Department of Banking & Insurance

Department of Banking & Insurance is a substantial state agency, employing 481 people statewide.

The most common title is Investigator 1 (12% of staff), followed by Investigator 2 and Insurance Examiner 2. Median pay is $80,756, about 5% below the statewide median.

Median tenure is 7.7 years, shorter than the statewide median of 9.6 years. CWA represents the largest share of its unionized workforce (about 62%).

About Department of Banking & Insurance

The Department of Banking and Insurance licenses and regulates banks, credit unions, insurance companies and the people who sell their products, and it houses the New Jersey Real Estate Commission. Its job is solvency and market conduct oversight rather than direct service delivery.

The roster is examiners and investigators, almost end to end. Insurance examiners and financial examiners at graded levels review the companies, investigators at several levels handle licensing and fraud referrals, and insurance analysts work on rate filings. Real estate commission investigators are a distinct group inside the same department. Nearly every graded level of the examiner titles is held only here, which is what you would expect from a regulator whose work has no counterpart in another department.

Who works here

These are the titles that carry the most people on this payroll. Each one links to its civil service specification, which sets out the duties, the minimum requirements and the salary range.

• Investigator 156 employees
  11.6% of staff · median $60,385 · IFPTE
• Investigator 242 employees
  8.7% of staff · median $81,389 · IFPTE
• Insurance Examiner 219 employees
  4.0% of staff · median $76,982 · CWA
• Supervisor Of Investigations19 employees
  4.0% of staff · median $126,158 · CWA
• Manager 1 Insurance15 employees
  3.1% of staff · median $149,740
• Investigator Trainee14 employees
  2.9% of staff · median $53,807 · CWA
• Investigator 3 Real Estate Commission13 employees
  2.7% of staff · median $70,000 · CWA
• Investigator 312 employees
  2.5% of staff · median $104,234 · CWA
• Financial Examiner 111 employees
  2.3% of staff · median $72,830 · CWA
• Administrative Analyst 310 employees
  2.1% of staff · median $99,717 · CWA
• Insurance Analyst 4 Rating9 employees
  1.9% of staff · median $66,895 · CWA
• Administrative Analyst 18 employees
  1.7% of staff · median $61,510 · CWA

86 further titles appear on this agency's payroll, 98 in all.

Titles you will not find elsewhere

21 of this agency's titles are concentrated here rather than shared across departments, and for 21 of them every single position in the state sits on this payroll.

• Insurance Examiner 2all 19 statewide
  only at this agency
• Manager 1 Insuranceall 15 statewide
  only at this agency
• Investigator 3 Real Estate Commissionall 13 statewide
  only at this agency
• Financial Examiner 1all 11 statewide
  only at this agency
• Insurance Analyst 4 Ratingall 9 statewide
  only at this agency
• Financial Examiner 2all 8 statewide
  only at this agency
• Financial Examiner 3all 7 statewide
  only at this agency
• Financial Examiner 4all 7 statewide
  only at this agency

Concentration is measured against the same payroll file, comparing this agency's headcount in a title with the statewide headcount in that title.

How pay is spread

Below are the quartile boundaries for this agency's salaries, with the statewide equivalents alongside them for reference.

The middle half of this agency's employees earn between $65,671 and $118,289, a ratio of 1.80 between the two quartiles. That is about the same spread as state government as a whole (1.81).

• Lowest recorded salary$38,027
• Lower quartile$65,671
  statewide $62,428
• Median salary$80,756
  statewide $84,796
• Upper quartile$118,289
  statewide $113,264
• Highest recorded salary$184,000

Based on 463 salaried records, with 2 statistical outliers excluded from the quartile calculation.

Union representation

Which contract covers a job decides its salary schedule, its step ladder and its grievance route. This is the union mix on this payroll.

• CWA300 employees
  62.4% of the agency
• IFPTE99 employees
  20.6% of the agency
• IBEW31 employees
  6.4% of the agency

Union coverage is identifiable for 89% of this agency's payroll records. The remainder are unclassified, exempt or managerial positions that sit outside a bargaining unit.

How long people stay

Tenure tells you something a salary table cannot: whether this is a place people arrive at or a place they stay.

Half of this agency's employees have been on the state payroll longer than 7.7 years, well short of the statewide median of 9.6. 37% joined within the last five years, and 24% have twenty years or more behind them.

• Under 5 years173 employees
  37.4% of those with a hire date
• 5 to 10 years101 employees
  21.9% of those with a hire date
• 10 to 15 years58 employees
  12.6% of those with a hire date
• 15 to 20 years18 employees
  3.9% of those with a hire date
• 20 to 25 years42 employees
  9.1% of those with a hire date
• 25 years or more70 employees
  15.2% of those with a hire date

Hire dates are present for 462 of this agency's 481 payroll records.

Overtime

2 employees here recorded overtime, 0.4% of the agency, against 31.6% across state government. Little overtime usually means salaried professional work with no shift to fill.

Together they were paid $12,405 in overtime, averaging $6,202 for each employee who earned any. Overtime is not part of the salary figures elsewhere on this page, which report base pay.

• Employees with recorded overtime2
• Share of the agency0.4%
• Total overtime paid$12,405
• Average per employee earning it$6,202

Civil service coverage

94% of this agency's payroll records carry a title that matches a published civil service specification. That is a high match rate, and it means the hiring routes described elsewhere on this site apply to most jobs here: an announced examination, an eligible list, and appointment from that list.

• Records matched to a specification452
• Records with no matching specification29
• Distinct civil service titles on the roster98

Where it sits among state agencies

By headcount this is the 20th largest of the 39 payroll lines in New Jersey state government, holding 0.6% of the state workforce.

Its nearest neighbours by headcount, for readers who want a like-for-like comparison.

• New Jersey State Parole Board703 employees
  median $99,902
• Office of Information Technology577 employees
  median $111,094
• Military Affairs476 employees
  median $71,403
• Department of Agriculture307 employees
  median $88,117