Examiner (AFE) exam, you will also need to fulfill some of the following mentioned requirements in order to receive this designation:
Your application for this designation needs to be approved by the committee of Insurance membership. You need to be a member of the AFE Online Educations financial examiners society. You need to meet the requirement of business experience by having minimum of two years work experience. You need to obtain a bachelor’s degree in any field or specifically a bachelor’s degree in accounting. Other than this you also need to meet the requirements that are listed on the website of the society of the financial examiners.
